Umpqua Bank serves five states in the Western U.S. If you are looking for a certificate of deposit (CD) account, you should consider its various CD terms and rates. The rates on standard CDs aren’t as competitive with the best CD rates on the market.
The account minimum of $1,000 isn’t the lowest around but it is comparable with similar large banks. Unlike some banks, the short- and long-term CDs all have the same minimum deposit requirement.
Continue reading to learn the important information about how CDs work with Umpqua Bank.
|CD Term||Minimum Deposit||APY|
|1 Month||$1,000||0.01%||Compare CD Rates|
|3 Month||$1,000||0.02%||Compare CD Rates|
|6 Month||$1,000||0.05%||Compare CD Rates|
|12 Month||$1,000||4.50%||Compare CD Rates|
|13 Month Special||$10,000||5.00%||Compare CD Rates|
|18 Month||$1,000||0.10%||Compare CD Rates|
|24 Month||$1,000||0.10%||Compare CD Rates|
|3 Year||$1,000||0.10%||Compare CD Rates|
|4 Year||$1,000||0.10%||Compare CD Rates|
|5 Year||$1,000||0.10%||Compare CD Rates|
Overview of Umpqua Bank CDs
The headquarters of Umpqua Bank are in Portland, Oregon. The bank serves the states of Idaho, California, Nevada, Oregon and Washington with more than 300 branch locations. Rates vary by location so you should talk to a local branch to get the latest rates.
CD accounts from Umpqua Bank require a $1,000 minimum deposit. Interest accrues daily for all CDs and the bank credits interest to your account monthly. You have the option to transfer interest into another account that you have with Umpqua Bank.
However, you cannot withdraw any of your account principal (initial deposit) before the end of your term. If you do, you will pay an early withdrawal fee. The penalty amount depends on the length of your CD term and how much you withdraw. If your term is 31 days or less, the penalty equals all of the interest earned on the amount you are withdrawing (but is always a minimum of seven days’ interest). For terms longer than 31 days and up to one year, the penalty is $25 plus 1% of the amount withdrawn. Terms of more than one year long have an early withdrawal penalty of $25 plus 3% of the amount withdrawn.
If you want to withdraw any of your principal without paying any penalties, you need to wait until your CD reaches maturity. At the end of your term, Umpqua Bank will give you a 10-day grace period. During that period you can make any changes to your account, withdrawals or additional deposits. If you do not withdraw the money from your account, your account will automatically renew for a CD of the same term length. The new interest rate will depend on the current available rates.
How Much You Earn With Umpqua Bank CDs Over Time
The amount you earn with an Umpqua Bank CD will depend on the specific term you choose. The standard CD rates are not particularly high but promotional CDs do offer competitive rates.
Keep in mind that if you withdraw any of your interest before the end of your term, you won’t earn the full advertised APY. You can maximize earnings by leaving interest earnings in your account.
The table below shows what your approximate total balance will be based on different initial deposits and term lengths.
|Initial Deposit||12-Month CD||24-Month CD||60-Month CD|
How Umpqua Bank CD Rates Compare to Other Banks’
It is always a good idea to compare CD rates from a few banks before you open an account. This is especially true with Umpqua Bank because the rates on standard CDs are not the most competitive. As you look, consider what your individual savings goals are.
People who are trying to save for the short term should consider an online bank like Ally Bank. Ally has relatively high rates for all term options, but its short-term CDs (one year or less) are particularly competitive. Ally has no minimum deposit requirement, though you can earn higher rates by making an initial deposit of at least $5,000.
If you’re looking for something more long-term, Capital One has relatively high rates. For example, the rate of its five-year CD is tough to beat. Like Ally, Capital One does not require a minimum deposit.
|CD Account||Umpqua Bank||Ally Bank||Capital One|
Compare Umpqua Bank to Other Competitive Offers
Should You Get an Umpqua Bank CD Account?
Umpqua Bank doesn't offer the highest standard rates, but its interest-earning CDs come without monthly service charges and other perks. If you're looking for higher rates, it's best to keep an eye out on promotional CDs. These CDs are only available with a few term options, so your choices are limited. If you are looking for a specific term and it isn’t available with a promotional rate, you may want to look elsewhere. At the same time, you should visit a local branch to get the available terms and rates. Rates vary by location and your closest branch may have an offer that better fits your needs.