Umpqua Bank is offering a Sweet Saver promotion where you can get $120 free when you sign up for automatic transfers from your checking to your high interest savings account. To receive the bonus you need to open a Sweet Saver Savings Account and a Free Checking Account by August 28th, 2009. Then use their online banking to set up automatic transfers from your checking to your savings account for at least $50 per month. Umpqua Bank will add in $10 for each time you do this until April 2010 for a maximum bonus of $120.
This promotion is only available to residents of California, Oregon, and Washington. The minimum opening deposit is $100 on each account, but the savings account needs at least $200 in it to avoid a $3 monthly maintenance fee. The Sweet Saver Savings Account has a promotional interest rate of .5% until April 2010. You can apply for both accounts online.
Since the interest rate is at a low .5%, you should try to keep the savings account as low as you can, while staying above the $200 minimum. The online checking account is a pretty good deal with no minimums and no monthly fees. Umpqua Bank is a FDIC insured bank. As with all FDIC banks, you should always stay under the insured $250,000 limit.
