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 The early withdrawal penalty is 180 days of interest on the amount withdrawn.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.
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.