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finder.com’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.
N/A
APY
$15 per month
Fee
$100
Minimum deposit to open
Annual percentage yield (APY) | APY not advertised |
---|---|
Fee | $15 per month |
To waive the fee | Have 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 compounding | Daily |
Monthly transaction limit | 6 |
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.
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.
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.
In addition to mobile banking, a debit card and ATM access, you’ll get:
Prepare for $2.50 fees at non-Umpqua ATMs alongside the following drawbacks:
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.
In addition to depositing and withdrawing funds at an Umpqua Bank branch, you can also access your funds via:
Visit an Umpqua Bank branch during business hours to chat in person, or reach out to customer service by:
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