UMB Bank: Competitive Promotional CDs and Comprehensive Services
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Joe Evans
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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 four checking accounts: Select Checking, Value Checking, Free Checking and Check-Free Checking.
Here’s a look at some key details:
- Select Checking requires a $1,000 minimum deposit, Value Checking requires a $100 minimum deposit, while Free Checking and Check-Free Checking require $10 as a minimum deposit.
- Free Checking has a $0 monthly service fee.
- UMB Select Checking can earn interest, fee waivers and special loan discounts.
- UMB Value Checking has a monthly service charge, but it’s waivable.
- UMB Check-Free Checking allows four fee-free money orders for each cycle.
UMB Bank Checking Accounts
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
- Funds are FDIC-insured
- No maintenance fee for Free Checking
Cons
- You earn nominal interest
- Accounts with perks require a hefty minimum deposit
- High maintenance fees
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.
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UMB Bank Savings Accounts
UMB offers three savings accounts: UMB Savings, Premium Savings and a youth savings account. Here are the details:
- The regular savings account requires a minimum deposit of $100, and the youth savings account requires $25. The Premium Savings requires a $25,000 minimum deposit.
- UMB savings accounts have monthly maintenance fees of $3 to $11 that can be waived.
- Regular savings earn up to .02% APY.
- Premium Savings earns up to .55% APY.
- UMB Youth Savings has no monthly service fee.
UMB Bank Savings Account
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
$3 to $11
APY
Up to .55%
Min Opening
$0, $100 or $25,000
Pros
- Three different accounts offered
- Low minimum deposit for Regular Savings
- FDIC-insured
Cons
- Low APY
- 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
UMB Bank offers two types of CDs with a minimum deposit of $500 and $100,000. APYs are up to 0.3%.
- Minimum deposit for CDs is $500 or $100,000 (jumbo CDs).
- CDs are FDIC-insured.
- Terms are from three months to 72 months.
- Promotional CDs available – a three-month CD can earn an APY of 4.02% and an 11-month CD can earn an APY of 3.7% APY
- APYs are up to 0.3%.
UMB Bank CD Accounts
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
APY
Up to 0.3% APY for standard CDs/Promotional CDs have APYs up to 4.02% APY
Min Opening
$500 or $100,000
Pros
- Interest compounds daily
- FDIC-insured
- Multiple terms to choose from
Cons
- APYs are generally lower than competitors
- Limited liquidity
- Early withdrawal penalty
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 Bank offers a Personal Money Market account with a system of tiered APYs based on balances. Here are the details:
- The money market requires a minimum deposit of $100.
- APYs range from 0.1% to 3.51% APY.
- UMB Personal Money Market account has a monthly maintenance fee of $11, but it can be waived if you maintain a $1,000 balance.
- APYs are based on tiered interest
UMB Bank Money Market Account
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
$11 (waivable)
APY
Up to 3.51% APY
Min Opening
$100
Pros
- Higher balances earn a competitive APY
- Low minimum deposit
- FDIC-insured
Cons
- Lower balances don’t earn as much in terms of APY
- Rate is variable
- Transactions are limited
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
UMB Bank Checking Accounts
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
UMB Bank Savings Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3 to $11
$8 waivable monthly maintenance fee per statement cycle
$0 to $5 waivable monthly charge
APY
APY
APY
Up to .55%
to for most accounts, 5% to 20% booster for Preferred Rewards members
Up to
Min Opening
Min Opening
Min Opening
$0, $100 or $25,000
$100
$0 to $25
SELECTED BANK
UMB Bank CD Accounts
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
Early withdrawal fees apply
No monthly service fee
APY
APY
APY
Up to 0.3% APY for standard CDs/Promotional CDs have APYs up to 4.02% APY
to
Up to
Min Opening
Min Opening
Min Opening
$500 or $100,000
$1,000
$1,000
SELECTED BANK
UMB Bank Money Market Account
MOST COMPARABLE
Fees
Fees
$11 (waivable)
$12, waivable
APY
APY
Up to 3.51% APY
Starting 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.
UMB CD rates are up to 3.51% APY, while PNC Bank’s highest rate is up to 3.65%.
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 America
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.
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.
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.
