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  Umpqua Bank Grow Savings Account
Umpqua Bank Grow Savings Account
in Savings Accounts from Umpqua Bank · Member FDIC
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Umpqua Bank Grow Savings Account

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in Savings Accounts from Umpqua Bank · Member FDIC
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Highlights
Monthly Fee $0 - $3
APY (Annual Percentage Yield) 0.01%
Minimum Balance to Earn APY N/A

Umpqua Bank Grow Savings Account Review

Umpqua Bank Grow Savings Account is offered by Umpqua Bank, a bank founded in 1953 and based in Spokane, WA. Umpqua Bank Grow Savings Account is available in 5 states across the USA.

Key Takeaways

  • Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
  • $0 monthly Service Charge available. This account charges a monthly service fee of up to $3, but the fee is waived if you keep a minimum balance of $200.
  • No ATM fees. Umpqua Bank Grow Savings Account does not charge fees on ATM transactions.

Umpqua Bank savings account Pros & Cons

Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • No signup bonus.
  • Does not come with a debit card
  • Only available in 5 states.
  • Higher than average wire transfer fees.
  • Monthly service charge.

Umpqua Bank savings account FAQ

Are savings accounts from Umpqua Bank federally insured?

Yes, this account is insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #17266). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Umpqua Bank offer a signup bonus?

Umpqua Bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Umpqua Bank savings account?

Umpqua Bank Grow Savings Account Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $200

What APY does Umpqua Bank offer?

Umpqua Bank savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Umpqua Bank savings account charge?

Umpqua Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $200.

  • Outgoing domestic bank transfers come with a $30 fee.
  • Incoming domestic bank transfers come with a $15 fee.
  • Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $15 fee.
  • Umpqua Bank savings account charges $1 every time you request a paper statement.

What features and perks does Umpqua Bank savings account offer?

This savings account includes the following features:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - Umpqua Bank savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Umpqua Bank savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Umpqua Bank savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Umpqua Bank savings account?

The customer support email for Umpqua Bank savings account is homelending@umpquabank.com.

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Availability

  Available in 5 states
  • California
  • Idaho
  • Nevada
  • Oregon
  • Washington

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $200
Monthly Fee $0 - $3
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $50
Paper Statement Fee $1
Returned Deposit Fee (Domestic) $25
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Social Security Number
Bauer Financial A+/A Rating
Account Features
  • No ATM Fees
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.01%

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