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Up to $120 Savings/Checking Account Bonus at Umpqua Bank in CA, OR & WA

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Umpqua Bank
Umpqua Bank has a promotion called the Sweet Saver in which you can earn up to $120 for having 12 months of automatic transfers from an Umpqua checking to savings account. The bank has set up a special microsite at savehardspendsmart.com that describes this promotion. Here are the steps to receive the bonuses:
  • 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.
Some important details:
  • 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
There's an online application provided by Andera that allows electronic funding using your existing checking or savings account. In the FAQ of this application, it states that they are not currently able to offer financial services for those outside of California, Oregon and Washington State.

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.
  Tags: Umpqua Bank, California, Washington, Oregon, checking account

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
It is necessary that you live in WA, OR, CA to open an a/c. But not ALL residents of the state qualify.

They have a drop-down list of zip codes for each state and you need to be in one of them to qualify.

"If your zip code is not listed above, it's probably because you're outside of our service footprint, and we cannot open an account for you. Please call us at 1-866-4UMPQUA (1-866-486-7782) if you have questions."

At least they are very explicit and upfront about it.

1
Comment #2 by David (anonymous) posted on
David
Does anyone know if they do a hard or soft credit pull?

1
Comment #3 by Anonymous posted on
Anonymous
If you look at the dates for getting the $10 per month bonus, it only adds up to 11 months - thus $110. Perhaps this promotion started last month in April. Still, fund the two accounts with $900 and setup all the transfers etc, and you'll receive the $110 over the year. This comes out to be a 12.00 APY.

1
Comment #4 by Anonymous posted on
Anonymous
not available in Los Angeles

1
Comment #5 by brian23 (anonymous) posted on
brian23
The bank processes intial funding made using a credit card as a cash advance. End up with a transaction fee + cash advance interest fees on the credit card. This is not mentioned on the account opening form. Watch out!

1