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UMB Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
UMB Bank Basic Savings Account
0.01% APY

UMB Bank has been a presence in the Midwest since 1913, first serving the citizens of Kansas City as a storefront bank. Today, the bank offers a number of savings account and checking account options, as well as several certificates of deposit (CDs).

Accounts at the bank are very accessible for the most part, with low minimum opening balances and waivable monthly fees. Plus, ownership of some of the more premium deposit accounts will gain you access to a number of discounts across the bank's offering of products and services.

On the other hand, interest rates at UMB Bank are generally low, with a couple exceptions. If you invest enough money to earn at a decent rate, odds are you could be making better use of that money in a less liquid account. Moreover, there are no free accounts at UMB Bank, as every savings and checking account comes with a monthly fee. Most of these fees can be waived without much difficulty, but that’s still one more thing to think about.

Products Offered

Products Key Details
Savings Accounts
  • $100 minimum opening balance
  • Premium account for Select Checking customers
  • Interest is compounded monthly
Certificates of Deposit
  • Terms from one month to six years
  • $500 minimum opening deposit
  • Two special terms available
Checking Accounts
  • Three different account options
  • $100 minimum opening balance
  • Interest-bearing option available

UMB Bank Interest Rate Comparison

UMB Bank Overview

UMB Bank operates 95 branch locations across eight states: Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma and Texas. Its headquarters are located in Kansas City, Missouri.

Although this article will focus on the personal banking options, UMB Bank also offers business banking services, commercial real estate lending and agribusiness services. In the personal realm, the bank offers two types of savings accounts, three checking accounts and several different CDs. Read on to learn more about each of these options.

UMB Bank Account Features

Many of the deposit accounts at UMB Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard debit or ATM card, depending on the type of account.

With the exception of CDs, all the accounts and UMB Bank come with monthly service fees, and all are waivable provided you meet certain requirements that vary in difficulty. You may also face fees for excessive transactions with the savings accounts.

Compare UMB Bank to Other Competitive Offers

Basic Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly service fee, which can be waived with a minimum daily balance of $100
Current Terms and Rates 0.01% APY

The Basic Savings account at UMB Bank is true to its name. You only need $100 to open your account, and you’ll need to stay above $100 to avoid the $3 monthly service fee.

You’ll have a free ATM card to use, but keep in mind that you’re limited to three withdrawals per month, with a $3 fee for each withdrawal/transfer after that. Interest compounds and is credited to your account monthly.

Premium Savings Account

Key Features Details
Minimum Deposit $25,000
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $25 monthly service fee, which can be waived with a minimum balance of $25,000
Current Terms and Rates
  • Account balances of less than $10,000: 0.25% APY
  • Account balances of $10,000 - $24,999.99: 0.45% APY
  • Account balances of $25,000 and above: 0.70% APY

If you already have a Select Checking account with UMB Bank, then you’re eligible to open the Premium Savings account if you wish. The minimum opening balance is quite high at $25,000, but you’ll be rewarded for the larger investment with a 0.70% interest rate, significantly higher than with the Basic Savings account.

You’ll want to keep at least $25,000 in the account at all times to avoid the monthly fee. On the other hand, if you have more than $100,000 in the account, then the bank may transfer some of that money into a UMB Daily Investment account without notice to you.

Certificates of Deposit

Key Features Details
Minimum Deposit $500
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalty may apply
Current Terms and Rates
  • 32 Days: 0.05% APY
  • 90 Days: 0.15% APY
  • 180 Days: 0.25% APY
  • 9 Months: 0.30% APY
  • 12 Months: 0.60% APY
  • 24 Months: 0.75% APY
  • 36 Months: 0.90% APY
  • 48 Months: 1.40% APY
  • 60 Months: 1.50% APY
  • 72 Months: 1.60% APY

UMB Bank offers a range of certificate of deposit (CD) accounts, although they refer to them as Time Deposit Accounts (TDAs). Terms range from one month to six years, and you’ll need at least $500 to open one.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you’ll have 10 days to withdraw your money before the bank renews you automatically for a new CD of the same term.

Special Certificates of Deposit

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalty may apply
Current Terms and Rates
  • 15 Months: 1.90% APY
  • 25 Months: 2.25% APY

UMB Bank also offers two special CD accounts with significantly higher interest rates. You’ll need double the opening deposit, and interest on these special accounts will compound annually. This compounding frequency will mean you’ll lose a few dollars of interest compared to a more frequent compounding like quarterly or monthly. The same early withdrawal penalties apply to these special terms.

