Umpqua Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

From its origins in 1953 in the small timber town of Canyonville, Ore., Umpqua Bank has expanded up and down the West Coast. The bank now operates not only in Oregon, but also in California, Idaho, Nevada and Washington. You must be a resident of one of these states to get an account at Umpqua Bank.

If you’re eligible and thinking of going with Umpqua Bank for your bank account needs, this review is for you. We’ve gone over all of its accounts, including the latest rate information, so you can understand the pros and cons. As part of this review, we used the rate information for Oregon, where its headquarters are located. Rates could be different depending on your location and when you apply for the account. The bank doesn’t publish the rates on its website, so you’ll have to call for current rates.

Umpqua Bank checking account options

Embark Checking

A free checking account that doesn’t earn interest. It refunds ATM fees, but only if you keep an average monthly balance of at least $2,500.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to $10 per month, provided you keep an average monthly balance of $2,500.
  • Overdraft fees: $35 per item

You can open an Embark Checking account for a deposit of $25. After that, there is no minimum balance requirement and this account does not charge a monthly maintenance fee.

It’s free to receive your monthly statements online, but costs $3 per month for paper statements if you are younger than 62. Account holders who are 62 and older receive free paper statements.

This account comes with a debit card and online banking. You can make free withdrawals from Umpqua Bank ATMs, but it charges $2.50 for transactions at out-of-network ATMs. However, if you keep an average balance of at least $2,500, the bank will refund up to $10 per month in those out-of-network fees.

When you have this account, Umpqua Bank will waive the maintenance fee on one of the Grow Savings accounts, provided you make at least one transfer into that savings account each month.

You can open an Embark Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit. Umpqua Bank accepts that deposit by bank transfer, debit card or credit card.

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Access Checking

Despite a few extra bank perks, this no-interest account is disappointing since it comes with a balance requirement/monthly maintenance fee.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to four owner-ATM fee rebates per month
  • Overdraft fees: $35 per item

In addition to the required $25 initial deposit, Umpqua Bank’s Access Checking account also charges a $5 maintenance fee unless you meet one of the following requirements each month:

  • 10 debit card purchases
  • A direct deposit of at least $500
  • A mobile deposit of at least $250.

Keeping a large balance is not enough to get the fee waived. The only options are by making mobile/direct deposits or debit card purchases.

With this account, you won’t be charged to receive your monthly statements online, but it will cost you $3 per month for paper statements.

This account comes with a debit card and online banking. You can make free withdrawals from Umpqua Bank ATMs, but it charge $2.50 for transactions at out-of-network ATMs. However, Umpqua Bank will refund all fees on up to four out-of-network ATM transactions per month. There’s no dollar limit; it’s just four free transactions.

This account also gives one refund per month on incoming wire transfers and waives the monthly fee on up to three Grow Savings or Thrive money market accounts at Umpqua Bank.

You can open an Access Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit via bank transfer, debit card or credit card.

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Attain Checking

Has a huge balance requirement and pays interest.
  • Minimum opening deposit: $200
  • Monthly account maintenance fee: $20 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: Up to $25 per month.
  • Overdraft fees: $35 per item

The Attain Checking account is Umpqua Bank’s high-end checking account, with the emphasis on “high.” You must deposit at least $200 to open this account, and it’ll cost you a whopping $20 a month unless you meet one of the following requirements:

  • Minimum daily balance of $15,000 in your Attain account.
  • Have a combined balance in deposit accounts and outstanding personal loans of at least $25,000 at Umpqua Bank. This includes deposits in other checking, savings, CD, IRA and money market and accounts.

This account does include extra bank services. You receive free cashier’s checks, incoming wire transfers and paper statements. You’ll also get a $35 discount on safety deposit boxes and you can open up to five Grow Savings or Thrive money market accounts without incurring a monthly maintenance fee. Finally, you receive up to $25 per month in refunds for fees on out-of-network ATM usage.

