- Open an Umpqua Sweet Saver savings account, along with an Umpqua Free Checking account, before August 28, 2009
- Using umpqua.online banking, set up an automatic funds transfer from your Umpqua Free checking to the Umpqua Sweet Saver account of at least $50 per month and make sure your savings account balance grows by at least $50 per month
- Umpqua will add in $10 a month through April 2010.
- Only available to residents of CA, OR and WA (according to online application FAQ)
- Minimum opening balance for both accounts is $100
- Savings account has a $200 minimum balance to avoid a $3/month fee
- Savings account balances will earn a promotional fixed interest rate of 0.50% through 4/30/2010 the promotional period
- Maximum funds credit $120
- Offer limited to one per customer, customer will be defined by tax identification number
- All offers subject to credit approval
- Funds credit is tax reportable
With a 0.50% interest rate, you won't want to put more than the minimum balance necessary to qualify for the $10 credits. You'll lose a little by keeping a balance in this account, but the $10 credits more than makes up for this loss. Let's say that your average balance for the year is $600. If that $600 was earning 2.5% instead of 0.5%, that will cost you about $12 in interest.
Umpqua Bank's personal free checking has no monthly fees, first order of checks is free and online bill payment is free (for up to 15 bills per month). The only issue I see with the account is that there's a $2 fee for ATM withdrawals at other institutions.
Branches are located mostly in Northern California and in Oregon with a few branches in Washington State.
The bank has been FDIC insured since 1953 (FDIC Certificate # 17266).
Thanks to the reader who emailed me info on this promotion.
Other Bank and Credit Union Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.