UMB Bank: Competitive Promotional CDs and Comprehensive Services
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Joe Evans, CFHCâ„¢
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Multiple Benefits for High Net Worth Folks
UMB Bank has specific features and benefits that may instantly appeal to everyday consumers, but also offers other benefits that will speak to high-net-worth individuals.
Although located in only 14 states, UMB Bank offers a full range of services, a wide range of deposit accounts, loans, investments and other financial services. It has specific features and benefits that may instantly appeal to everyday consumers, but other benefits that will speak to high-net-worth individuals.
UMB Bank Checking Accounts
UMB offers several checking options, including Free Checking, Value Checking, Check-Free Checking and Select Checking. The live GOBankingRates review frames the lineup as flexible, with low opening deposits on some accounts and better perks for customers who keep larger balances or want a more relationship-based banking setup. UMB’s own checking page also highlights that Select Checking earns interest, Value Checking includes fee waiver options and Free Checking has no monthly service fee.
Here are some key points to know:
- Multiple account choices: UMB offers several checking accounts for different banking needs.
- Wide opening-deposit range: Minimum opening deposits run from $10 to $1,000 depending on the account.
- Interest is limited to premium checking: Select Checking earns interest, while the most basic accounts focus more on low fees and convenience.
Best For
Customer Service
Regional Banks
No Minimum to Open
No Fees
Checking Accounts
Free Checking has a low minimum deposit and no monthly maintenance fee
UMB Bank offers four checking accounts that can address your everyday needs and also provide checking accounts that can earn interest and special discounts.
Fees
$0 to $20
APY
Up to .01%
Min Opening
$10 to 1,000
Pros
- Low minimum deposit
- Â Funds are FDIC-insured
- Â No maintenance fee for Free Checking
Cons
- You earn nominal interest
- Accounts with perks require a hefty minimum deposit
- High maintenance feesÂ
Why We Like Them
UMB offers four different checking accounts, with some requiring only a $10 minimum deposit. If you want relationship perks, you can open a UMB Select Account with a $1,000 minimum deposit.Â
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UMB Bank Savings Accounts
UMB offers several savings options, including standard savings, premium savings and youth savings. The live GOBankingRates review shows that the bank’s standard savings rates are modest, with better value for customers who want account variety, branch access and relationship banking rather than top-tier APYs. UMB’s own savings pages also emphasize broader account choice, online and mobile access and savings products that range from low-minimum basic accounts to larger-balance premium options.
Here are some key points to know:
- Several savings options: UMB offers regular, premium and youth savings accounts.
- Standard entry point is reasonable: UMB Savings requires a $100 opening deposit, while Youth Savings requires $25.
- Premium Savings is balance-driven: It requires a much larger opening deposit but can pay a better rate.
- Rates on basic savings are low: The live review lists regular savings at up to 0.02% APY and Premium Savings up to 0.55% APY.
Best For
Customer Service
Regional Banks
Savings Accounts
Minimal, Waivable Fees
A simple, low-maintenance savings account with a modest deposit
UMB offers three savings accounts that are geared for everyday savers, youth and high-net-worth individuals.
Fees
About $3 to $15 monthly, depending on the savings account, with waiver options on some accounts
APY
Up to 0.02% on regular savings and up to 0.55% on Premium Savings
Min Opening
$100 for regular savings, $25 for youth savings and $25,000 for Premium Savings
Pros
- Three different accounts offered
- Low minimum deposit for Regular SavingsÂ
- FDIC-insured
Cons
- Low APYÂ
- Monthly maintenance fees
- Limited physical branches
Why We Like It
UMB offers three options for people to save and it caters to everyday savers, youth or high-net-worth people.
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UMB Bank CD Accounts
CDs are one of the more compelling parts of UMB’s deposit lineup right now. The live GOBankingRates review says standard CDs require either $500 or $100,000 for jumbo products, with terms from three to 72 months and promotional CDs that can pay more than standard-rate CDs meaningfully. UMB’s current promotions list 3.90% APY for a 3-month time deposit, 3.51% for 11 months and 3.45% for 15 months, all on new account balances of $5,000 or more. Standard time deposits under $100,000 still require a minimum $500 opening deposit.
Here are some key points to know:
- Broad term range: UMB offers CDs from 3 months to 72 months.
- Low standard entry point: Standard-rate CDs under $100,000 require a $500 minimum opening deposit.
- Promotional CDs are the standout: Current promo APYs are materially better than standard CD rates.
- Jumbo option available: Higher-balance CDs require $100,000 or more.
Best For
Customer Service
Regional Banks
Various CD Terms
No Monthly Maintenance Fees
Promo Offers
Reliable savings with CD terms starting at three months
UMB offers CDs with a variety of terms and requires a $500 minimum deposit for standard CDs and $100,000 for jumbo CDs.
Fees
No monthly maintenance fees, early withdrawal penalties apply
APY
Standard CDs up to 0.30%, with current promotions at 3.90% for 3 months, 3.51% for 11 months and 3.45% for 15 months
Min Opening
$500 for standard CDs under $100,000, $100,000 for jumbo CDs and $5,000 for current promotional offers
Pros
- Interest compounds daily
- FDIC-insuredÂ
- Multiple terms to choose from
Cons
- APYs are generally lower than competitors
- Limited liquidityÂ
- Early withdrawal penaltyÂ
Why We Like It
UMB CDs offer a way for those to capitalize on extra funds and have interest compound daily. Promotional CDs offer a competitive APY.
