[Expired] [WA, Select Counties] Umpqua Bank $500 Checking Bonus

Deal has expired, view more checking account bonuses by clicking here

Update 4/4/20: Deal isn’t showing in the online link anymore, but apparently available in branch until 4/30. Obviously going in branch for a bonus is crazy talk right now, but worth calling to see if you can open on the phone.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Must have a physical address in King, Snohomish or Pierce County, all in WA
• Direct deposit required: Yes, $4,000+ per month for three months
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Up to $2,000 (Visa or Mastercard)
• Monthly fees: Avoidable
• Early account termination fee: Unknown
• Household limit: None
• Expiration date: April 30th, 2020

The Offer

Direct link to offer

• Umpqua Bank is offering a bonus of $500 when you open a new attain checking account and complete the following requirements:
  • Receive at least $4,000 in direct deposits each month for three consecutive months following the date of account opening

The Fine Print

• To receive your $500 bonus, you must receive at least $4000 in direct deposits during each month for the three consecutive months following the date of account opening.
• The minimum $4000 monthly direct deposit may be made one time each month or in multiple direct deposits that total $4000 or more each month.
• Your account must remain open for at least three full calendar months following the account opening (bonus eligibility period), and must not have a negative balance at the end of the bonus eligibility period.
• Upon meeting the qualifying activity, the bonus will be credited to your account within two months following the end of qualification period.
• Attain $500 Bonus is limited to one per new customer and one per joint account. Bonus cannot be combined with Home Loan Credit Offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $20 monthly fee that is waived if you do either of the following:

• Have a  $15,000 minimum daily balance
• Have $25,000 combined deposit and outstanding loan balance in eligible accounts

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Previously we’ve seen an offer for $200, but that had no requirements or monthly fees to worry about. This is a much bigger offer, but it is difficult to keep the account fee free and to trigger the bonus. I still think this is very much worth doing if you can meet the requirements though and I’ll add this to our list of the best checking account bonuses.

Hat tip to reader EJJ

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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• Bank Bonus Posting Times