Umpqua Bank, based out of Portland, Oregon, is a regional bank that serves the residents of five states in the Western U.S. These states are:
They were originally formed in 1953 in Canyonville, Oregon when six individuals working in the timber business wanted to create a means to cash their payroll checks. Today, the bank has $24 billion in assets and $18 billion in deposits and offers a full suite of deposit accounts – both variable and fixed rate.
In our review below, we will focus on the fixed, rate certificates of deposit offered by Umpqua Bank. These products can be opened online, in-branch or over the phone and are federally insured by the FDIC up to $250,000 per depositor.
We should note, that if you are applying for a CD online, Umpqua bank will not allow deposits amounts greater than $75,000.
Umpqua Bank CD Rates + Account Details
Umpqua Bank currently offers six standard term certificates of deposit that come with a minimum deposit requirement of $1,000.
They showcase their APYs online for the 12 month CD and the 24 month CD, however, you will need to call (866) 486-7782 to get updated rate information on CDs with other durations.
That said, we contacted Umpqua Bank directly and have published all their CD rates below. The representative that we spoke with stated that rates generally vary by location and asked that we provide ours, however we find it unlikely that their rates vary by much in our present interest rate environment.
Umpqua Bank CD Rates
To put these yields in perspective, the current national average for a 12 month CD and a 60 month CD sits at just 0.22% and 0.47% APY, respectively.
The interest on Umpqua Bank CDs are compounded daily and credited monthly for all durations.
If you need access to funds in your Umpqua Bank CD prior to its maturity date, you will face an early withdrawal penalty. We’ve broken down these fees below.
Early Withdrawal Penalties
|31 days or less||All interest earned on the amount you are withdrawing with a minimum of seven days’ interest.|
|31 days – 1 year||$25 plus 1% of the amount withdrawn.|
|1 year or more||$25 plus 3% of the amount withdrawn.|
As with most banks and credit unions, Umpqua Bank has a standard 10-day grace period upon your CD maturity in which you may add or withdraw funds penalty free.
Umpqua Bank will send you reminders letting you know when your grace period is coming up, however we would suggest you set your own as well. If you do nothing during this brief window, Umpqua Bank will renew your CD for the same duration at whatever the going rates are.
Set Up and Manage your Umpqua Bank CD
As mentioned, Umpqua Bank allows you to open a CD in one of three ways – online, over the phone or in branch. Online CDs can only be opened in 12 month or 24 month terms and come with a maximum deposit allowance of $75,000.
Opening a CD in branch will require you to schedule a time to visit a representative. Due to COVID-19 many of Umpqua Bank’s locations are requiring scheduled visits only.
Opening a CD over the phone will require you to call their main line at (866) 486-7782. There may be a wait time to speak with a representative, but once you get through the rep will be able to open a CD with you over the phone through their “digital store.”
You will need the following information ready to open and fund the deposit:
- Name, email and phone number
- Current Address
- Social security number or government issued ID
Funding the account:
- Routing number of institution where the funds will be coming from
- Bank account number
While Umpqua Bank has offered more competitive, fixed-rate CDs in the past, their current offerings are quite low and can not even keep up with a national average that is historically low.
That said, keep an eye out for CD rate promotions in the future when interest rates find their footing again, as Umpqua Bank has been known to offer special interest rate bonuses from time to time.