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Umpqua Bank Review

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by Nick Wallace Updated
Umpqua Bank

The largest bank based in the state of Oregon, Umpqua Bank has locations all along the West Coast, including some in Nevada and Idaho. It provides a wide range of services in both business and personal banking. 

Umpqua generally charges low or zero fees on its savings and checking accounts, but it does not offer especially high interest rates. A standard savings account, for example, has an interest rate of just 0.01%. Money market accounts at Umpqua have higher rates, but to earn those you need larger sums put away: the highest rates require a deposit of at least $100,000.

One feature that will appeal to people who simply want a place to store and easily access their cash is Umpqua’s ATM rebates. Most checking accounts offer some kind of rebate on owner fees for non-Umpqua ATMs, so you can withdraw cash fee-free wherever you go.

Products Offered

Product Key Details
Savings Account
  • Monthly fee, although waivable
  • Nominal interest rate
Money Market Accounts
  • Two account options
  • High minimum deposit
Checking Accounts
  • Three account options, with one interest-earning account
  • Monthly fees, except with Embark Checking

Umpqua Bank Interest Rate Comparison

Umpqua Bank Overview

Umpqua Bank was founded in the mid-20th century to provide cash-checking services to timber workers in Oregon. Today its clientele consists of far more than lumberjacks, with locations up and down the West Coast serving personal and commercial customers.

Umpqua offers a selection of savings and checking accounts, under names like “Prosper” and “Attain.” While the names are aspirational, the interest rates offered are generally less so. As of this writing, Umpqua does not offer interest rates higher than 0.50% on any of its accounts.

Umpqua Bank Account Features

In general, Umpqua savings and checking accounts have monthly fees of $20 or less. These fees are typically reduced to zero for accounts that maintain a minimum balance, which varies depending on the account type. For checking accounts, a monthly direct deposit may also eliminate the fee. 

Like most banks, Umpqua includes free online and mobile access with all accounts. Its mobile app is not particularly well-reviewed, however, with only 2.4 stars on the Apple app store (from 137 reviews). 

Umpqua Bank Grow Savings Account

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile, physical branches and ATMs. 
Security FDIC insurance up to the maximum amount allowed by law.
Fees $3 monthly fee, waivable with one of the following
  • Account owner under 18 or over 55
  • Maintaining monthly balance of at least $200
Current Terms and Rates 0.01% APY

The Grow Savings account with Umpqua Bank is a low-interest, low-fee place to put away money. Opening an account requires an initial deposit of at least $25. Interest rates on these accounts currently sit at just 0.01%. 

The $25 deposit gets you in the door, but you may want to start with even more than that: the monthly fee of $3 applies to accounts that don’t maintain a minimum balance of $200. Other exceptions are made for customers under the age of 18 or over 55. You can open three fee-free Grow Savings accounts if you connect them to an Access Checking account.

This combination of low balance requirements and low interest rates make the Grow Savings account a viable option for those who are just starting to build their savings accounts. For savers who want to see some kind of return on their deposit, however, Umpqua bank offers money market accounts that have somewhat higher interest rates — see below.

Umpqua Bank Money Market Accounts: Thrive Money Market and Prosper Money Market

Key Features Details
Minimum Deposit $100 for both accounts
Access to Your Money Market Account Online, mobile, physical branches and ATMs. 
Security FDIC insurance up to the maximum amount allowed by law.
  • Thrive Money Market
    • $10 monthly fee, waivable with $1,000 minimum monthly balance
  • Prosper Money Market
    • $15 monthly fee, waivable with $10,000 minimum monthly balance
Current Terms and Rates
  • Thrive Money Market
    • Account balances below $10,000: 0.03% APY
    • Account balances of $10,000 - $99,999: 0.05% APY
    • Account balancs of $100,000 and over: 0.07% APY
  • Prosper Money Market
    • Account balances below $10,000: 0.03% APY
    • Account balances of $10,000 - $99,999: 0.05% APY
    • Account balancs of $100,000 and over: 0.08% APY

Money market accounts at Umpqua Bank offer a (slightly) higher return on your deposits, with many of the same features of a regular savings account. 

There are two types of money market accounts offered at Umpqua Bank: Thrive and Prosper. The most substantial difference between the accounts is the minimum deposit required to avoid the monthly fee. For a Thrive account, you need to maintain a balance of at least $1,000 to avoid the fee. For a Prosper account, the minimum balance is $10,000, or $25,000 among all linked Umpqua Bank accounts (including checking, savings, etc.). The monthly fee for accounts that do not meet that requirement are $10 for Thrive and $15 for Prosper.

Though the base interest rates for Prosper are identical to Thrive for accounts with a balance below $100,000, higher rates are offered to accounts linked to a checking account. Prosper accounts linked to a checking account earn an APY 0.02% higher than the base rate. It’s worth noting that compared with money market accounts offered at many other banks, including some online banks, that rate is not particularly high.

The number of withdrawals and transfers in money market accounts is also limited. You’re limited to six transfers or withdrawals from a money market account every statement period.