You can open an Attain Checking account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, driver’s license or state ID, home address and the initial deposit, made by bank transfer, debit card or credit card.

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How Umpqua Bank’s checking accounts compare

The Umpqua Bank checking accounts really don’t offer much. Only its premium Attain account earns interest. The other accounts only offer basic checking services and a few small extras, like waiving the monthly fee on an Umpqua Bank savings or money market account.

We do like that all the Umpqua Bank checking accounts refund out-of-network ATM fees. The free Access Checking account is perhaps the best of the three options — you can open it with a $25 deposit, you’ll never have to pay a monthly fee and you’ll receive up to $10 in monthly refunds of out-of-network ATM fees. That’s not bad for a free, basic checking account.

Still, there are better online checking accounts which are not only free, but also pay a generous interest rate. Chances are, they will be a better fit than any of the checking options at Umpqua Bank.

Umpqua Bank savings account option

Grow Savings

The Grow Savings helps you grow your savings.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank’s Grow Savings account requires an initial deposit of $25 and charges a $3 maintenance fee unless you meet one of the following requirements each month:

  • Keep a $200 minimum daily balance in the account.
  • Are age 18 or younger, or 55 or older.
  • Make at least one transfer from another Umpqua account into Grow Savings.
  • Link your Grow Savings account to an Umpqua Attain or Access Checking account.

This account earns interest and doesn’t have a minimum balance requirement to earn that interest rate. Contact the bank for current rates.

Since this is a savings account, regulation limits how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you can only make up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. Umpqua Bank charges a $5 fee for each transaction over the limit. If this happens three times, the account will be closed.

You can open a Grow Savings account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit. Umpqua Bank accepts payment by bank transfer, debit card or credit card.

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How Umpqua Bank’s savings account compares

Umpqua Bank only offers one savings account. It earns interest, but you’ll have to call the bank to check for the current rate.

On the plus side, the monthly fee is low and it gives you all kinds of options to get it waived, including just by having one of its Attain or Access checking accounts. But even if you ultimately get access to this account for free, we wouldn’t recommend using it because of there are other savings accounts that have better features. Consider these high-yield savings accounts instead — they’re also low-cost and pay much, much more.

Umpqua Bank CD rates

Umpqua Bank CDs

A couple of terrific CD offers mixed in with the other terms.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn. For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

Umpqua Bank currently offers five CD terms ranging from six months up to 60 months. Each CD requires a minimum opening deposit of $1,000 and you must keep at least $1,000 in the account to earn the APY. The bank only advertises the rates for the 13 and 24 month CDs, so you’ll have to call for the other rates.

These CDs all charge an early withdrawal penalty when you take money out before the maturity date. That penalty depends on the CD term:

  • For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn.
  • For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

Oddly, the 13-month CD is the only one you can open online, but the maximum deposit for that term is $75,000. For the other CDs, you have to either visit an Umpqua Bank branch or call the bank to start the application process. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit for the CD.

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How Umpqua Bank’s CD rates compare

Umpqua Bank offers two CDs worth seriously considering: the 13-month and 24-month CDs are excellent options. However, the rest of the CDs are a mystery unless you call the bank. Umpqua Bank’s managers might realize that the other terms don’t yield much, because they don’t even publish the rates on the bank’s website for CDs other than the 13 month and 24 month options.

It’s a little frustrating that the 13 month CD is the only one available online and caps online deposits at $75,000. It looks like Umpqua Bank stills prefers applicants to set up CDs the old-fashioned way by meeting a representative in person or over the phone.

If you want another option to compare against Umpqua Bank, these are the highest-paying CDs on the market today and they can be opened online.

Umpqua Bank money market account options

Thrive Money Market account

This money market account comes free with the Umpqua Bank’s checking accounts.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank’s Thrive Money Market account requires an opening deposit of $100 and charges a $10 monthly fee unless you maintain a minimum daily balance of at least $1,000. Umpqua Bank will also waive the fee if you have an Access or Attain Checking account.

