Umpqua Bank may be relatively unknown throughout most of the U.S., but that could change as their mobile and online products grow in popularity.
Currently the largest bank based in Oregon, Umpqua boasts locations up and down the West coast in states like Nevada, California, and Washington.
This bank is well known for its affordable banking products, particularly its savings and checking accounts with low fees (or no fees).
Umpqua offers other banking products for individuals and businesses, as well as mortgage loans and even boat loans and car loans.
If you’re in the market for a new bank or you need to borrow money for any reason, it makes sense to explore what Umpqua has to offer and compare its value proposition with other online banks.
What Does Umpqua Bank Offer?
On the personal side of the banking equation, Umpqua Bank offers checking accounts, savings accounts, personal loans, home loans, credit cards, investment accounts, and private banking.
They also promise a personal banking experience based on your unique needs and access to mobile banking products that make banking anywhere easy.
Here are some of the main details on their most popular banking products:
Checking Accounts
You can choose from three checking accounts with Umpqua Bank
Each offer reimburses ATM fees at various levels each month, and the two lower level checking options only require $25 as an initial deposit.
Embark Checking comes with no monthly maintenance fees, while Access and Attain Checking come with $5 and $20 monthly fees that can be waived if you meet their requirements.
All of Umpqua Bank’s checking accounts offer mobile deposits, instant internal transfers, custom banking alerts, and free paperless statements.
Savings Accounts
Umpqua offers savings accounts and money market accounts that can be fee-free provided you meet minimum daily balance requirements.
These accounts earn interest and come with an ATM card.
Their savings accounts only pay an average of .01% right now, however, so there are better high-interest savings accounts out there.
Personal and Home Loans
Umpqua Bank also offers an array of ways to borrow unsecured funds or borrow against the equity in your home.
With Umpqua, you can take out an unsecured personal loan, apply for a home loan or home equity line of credit (HELOC), auto loan, or a boat loan.
Interest rates and terms for these loans can vary depending on your creditworthiness, income, and other factors.
Their HELOC, for example, comes with a variable APR that starts at 5% and no origination fee.
Within their mortgage offerings, you can apply for a fixed-rate mortgage, an adjustable-rate mortgage, a construction or renovation loan, or a jumbo loan.
As of December 2018, rates for a 15-year home loan are offered starting at 4.253% APR.
Also note that Umpqua Bank offers FHA loans and VA loans to those who qualify.
Home Loan Qualifications
Umpqua Bank follows many of the industry standards when reviewing home loan applications.
A credit score is, of course, one of the most critical mortgage qualifications.
Borrowers with a credit score above 670 should have high chances of approval, and the lender will likely offer their best mortgage rates to those with excellent credit scores.
|
Credit Score |
Quality |
Ease of approval |
|
760+ |
Excellent |
Easy |
|
700-759 |
Good |
Somewhat easy |
|
621-699 |
Fair |
Moderate |
|
620 and below |
Poor |
Somewhat difficult |
|
n/a |
No credit score |
Difficult |
Umpqua Bank accepts closing cost contributions and gift funds for all loans and only imposes income-earning limits on those applying for USDA Rural Housing and state bond programs.
Most loans require a 20 percent down payment, although Umpqua Bank offers low down payment options for every loan type, aside from custom construction programs.
The lender also accepts the industry standard for FHA loans, which is a 3.5 percent down payment and average 680 FICO credit score.
Credit Cards
While Umpqua Bank is virtually unheard of in the credit card world, they offer several credit cards with unique benefits.
Their Visa Real Rewards card lets you earn 1.5% cash-back without an annual fee and a $25 signup bonus after your first purchase.
And the Cash Rewards from American Express offered through Umpqua doles out 3% on your first $6,000 spent at gas stations each year, 2% back on grocery purchases, and 1% back on other purchases.
Make sure to compare all credit card options from Umpqua Bank and other card issuers before deciding which one is right for you.
Investments
Umpqua Bank also offers personal investing to customers who live in Oregon, California, Nevada, and Washington.
You can meet with an advisor in-person provided your area has its own Umpqua Bank branch.
Umpqua financial advisors can help you figure out the best ways to save for retirement, pay for college, manage risk, give charitably, and plan your estate wisely.
Private Bank Advisors are also available in the following cities and regions with Umpqua Bank branches: Spokane, Portland, Puget Sound, Bay Area, Sacramento, and San Diego.
Business Banking
On the business side of the equation, Umpqua Bank offers the same selection of products — checking accounts, savings accounts, loans and lines of credit, credit cards, and cash management tools.
They also offer commercial banking products that can help you find working capital, invest in real estate, or find financing for equipment leasing and other goals.
Go-To
Umpqua Bank wants to be your go-to for financial advice, revolutionizing online banking with its rollout of Go-To. With the Go-To app, you get access to your own financial expert, who you choose and build a relationship with.
Rather than calling a customer service line and connecting with a different stranger every time, you can get real-time advice from your go-to specialist. Whether you’re changing your account type, canceling a card in a hurry, or looking for advice on your next big purchase, Go To helps.
Pros and Cons of Umpqua Bank
Umpqua Bank may be just now gaining notoriety, but there are plenty of reasons to check them out.
They offer checking and savings accounts that can be free to use if you meet their requirements, and their mobile and online banking tools and services make it so you can access your Umpqua account no matter where you live.
Still, there are reasons to hold back and consider other banks. Consider these pros and cons before you start banking with Umpqua Bank:
Advantages of Umpqua Bank
- ATM fee reimbursement can be a huge money-saver. While Umpqua Bank only has branches in a handful of states, they do waive ATM fees for out-of-network ATMs in some cases. Embark Checking reimburses $10 per month with a minimum balance requirement of $2,500, Access Checking offers up to four rebates per month, and Attain Checking rebates up to $25 per month in fees.
- Mobile banking options make using this bank easier. Having the option to manage your account online and deposit checks with your mobile phone makes Umpqua Bank a viable choice for anyone.
- Their checking accounts can be free. Each of their checking accounts can be free if you select paperless statements and meet minimum daily balance requirements.
- Umpqua Bank gets solid marks for customer service with its local customers. Reviews for Umpqua Bank are relatively good and indicate this bank maintains a sincere focus on the customer experience.
- Umpqua has relatively low minimum balance requirements for many of their accounts. One benefit of Umpqua is the fact that many of their accounts require only $25 to open. This is true with Embark and Access checking and their Grow Savings account, for example. Even their money market accounts can be opened with a minimum of $100.
Disadvantages of Umpqua Bank
- Some of their services aren’t available online. Private banking and investment advice are only available to consumers who live near one of Umpqua Bank’s branches.
- Their savings accounts don’t offer the highest rate of return. The basic savings account comes with a .01% return on your funds. You won’t get rich quickly with that kind of interest rate.
- There may be better signup bonuses elsewhere. Among their four credit card offerings, one Umpqua Bank card offers no bonus, two cards offer a $25 bonus after your first purchase, and one offers a $100 bonus after you spend $1,000 on your card in three months. These bonuses are less than the $500+ you can earn with other rewards cards.
The Bottom Line
If you’re looking for an online bank, you should explore opening an account with Umpqua.
The fact that many of their accounts can be free if you meet deposit requirements is enticing, and it’s also helpful you can open several accounts with just $25 or $100 to start.
Also, make sure to compare other high-interest savings accounts and checking account offers before you choose a bank.
Compare interest rates, fees, and other perks before you select an account, and you’ll end up ahead in the end.
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