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 greater than $75,000.
In this post you'll learn:
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.
To put these yields in perspective, the current national average for a 12 month CD and a 60 month CD sits at just 1.07% and 1.09% APY, respectively, according to FDIC data.
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|31 days – 1 year||$25 plus 1% of the amount withdrawn.|
|1 year or more||$25 plus 3% of the amount withdrawn.|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.
Open 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 a 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 a 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
Money Market Account
Umpqua Bank offers a money market account with a rather high initial deposit requirement of $100,000.
To put the yield above into perspective, the current national average for money market accounts sits at just 0.39% APY, however, some online banks are offering yields above 4.00% APY without the steep minimum deposit requirement.
Most of Umpqua Bank’s CD rates are far below the national average and provide negligible yields. Their 13 Month Special Rate CD along with their money market account are far more competitive but still lag behind the top yields from online banks and nationally available credit unions.