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Umpqua Prosper Money Market account review

ATM access, mobile banking and unlimited transfers come standard, but interest rates are obscure.’s rating: 2.7 / 5.0


If you’re looking for a savings product with a debit card, mobile check deposit and unlimited transfers, the Umpqua Prosper Money Market account could be a sensible choice. But it’s only available to West Coast residents and its interest rates aren’t readily advertised.



$15 per month



Minimum deposit to open


Annual percentage yield (APY)APY not advertised
Fee$15 per month
To waive the feeHave a $10,000 minimum daily balance
OR have a $25,000 combined deposit and outstanding loan balance in eligible accounts
Minimum deposit to open$100
Minimum balance to earn interest$0.10
Interest compoundingDaily
Monthly transaction limit6

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

Umpua’s Prosper Money Market account is best for those looking to deposit at least $10,000. The account offers tiered interest rates, 50 free check deposits and unlimited withdrawals and transfers at Umpqua branches and ATMs.

However, its interest rates are unclear, so you may get a low APY.

How do I open an Umpqua Prosper Money Market account account?

  1. Go to the provider’s site and follow the steps to apply.
  2. From Umpqua’s website, click Open now under the Prosper Money Market account.
  3. Enter your full name, your Social Security number, your address and your employment status. Click Continue.
  4. Enter your address and indicate your US citizenship status. Click Continue.
  5. Select two security questions you’d like to use to protect your online account. Enter the answers to your selected questions. Click Continue.
  6. Review your submitted information and make any necessary changes. Next, read and accept Umpqua’s account disclosure and e-sign authorization. Click Continue.

To complete your Prosper Money Market account application, you’ll need to provide Umpqua with the routing and account number of the external bank account you plan to use to fund your new account. If you link an Umpqua checking account to your Prosper Money Market account, you can secure a higher interest rate on your savings.

Umpqua makes two test deposits and withdrawals of less than $1 to your external account. You should see these transactions within three business days. Once you’ve verified these deposits with Umpqua, you’ll be able to fund and activate your Prosper Money Market account.


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

Required information

  • Primary home address.
  • Valid email address.
  • Valid phone number.
  • Social Security number.
  • Driver’s license or valid state ID.
  • Bank account and routing number of the account funding your account.

What are the benefits of a money market account with Umpqua?

In addition to mobile banking, a debit card and ATM access, you’ll get:

  • 50 free check deposits. Deposit up to 50 checks monthly at no charge.
  • Tiered interest rate. Link your Umpqua Prosper Money Market account to your personal checking account to receive a higher interest rate on your savings.
  • Unlimited withdrawals and transfers. Move your money around as much as you’d like at Umpqua banks and ATMs.
  • Security. Deposits of up to $250,000 are FDIC-insured.

What should I look out for?

Prepare for $2.50 fees at non-Umpqua ATMs alongside the following drawbacks:

  • $100 opening deposit. You’ll need an opening deposit of at least $100 to open an Umpqua Prosper Money Market account.
  • $15 monthly fee. The $15 monthly maintenance fee can be waived if you maintain a daily balance of $10,000 or more.
  • Unclear interest rates. None of Umpqua’s interest rates are available on its site, so speak with a customer service agent to find out what rates you’d qualify for.
  • Limited transfers. As is the case with many savings accounts, the Umpqua Prosper Money Market account is limited to six transactions monthly, excluding Umpqua Bank branch and ATM withdrawals. If you exceed this limit, Umpqua may close your account.
  • Limited availability. Umpqua accounts are only available to residents of Washington, Oregon, Idaho, California and Nevada.

If you prefer a high-interest account that’s available in your region, you’ll want to keep looking. As always, explore your options when choosing a money market account.

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This money market account offers a competitive APY.
Axos Bank High Yield Money Market account
Finder Rating: 4.1 / 5: ★★★★★
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Offers the security of traditional savings with the advantage of high interest rates and limited transactions.

Compare up to 4 providers

How do I deposit or withdraw my money?

In addition to depositing and withdrawing funds at an Umpqua Bank branch, you can also access your funds via:

  • ATM. Deposit or withdraw your money from any of Umpqua’s surcharge-free ATMs.
  • Online deposit. Transfer funds to or from an externally linked bank account.
  • Mobile check deposit. Deposit a check from your mobile device with the help of Umpqua’s free mobile banking app.

How can I get in touch with customer service?

Visit an Umpqua Bank branch during business hours to chat in person, or reach out to customer service by:

  • Email. Complete a secure online form on Umpqua’s website for an email response within one business day.
  • 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 to speak with a customer service rep.

Frequently asked questions

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