Competitive CD Rates at Umpqua Bank in CA, WA, OR & NV - Local Only
UPDATE: The rates mentioned below have EXPIRED and are no longer available. For up-to-date information, please refer to our Umpqua Bank information page.
Umpqua Bank is currently offering two competitive CD rates. One is a 5-year CD with a 2.52% APY. The other is a special 8-month CD with a 1.06% APY. Minimum deposit is $1,000, and the special CD requires a checking account. The 5-year CD rate may vary by state. It's not listed on bank's website so I called on 6/22/2011, and confirmed the 5-year CD rate for California and Oregon. Rates are subject to change at anytime.
You may be able to get an additional 0.25% on the CD with the Benefit Banking Interest Checking Account. This is stated in Umpqua's Deals & Steals page. This may depend on your branch. The California bank rep said it didn't apply when the CD is opened at a branch.
According to the bank rep, the 5-year CD has an early withdrawal penalty of 6 months of interest, and the 8-month CD has a 90-day interest penalty.
Depending on your branch, you may be pushed to open a checking account if you open a CD. The California bank rep said it was a requirement for all CDs, but the Oregon bank rep said it wasn't necessary.
Umpqua Bank does offer a free reward checking account, called hip checking, but its interest rate is low for reward checking. 1.00% APY up to $25K and 0.25% for above (as of 6/22/2011).
Umpqua Bank has 184 branches between San Francisco, California and Seattle, Washington along the Oregon and Northern California Coast, and in Central Oregon and Northern Nevada.
It's a sizable bank with $11.55 billion in assets. The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 13.38% (above average) based on March 2011 data. Please refer to our financial overview of Umpqua Bank for more details. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).
How These CD Rates Compare
There are not many higher 5-year CD rates from Northern California to Washington State. Using our CD rate table you can find a few credit unions in this region with higher rates. One is Wings Financial Credit Union with branches in Washington State offers a 2.73% APY 5-year CD.
The best 5-year CD rate available nationwide is 3.05% APY at Fort Knox Federal Credit Union.
Umpqua Bank's 8-month CD special rate of 1.06% APY may sound low, but it's competitive. As a comparison, the best nationally available 9-month CD rate is 1.10% APY at Incredible Bank.
The above rates are accurate as of 6/22/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. Use the "Filter Accounts" button on top of the table to select either nationwide accounts and/or your state.
An interesting option (for people who can get to a branch) is Umpqua's involvement with CDARS to FDIC-insure high-value CDs (by splitting up CDs into smaller ones at member banks) http://www.umpquabank.com/1.0/pages/pSpecial_highValue.aspx