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Umpqua Grow Savings account review

Get ATM access and unlimited deposits — but interest rates aren’t clear, and services are limited.’s rating: 3.0 / 5.0


Savings accounts can help you grow your money for a big purchase or help you save your pennies for a dream vacation.






Minimum deposit to open


Annual percentage yield (APY)APY not advertised
To waive the feeMaintain at least a $200 balance.
Be 18 and younger or 55+.
Make monthly transfers from Umpqua checking.
Minimum deposit to open$25
Minimum balance to earn interest$0.01
Interest compoundingDaily

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

The Umpqua Grow Savings account is best for those looking to grow their money with low and waivable fees.

However, there are limited bank locations, so you may want to look elsewhere if you aren’t in any of the five states it serves. Umpqua also doesn’t list its interest rates, so you may get stuck with a low rate.

How do I open a Umpqua Grow Savings account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From Umpqua’s website, click Open now under the Grow Savings account.
  3. Review the information you’ll need to complete your application. Click Continue.
  4. Tell Umpqua more about yourself, including your date of birth, Social Security number, email address and employment status. Click Continue.
  5. Enter your address. Click Continue.
  6. Let Umpqua know whether you’d like to receive a debit card with your account. Click Continue.
  7. Select two security questions you’d like to use to protect your online account. Enter the answers to your selected questions. Click Continue.
  8. Review the information you’ve submitted along with Umpqua’s account disclosures and e-sign authorization. Click Continue.

To complete your application, you’ll need to provide the Umpqua bank with the account number and routing number you’ll use to fund the savings account.

To verify your account, Umpqua will make two test deposits and matching withdrawals of less than $1 to your funding account. These deposits and withdrawals typically take up to three business days to appear in your external account.

After you’ve verified the test deposits, activate and fund your Umpqua Grow Savings.


Before you apply for an Umpqua Grow Savings, you need to:

  • Be a US citizen
  • Be at least 18 years old
  • Live in California, Washington, Oregon, Idaho or Nevada
  • Have a US residential address
  • Have a Social Security number
  • Have a valid bank account

Required information

You’ll need the following information during the application process:

  • Primary home address
  • Valid email address
  • Valid phone number
  • Social Security number
  • Driver’s license or valid state ID
  • Bank account number and routing number of the account you plan to use to fund your savings account

What are the benefits of a savings account with Umpqua?

In addition to ATM and branch access to your cash, you get:

  • Deposits and withdrawals at bank branch and ATMs. Access your cash without penalty at any Umpqua branch or ATM.
  • Access to free savings accounts. If you’re not yet 18 or you’re older than 55 you won’t pay the $3 monthly fee for this account. Other ways to skip out on the fee are maintaining a $200 minimum daily balance or make monthly transfers from an Umpqua checking account.
  • Mobile app. Use Umpqua’s free mobile banking app to deposit checks from your phone.
  • Security. Deposits of up to $250,000 are insured by the FDIC.

What should I look out for?

  • Lack of transparency. Umpqua doesn’t post its interest rates online, which means you’ll have to call customer service to find out what rate you qualify for.
  • $25 minimum deposit. You’ll need to deposit at least $25 to open an Umpqua Grow Savings.
  • $3 monthly fee. If you don’t meet any of the fee-waiver requirements, you’ll be on the hook for a $3 monthly maintenance fee.
  • ATM fee. Expect to pay for using ATMs with banks other than Umpqua.
  • Limited transfers. This savings account is limited to six withdrawals and transactions per month, except at Umpqua ATMs bank branches.
  • Limited availability. You’ll only find Umpqua banks in Washington, Oregon, Idaho, California and Nevada.

If you prefer a higher yield savings account, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare Umpqua to other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.

Compare up to 4 providers

How do I deposit or withdraw my money?

You can access the funds in your Umpqua Grow Savings by:

  • ATM. Deposit and withdraw funds from any Umpqua ATM.
  • Online deposit. Transfer funds electronically to and from an external bank account.
  • Mobile check deposit. Deposit a check from your mobile device using the Umpqua mobile banking app, available for Android and iOS.
  • In person. Visit an Umpqua bank branch to deposit or withdraw funds in person.

How can I get in touch with customer service?

You can reach Umpqua’s customer service in one of two ways:

  • Phone. Call 866-486-7782 on weekdays from 7 a.m. to 7 p.m. PT or Saturday and Sunday from 8 a.m. to 5 p.m. PT.
  • Email. You can submit an online form on Umpqua’s site for an email reply from customer service within one business day.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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