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UMB Bank Money Market Account
UMB’s Retail Money Market account is one of the bank’s more appealing cash products for customers with larger balances. The live GOBankingRates review says the account requires a $100 minimum opening deposit, has a monthly fee that can be waived and uses tiered APYs. UMB’s current promotions page lists 3.71% APY on new balances of $10,000 or more, which is slightly higher than the rate cited in the current GOBankingRates review and suggests the most up-to-date promo is better than the earlier published number.
Here are some key points to know:
- Low opening deposit: You can open the account with $100.
- Tiered structure: Higher balances earn better rates.
- Promo rate is balance-sensitive: The current promoted APY applies to new balances of $10,000 or more.
- Fee waiver matters: The monthly fee can be avoided if you meet the required balance threshold.
Best For
Customer Service
Regional Banks
Decent APY
Minimal Fees
Money Market Options
If you have a larger balance, UMB offers a competitive APY
UMB’s money market account is a feasible way to earn extra cash on your existing funds, and those who have more than $10,000 to invest will benefit.
Fees
$10 to $11 monthly, waivable with a qualifying balance
APY
Up to 3.71% APY
Min Opening
$100
Pros
- Higher balances earn a competitive APY
- Low minimum depositÂ
- FDIC-insured
Cons
- Lower balances don’t earn as much in terms of APY
- Rate is variableÂ
- Transactions are limitedÂ
Why We Like It
UMB Bank offers a money market account that has a low minimum deposit of $100, and if balances are over $10,000, you can earn a 3.51% APY.
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Banking Experience
UMB customer service is easy to access. To contact UMB with questions, dial 800-860-4862, which is the general service number. You can contact customer service during the following hours: Monday to Friday, 7:00 a.m. to 8:00 p.m. CT and Saturday, 8:00 a.m. to 5:00 p.m. CT.
The UMB Bank app on Google Play is rated 4.4, while in the Apple Store the rating is 4.3.
How Does UMB Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $20
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
$7 to $25, waivable
APY
APY
APY
Up to .01%
to
N/A
Min Opening
Min Opening
Min Opening
$10 to 1,000
$25 to $100
$0 to $25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
About $3 to $15 monthly, depending on the savings account, with waiver options on some accounts
$8 waivable monthly maintenance fee per statement cycle
$0 to $5 waivable monthly charge
APY
APY
APY
Up to 0.02% on regular savings and up to 0.55% on Premium Savings
to for most accounts, 5% to 20% booster for Preferred Rewards members
Up to
Min Opening
Min Opening
Min Opening
$100 for regular savings, $25 for youth savings and $25,000 for Premium Savings
$100
$0 to $25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees, early withdrawal penalties apply
Early withdrawal fees apply
No monthly service fee
APY
APY
APY
Standard CDs up to 0.30%, with current promotions at 3.90% for 3 months, 3.51% for 11 months and 3.45% for 15 months
to
Up to
Min Opening
Min Opening
Min Opening
$500 for standard CDs under $100,000, $100,000 for jumbo CDs and $5,000 for current promotional offers
$1,000
$1,000
SELECTED BANK
MOST COMPARABLE
Fees
Fees
$10 to $11 monthly, waivable with a qualifying balance
$12, waivable
APY
APY
Up to 3.71% APY
Starts at
Min Opening
Min Opening
$100
$0
UMB Bank vs. PNC Bank
UMB Bank is located in Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma and Texas while PNC has locations in over 27 states. UMB offers a CD that requires a minimum deposit of $500, while PNC’s CDs require a $1,000 minimum deposit.Â
UMB CD rates are up to 3.51% APY, while PNC Bank’s highest rate is up to 3.65%.Â
UMB Bank vs. KeyBank
UMB requires a minimum opening deposit of $100 on its savings accounts, while KeyBank requires only $10. However, KeyBank also has much higher monthly maintenance fees on its checking accounts than UMB Bank does — up to $50 versus $11.
UMB Bank vs. Bank of AmericaÂ
UMB Bank has more of a regional presence, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit. UMB has four checking account options, and if you prefer a personalized experience, this financial center is ideal for you.Â
Final Take to GO
UMB is a full-service bank that offers comprehensive personal and business services. The bank rewards those people who have multiple accounts, as well as high-net-worth folks. Accounts can be opened in person or online and those who live in states where UMB Bank branches are located can benefit from personalized attention.Â
FAQ
- Is UMB Bank safe?
- UMB Bank is safe. Its funds are FDIC-insured. Deposits are insured up to $250,000 per depositor, per ownership category, in the unlikely event of bank failure.
- What is the minimum balance of a UMB Bank account?
- The checking account requires a $10 to $1,000 minimum deposit, and the savings account requires a $100 minimum deposit. A CD requires a minimum $500 minimum deposit.
- How much money can you withdraw from UMB Bank on a single day?
- You can typically withdraw $1,000 per day. However, withdrawal amounts are impacted by the number of accounts and the relationship you have with the bank.
- Does UMB Bank charge a monthly maintenance fee?
- There are monthly maintenance fees between $0 to $20 for some accounts, but these are waivable.
- What services does UMB Bank provide?
- UMB offers personal, business and services, as well as mortgages, home equity loans and consumer loans.
