Umpqua Bank Review 2023

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

Umpqua Bank Overall Rating

Umpqua Bank Pros and Cons

Umpqua Bank Grow Savings Account - Product Name Only Review

The Umpqua Bank Grow Savings Account might be a decent choice if you qualify to waive the monthly service fee. The best high-yield savings accounts pay much better rates, though.

Umpqua Bank Embark Checking Account - Product Name Only Review

The Umpqua Bank Embark Checking Account doesn't charge monthly fees if you get online statements. It's also a solid account if you want to avoid out-of-network ATM fees. The bank will reimburse up to $10 per month in out-of-network ATM fees if you keep at least $2,500 in your account for the month.

Umpqua Bank Certificate of Deposit - Product Name Only Review

Umpqua Bank has a couple of specialty CDs that pay high rates, but otherwise, its rates are fairly low. You'll find CDs with better rates on various terms in our best CD rates guide.

Umpqua Bank Thrive Money Market Account - Product Name Only Review

The Umpqua Bank Thrive Money Market Account provides easy access to your account through complimentary checks and an ATM card. It may be worthwhile if you're able to maintain at least $1,000 in your account daily to avoid the monthly service fee. You'll also waive the fee if you have an Access Checking Account.

About Umpqua Bank

Umpqua Bank has 305 branch locations and well over 200 free ATMs in California, Idaho, Nevada, Oregon, and Washington. 

Customer support is available over the phone or through live chat. Contact a representative from 7 a.m. to 6 p.m. PT on weekdays or 8 a.m. to 5 p.m. PT on weekends.

The Umpqua Bank mobile app has 4.4 out of 5 stars in the Apple Store and 4.4 out of 5 stars in the Google Play store. 

In October 2021, Umpqua Bank announced it would be merging with Columbia Bank. The deal closed in March 2023. The banking services are still under the name Umpqua Bank, while the financial services, private banking, and healthcare offerings are under Columbia Wealth Management.

Umpqua Bank is FDIC-insured. Up to $250,000 is safe in an individual bank account, and $500,000 in a joint account.

Is Umpqua Bank Trustworthy?

Umpqua Bank has been involved in one recent public controversy. In 2021, the Federal Deposit Insurance Corporation required Umpqua bank to pay $1.8 million in a settlement that accused the bank of violating the Federal Trade Commission Act. Specifically, the FDIC stated Umpqua Bank's subsidiary Financial Pacific Leasing, Inc dishonestly charged borrowers fees.

We also look at ratings from the Better Business Bureau to help indicate whether a bank is likely to address customer issues. The BBB gives Umpqua Bank an A+ rating.

A high BBB rating doesn't necessarily mean your relationship with a bank will be perfect. To see if Umpqua Bank might be ideal for you, talk to current customers you know or read online customer reviews.

Umpqua Bank FAQs

How much does it cost to open a checking account at Umpqua Bank? 

The Umpqua Bank Embark Checking Account requires a minimum opening deposit of at least $25. 

Is Umpqua a good bank? 

Umpqua Bank could be a good bank if you're looking for a checking account. The checking account comes with ways to waive paper statement fees, out-of-network ATM fees, and overdraft fees. You might also like Umpqua Bank if you'd like to open a savings account with a low initial deposit.

If you'd prefer to open a high-yield or fee-free savings account, online banks may offer more appealing bank accounts.

Methodology: How We Reviewed Umpqua Bank

We used our bank account methodology to review Umpqua Bank's savings, checking, and money market accounts. For its CDs, we use our certificate of deposit methodology. We give each account a rating between 0 and 5.

We evaluate ethics, customer service, and the mobile app when rating each account. Other categories considered depend on which type of account we're reviewing. For example, we look at overdraft protection and monthly fees for checking accounts, but early withdrawal penalties for CDs.

How Umpqua Bank Compares

Umpqua Bank vs. Chase Bank

Chase Bank is a good choice if you want a bank with a larger national presence — it has branches in 48 US states. It also has several checking accounts to choose from, so you may find one that meets your needs.

But unlike Umpqua Bank, Chase doesn't have a free checking account. It charges fees on all of its checking accounts, unless you qualify to waive them.

Umpqua Bank vs. Golden 1 Credit Union

You may like Golden 1 Credit Union CD - Editorial Name Only if you live in California — it's our pick as the best credit union in California. It doesn't charge monthly service fees on accounts, and for the most part, it pays higher CD rates than Umpqua Bank.

But Umpqua is the clear choice between the two if you live in Idaho, Nevada, Oregon, or Washington, because Golden 1 is only in California.