The Thrive Money Market account earns interest on all balances, but you’ll have to call the bank for the current rates.

Since this is a money market account, regulations limit how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you are allowed to make up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. Umpqua Bank charges a $5 fee for each transaction over the limit. If this happens three times, the bank will also close the account.

You can open a Thrive Money Market account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, a driver’s license or state ID, home address and the initial deposit. You can make your initial deposit by bank transfer, debit card or credit card.

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Prosper Money Market

This is Umpqua Bank’s premium money market account, with a $15,000 balance requirement. Offers a higher interest rate if you have an Umpqua Bank checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at Umpqua Bank ATMs. $2.50 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $35 per item

Umpqua Bank also offers a Prosper Money Market account for larger balances. This account only requires an opening deposit of $100. However, it charges a $15 monthly fee unless:

  • You keep a minimum daily balance of $15,000 in the money market account; or,
  • You have a combined balance of $25,000 in Umpqua Bank deposit accounts and outstanding personal loans.

The Prosper Money Market account earns interest on all balances. You get a small rate increase if you also have an active checking account with Umpqua Bank, meaning you’ve made at least one transaction in the past 30 days.

Since this is a money market account, it limits how often you can take money out through transfers and withdrawals. While you can make unlimited bank and ATM withdrawals, you are allowed up to six of the following per statement cycle: bill payment, debit transactions, account transfers, drafts and ACH payments. The bank charges a $5 fee for each transaction over the limit. If this happens three times, the bank will also close the account.

You can open a Prosper Money Market account online, by phone or by visiting an Umpqua Bank branch. You will need to provide your Social Security number, government-issued ID, home address and the initial deposit, which can be by bank transfer, debit card or credit card.

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on Umpqua Bank’s secure website

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How Umpqua Bank’s money market accounts compare

The Umpqua Bank money market accounts have high balance requirements, which, if not met monthly, could trigger a monthly fee. If you have other Umpqua Bank checking and deposit accounts, you qualify for these money market accounts for free. But even in this situation, we wouldn’t recommend using these accounts, as you can find better accounts elsewhere. Use these top money market accounts instead.

Umpqua Bank IRA CD rates

Umpqua Bank IRA CDs

Umpqua Bank also offers its CDs as part of an IRA. There are a couple options worth considering.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn. For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

You can set up the regular CDs as part of an IRA to save for retirement. They require a minimum deposit of $1,000 and that is the minimum balance to earn the APY.

The IRA CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on the term:

  • For terms greater than 31 days and up to and including one year, the early withdrawal penalty is equal to $25 plus 1% of the principal amount withdrawn.
  • For terms greater than one year, the early withdrawal penalty is equal to $25 plus 3% of the principal amount withdrawn.

You can only open an IRA CD over the phone or by visiting a branch; you cannot set up the IRA CDs online. You will need to provide your Social Security number, official ID, home address and the initial deposit.

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How Umpqua Bank’s IRA CD rates compare

We’re bothered that IRA CDs can’t be opened online, some of the only accounts limited by Umpqua Bank in their ease of access. Still, the bank does let you open one over the phone, so you can save yourself a trip to a branch. There are other options out there which are transparent with its rates and allow you to open the accounts online. Consider these IRA CDs while you figure out your retirement plan.

Overall review of Umpqua Bank’s deposit accounts

Nearly all the Umpqua Bank deposit accounts have the same problem: they don’t advertise its rates online. This is mostly likely because the rates are nearly identical to the same ultra-low rates you see at large national banks.

There are a few exceptions, as Umpqua Bank offers some excellent CDs — these are the only accounts we would recommend here. Everything else is a mystery and comes with high balance requirements and possible fees.

As an organization, this bank does have some positives. It has a modern website which makes it easy to sign up for most accounts online. When we called its hotline, its representatives were helpful and very friendly. We suspect if you join Umpqua Bank, you would receive great customer service. However, if you want to earn a decent interest rate on your money, you’ll have to look elsewhere.

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