Wednesday, 25 November 2020

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

Umpqua Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts
25 Oct
7:32

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

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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

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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 savings accounts instead — they’re also low-cost and pay much, much more.

Umpqua Bank CD rates

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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

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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

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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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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Source: https://www.magnifymoney.com/blog/reviews/umpqua-bank/

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