Dedicated to Deposits: Deals, Data, and Discussion

CD and Money Market Special at Umpqua Bank in WA, OR & Northern CA - Local Only

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Umpqua Bank

Umpqua Bank is offering two special CDs and a money market deal as part of a summer sale. There are actually two sales. The one with the best rates is scheduled to end August 6, 2010. Here's the link to this sale. The two CDs include a 1.85% APY 13-month CD and a 2.60% APY 36-month CD. Minimum deposit is $5K. These same CDs are also available in an IRA with smaller minimum deposit requirements. The early withdrawal penalty is 180 days of interest on the amount withdrawn. A checking account is required.

Money Market Promo

The money market account has a rate of 1.60% APY on balances up to $10K, and the rate is guaranteed to 12/31/10. Balances under $10K earn 0.70%. 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 0.50% and the maximum is 8.50%. Minimum deposit to avoid a $10/month fee is $1,000. A checking account is required.

The Other Sale

There's also another sale that's scheduled to last until August 31, 2010. It has the same CDs and money market account as above, but the rates are 10 basis points lower. Also, the CDs have a minimum deposit requirement of $10K. Here's the link to this sale. One plus is that this promo page allows you to open the accounts online.

High-Yield Reward Checking Account

Both sales also have other offers, but I don't see any that are notable for savers. One is a reward checking account, HIP Checking, that pays 2.00% APY on balances up to $25K. It has the typical reward checking requirements, and it has no monthly fees or minimum balance requirements. The rate is low for a reward checking account, but it would be a good account to meet the checking requirement for the CD or money market promo.

Online Application But Only for WA, OR & CA

For the sale with the lower rates that continues through August, 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 listed, 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.

Comparison to Last Year

Umpqua Bank had a similar promotion last year at this time, but the rates were higher: 2.50% for the 13-month CD and 2.00% for the money market promo. It's another example of how rates have declined over the last year.

Bank Overview

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 fair: 3 stars (performing) at Bankrate.com, 3½ stars (good) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our Umpqua Bank Reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).

Thanks to the reader who emailed me news of this sale.


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

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Comments
7 Comments.
Comment #1 by Jeanne (anonymous) posted on
Jeanne
The special is for current Umpqua customers only and expires tomorrow:

36-Month Certificate of Deposit: For current customers only. Current customers are those who had an active account with us prior to Aug. 2nd. Annual Percentage Yield (APY) of 2.60% available for new business or personal certificates of deposits with a minimum opening deposit of $5,000 or more. New money only; funds may not come from another Umpqua Bank deposit account. No public funds. Advertised APY based on quarterly compounding of interest and 36-month term; an Umpqua Bank checking account is also required when the promotional account is opened to receive advertised APY. Offer not available for other Umpqua Bank fixed rate CDs, including Advantage CD and other IRA CD products. A penalty fee may be imposed for early withdrawal. Fees could reduce account earnings. Advertised APY and account offer effective 8/02/10 – 8/06/10.

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Comment #2 by Jeanne (anonymous) posted on
Jeanne
P.S. the same goes for the 13-month at 1.85% APY (current customers only).

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Comment #3 by Anonymous posted on
Anonymous
How do you pronounce the name of this bank.  I have made serveral attempts but it doesn't seem to come together?   Is it an American Indian name?

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Comment #4 by Anonymous posted on
Anonymous
Just talked to bank...For new customers, rate is 1.75% and it will expire on 8/31

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Comment #5 by Anonymous posted on
Anonymous
I'm answering your pronunciation question because nobody else is!  It's UMP QWA.  I think the origin IS American Indian.......we've camped along the Oregon coast and there's also an Umpqua River and an Umpqua Lighthouse on the coast. I'm just a customer in No. Calif., so don't know more details on the origin of the name. 

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Comment #6 by Anonymous posted on
Anonymous
P.S. The accent is on the UMP........"UMPqwa".

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Comment #8 by Sam (anonymous) posted on
Sam
This has been the third year I have done business with Umpqua. I do business in Vancouver Wa.

The Staff at that off on 164th Ave has some very special people in there.

May I mention three? Angela, Cathy and Darci. They all are very helpful in explaining the best option of investments.

Thanks Ladies

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