UMB Convenience Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $4 monthly service fee, which can be waived with an average balance of $500

The Convenience Checking account at UMB Bank is for the folks who are just looking for the basics. The $4 monthly service fee is the lowest fee of the three checking options and is the easiest to waive. You’ll need at least $500 to waive the fee, which isn’t a negligible amount by any means, but still reachable for most. You can also waive the fee by setting up an automatic transfer to another UMB account of at least $50 each month.

You’ll have access to a Visa debit card, online banking and statements and mobile banking with this account. You’ll have to pay a $2 fee for every transaction at a non-UMB ATM on top of what the foreign ATM owner may charge you.

UMB Value Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $8 monthly service fee, which can be waived by either:
  • Average balance of $1,500
  • Combined balance of $3,000
  • Direct deposit of $250 or more per statement cycle
  • Being a student under 25

The Value Checking account at UMB Bank is something of a middle ground between the Convenience Checking and the Select Checking. You’ll receive a few extra perks like special loan rates, free cashier’s checks and discounts checks. You’re also allowed three free foreign ATM transactions per statement cycle.

You’ll face double the monthly fee compared to the Convenience Checking account, but there are several different ways you can make it go away. If you’re looking for an account with more than just the basic features but you don’t want to pony up for all the bells and whistles, this could be the account for you.

UMB Select Checking Account

Key Features Details
Minimum Deposit $1,000
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $20 monthly service fee, which can be waived by either:
  • Average balance of $5,000
  • Combined deposit balance of $15,000
  • Combined deposit and loan balance of $25,000
  • Combined trust balance of $30,000
  • Combined brokerage balance of $30,000
Current Terms and Rates
  • Account balances less that $1,000: 0.01% APY
  • Account balances of $1,000 - $2,499.99: 0.05% APY
  • Account balances of $2,500 and above: 0.10% APY

This is the premier checking option at UMB Bank. With it, you’ll have access to special rates for loans and other services at the bank, and you’ll also be eligible for the Premium Savings account. Further, you’ll get a free small safe deposit box and free cashier's checks and money orders.

Unlike the other two checking options at UMB Bank, you’ll earn interest on your account balance with the Select Checking account. This account also comes with the highest monthly service fee at $20, and while there are several ways to get rid of it, all involve having several thousand dollars in the bank.

Where Can I Find UMB Bank?

UMB Bank operates 95 branch locations across eight states: Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma and Texas. The bank also operates hundreds of ATMs throughout the same service area.

What Can You Do Online With UMB Bank?

You can manage most of your deposit accounts on the UMB Bank website, but you’ll have to visit a branch in person to open an account. You can also manage your accounts with your smartphone via the UMB Bank Mobile app. On iTunes, the app has a 1.6 star rating and 45 ratings as of this article's publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any UMB Bank ATM. If you use an out-of-network ATM, you may face fees from both UMB Bank and whichever third party operates the ATM, although the Value and Select Checking accounts will allow a limited number of free foreign ATM transactions per statement cycle. And, of course, you can visit a UMB Bank branch to access funds.

How Can I Save More Money With UMB Bank?

The best interest rate you can get at UMB Bank is 2.25% with the 25-month special CD. That's a very competitive rate, especially for a CD of that term length. The only catch is that you'll have to make sure to withdraw your money during your grace period, otherwise it will be renewed for a 24-month CD at a much lower rate.

Other than the special CDs, you can find better interest rates for just about any of the accounts elsewhere, especially if you’re comfortable with banking online.

What's the Process for Opening an Account With UMB Bank?

Although you can manage most accounts on the UMB website, you can't open the accounts online, so your best bet is to visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver's license or other form of government-issued ID. You'll also need your Social Security number, date of birth, current home address and possibly your phone number and email address.

What's the Catch?

Like we mentioned at the beginning, every account at UMB except CDs comes with a monthly fee. These can all be waived, but with the number of free accounts available to consumers today, this is still a mark against UMB Bank.

What's more, you'll likely be able to find savings accounts with a much higher interest rate without having to look too hard. This is especially true if you're comfortable with online banking options.

Bottom Line

If you live in UMB Bank’s service area and you’re looking an in-person banking experience with a high level of accessibility and multiple account options, then you may want to consider giving UMB Bank a chance. Since you can’t open any accounts online, you should make sure you're nearby a UMB Bank branch, otherwise it wouldn't make much sense to bank there. If you live near a UMB branch, but your number one priority is earning the most interest possible on your money, then you will most likely want to look elsewhere for your banking needs.

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