Umpqua Bank Grow Savings account review + interest rates |

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Umpqua Grow Savings account review

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Get ATM access and unlimited deposits — but interest rates aren’t clear, and services are limited.

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



$3 per month



Minimum deposit to open


Fee$3 per month
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

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.

Compare Umpqua to other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Earn 20x the national savings account average with no fees or minimums.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Betterment Everyday Savings
Betterment Everyday Savings
At a 2.44% APY if you join the waitlist for Betterment Everyday Checking or 2.19% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

How do I open an account?

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

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.

Bottom line

The Umpqua Grow Savings is a solid choice for a savings account — if you live in a state it services. Even with its low $3 fee, there are a number of ways to pay nothing for holding the account. However, the bank requires a $25 to open an account and Umpqua makes no mention of how much you can earn with interest rates. You may be able to find a low rate elsewhere.

Compare your savings account options before you apply to make sure you get the best fit for your financial needs.

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