Umpqua Bank Embark Checking and Access Checking

Key Features Details
Minimum Deposit $25 for both accounts
Access to Your Checking Account Online, mobile, physical branches and ATMs. 
Security FDIC insurance up to the maximum amount allowed by law.
  • Embark Checking: $0 monthly fee
  • Access Checking
    • $5 monthly fee, waivable with one of the following
    • 10 or more posted debit card purchases/payments per month
    • One direct deposit of at least $500 per month
    • One mobile deposit of at least $250 per month

Umpqua offers two basic checking accounts and one interest checking account (read more about that one below). The two basic checking accounts are called Embark and Access.

The Embark Checking account does not charge a monthly fee of any kind, but comes with fewer features than Access. For those who are looking to open a checking account with only a few hundred dollars and no expectations of frequent transactions such as debit card purchases or direct deposits, it may be a good option.

The Access account has a monthly fee of $5 that is waived for accounts with at least 10 debit card transactions, or a monthly direct deposit of at least $500, or a monthly mobile deposit of at least $250. Both Access and Embark accounts are subject to overdraft fees of $35 when accounts are drawn below a balance of $0.

Access accounts allow four monthly rebates on ATM owner fees. This is important because Umpqua is not part of national ATM network. So if you are not on the West Coast (or in a city that has Umpqua ATMs), withdrawing money will require using a non-Umpqua ATM. Embark Checking accounts with a balance of at least $2,500 receive $10 of ATM rebates per month. 

Access checking account holders may also open three Grow Savings accounts or Thrive Money Market accounts without facing any monthly fees. Embark account holders may open one Grow Savings account.

Umpqua Bank Attain Checking Account

Key Features Details
Minimum Deposit $200
Access to Your Checking Account Online, mobile, physical branches and ATMs. 
Security FDIC insurance up to the maximum amount allowed by law.
Fees $20 monthly fee, waivable with one of the following
  • Minimum balance of $10,000
  • Minimum balance of $25,000 among all Umpqua accounts
Current Terms and Rates 0.01% APY

Umpqua’s interest checking account, which it calls “Attain Checking,” offers interest payments on deposits held in your checking account. The interest rate is quite low, however, so if a return on your deposits is a priority this type of account is probably not the best place to keep the bulk of your savings.

That being said, the “Attain” checking account does offer a number of other appealing features. It comes with a free Visa debit card, and $25 of ATM fee rebates per month. This means that if you are in a part of the world that does not have Umpqua Bank ATMs (everywhere but the West Coast), you can still withdraw money from an ATM without paying any fees.

The “Attain” checking account also comes with zero fees on incoming wire transfers, and complimentary cashier’s checks.

Be warned, however: there is a monthly fee of $20 on “Attain” checking accounts that do not have a balance of at least $10,000, or $25,000 among all accounts at Umpqua Banks. That $20 fee would more than wipe out any interest gains on accounts below those thresholds.

Where Can I Find Umpqua Bank?

Umpqua Bank is based in Oregon and has branches and ATMs all along the West Coast, including some in Nevada and Idaho. The highest concentration of branches and ATMs can be found in Oregon and Washington.

What Can You Do Online With Umpqua Bank?

Umpqua’s website allows you to do most things you could do in a brick-and-mortar bank, such as check your account balances, transfer money between accounts and open new accounts. The app allows you to make check deposits by taking a picture of the check with your phone. You can also set up automatic bill pay on the app or website.

How Do I Access My Money?

There are a number of ways to withdraw money from Umpqua Bank. Savings and checking accounts come with an ATM card. Withdrawals from Umpqua ATMs are free. Non-Umpqua ATMs will have ATM owner fees, though Umpqua covers some or all of these for certain types of checking accounts (see above). You can also use the ATM (debit) card directly to make transactions. 

For larger withdrawals, you may want to visit an Umpqua location and talk to a cashier. As described above, Umpqua has locations in five West Coast states: California, Oregon, Washington, Idaho and Nevada.

Note that savings accounts and money market accounts limit the number of withdrawals you can make for free each month.

How Can I Save More Money With Umpqua Bank?

Umpqua does not offer especially high rates on its savings or money market accounts, so money you save here will not grow quickly on its own. To increase your savings, it is important to avoid fees, so make sure you are aware of the minimums required to avoid monthly service fees (described above) and overdraft fees on checking accounts.

What’s the Process for Opening an Account With Umpqua Bank?

It only takes a few minutes to open a new account online with Umpqua Bank. To do so you will need to have your Social Security number handy, as well as a state ID like a driver’s license and your home address. The final step to starting an account is to make an opening deposit, which you can do by transfering funds from another bank, which will require the account number and routing number (at the bottom of a check). You can also transfer funds using a debit or credit card.

If you would rather open an account in person, you can do so at any Umpqua Bank location. You will need the same information as with opening an account online, including ID and your initial opening deposit.

What’s the Catch?

Umpqua Bank offers checking, savings and money market account holders lot of convenient features (not to mention catchy names) but interest rates are at Umpqua are quite low. As noted above, your savings will not grow quickly on their own at Umpqua.

Bottom Line

Umpqua Bank is first and foremost a West Coast bank. It has expanded quickly over the past decade by buying bank chains in West Coast states such as California and Washington. For savings and checking accounts, there are better offers available at other banks, especially if a higher interest rate is a priority. 

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study