Dedicated to Deposits: Deals, Data, and Discussion

2.50% 13-Month CD & 2% Money Market at Umpqua Bank in WA, OR & Northern CA - Local Only


Umpqua Bank
Umpqua Bank is offering a special 13-month CD with a 2.50% APY. Minimum deposit is $10,000, and a checking account is required. It's scheduled to expire on 8/07/09. This promotion is listed at Umpqua's Summer Sale Page as of 7/24/09.

There's an online application, however, on the second page of the application, you must select a zip code in Washington State, Oregon or California. Not all zip codes in these states are included. For those who can't find their zip code, it has the following note:
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.

On the fifth page of the application, they provide the truth-in-savings disclosure of the promo 13-month CD. Some of the important details include:
  • Interest compounded and credited quarterly
  • Early withdrawal penalty equals 90 days of interest on amount withdrawn
  • CD renews automatically, but you have a 10-day grace period to close the CD at maturity
This same CD is also available in an IRA with a minimum deposit of $2,000.

Money Market Account

For the Summer Sale promotion, the bank also has other good deals. One is the T-Series Money Market Account that pays a promo rate of 2.00% APY on balances of $10K and above. The rate is guaranteed through 12/31/09. Balances under $10K earn 0.80%. After the promo period the rate will revert to the standard rate. The standard rate is a tiered rate that's indexed to the 90-day T-Bill rate. However, the minimum rate is 1% and the maximum is 8%. If next year's T-Bill yields continue to be like this year's, expect a rate of 1%. Minimum deposit to avoid a $10/month fee is $1,000. This promotion also expires on 8/07/09.

Reward Checking Account

There's also a reward checking account called HIP Checking that pays 2.50% APY on balances up to $25K (0.50% above). It has the typical reward checking requirements such as 10 debit card purchases per month. I'll do another post on this reward checking account in the future so it'll show up on my High Yield Checking Website. Since the rate is a little low, I'm not in a hurry. Note, this should be able to be used to meet the checking requirement for the CD. The minimum initial deposit is $100, and there are no monthly fees.

There's another Umpqua Bank promotion that's still available. It's a savings/checking promo called the Sweet Saver in which you can earn around $100 for setting up automatic transfers from an Umpqua checking to a savings account. Refer to my May post for more details. This promotion is scheduled to last through August 28, 2009.

Umpqua Bank Branches are located mostly in Northern California and in Oregon with a few branches in Washington State.

Umpqua Bank's ratings for safety and soundness are mixed: 2 stars (below peer group) at and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).

Other High Certificate of Deposit Rates

Edit 2:24pm PDT 7/24/09: Added checking account requirement for the CD.

  Tags: Umpqua Bank, money market accounts, California, Washington, Oregon, CD rates, IRA rates

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Comment #1 by Anonymous posted on
That 2.5%APY 13-month CD also requires you to open an Umpqua Bank checking account.

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I finally found this requirement in the terms that are located in the online application where the products are selected. Clicking on the 13-mo CD Rate/APY pops up a page which includes this checking requirement.

Comment #4 by Anonymous posted on
Also note that when opening the CD and accompanying checking account with Umpqua Bank, they did two hard credit pulls as part of account opening, even though no loan, credit or overdraft was being requested. Discovered months later on reviewing credit report.