Utah is one of the youngest and fastest-growing states in the country, and its banking options are keeping pace. With a booming tech scene, a strong job market, and a high rate of homeownership, residents need banks that offer flexibility, value, and convenience.
From nationwide banks with extensive digital tools to community-focused credit unions, Utah offers plenty of solid choices for managing your money.
9 Best Banks in Utah
Whether you’re looking for a high-yield savings account, everyday checking, or business banking solutions, the best banks in Utah combine strong features with excellent service. Here’s a look at the top options.
1. U.S. Bank
U.S. Bank is a strong option in Utah, offering the personal service of a local bank alongside the full range of products you’d expect from a national brand. Customers benefit from both convenience and a wide selection of financial services.
2. SoFi
SoFi is a top pick for online banking in Utah thanks to its high-yield Checking & Savings account and no-fee structure.
3. Zions Bank
Zions Bank founded in 1873 and based in Salt Lake City, is one of Utah’s most established financial institutions.
4. First Community Bank Utah
First Community Bank has served Utah communities since 1905 and now operates as part of Glacier Bancorp.
5. America First Credit Union
America First Credit Union, founded in 1939, is the largest credit union in Utah.
6. Central Bank
Central Bank has served Utah since 1891 and operates 11 locations across the state.
7. First Utah Bank
First Utah Bank, founded in 1978, is a locally owned community bank with six branches in Salt Lake County.
8. Mountain America Credit Union
Mountain America Credit Union is the second-largest credit union in Utah and ranks among the top 10 nationwide.
9. Chase
Chase maintains a strong presence across Utah, with widespread branch and ATM access.
How to Choose the Best Bank in Utah
Selecting the best bank in Utah for your financial needs can be a nuanced process. With numerous banks offering various services, it’s important to consider several factors to determine which institution aligns best with your personal and business banking requirements. Here’s a comprehensive guide to help you make an informed decision.
1. Identify Your Banking Needs
- Personal vs. business banking: Whether you’re looking for personal banking solutions like checking and savings accounts or business banking services, the best banks in Utah should cater to your specific needs.
- Specialized services: If you require specific services such as student banking, retirement planning, or wealth management, ensure the bank offers these options.
2. Evaluate Accessibility
- Branch and ATM network: Consider the convenience of branch locations and ATM availability. The best bank in Utah for you might be one with a wide network of ATMs or branches near your home or workplace.
- Online and mobile banking: In today’s digital age, robust online and mobile banking features are essential. Check if the bank provides secure, user-friendly digital banking platforms.
3. Review Financial Products
- Account types and features: Look at the types of checking and savings accounts available. Consider factors like interest rates, fees, minimum balance requirements, and overdraft protections.
- Loan and credit options: If you anticipate needing a loan, whether for a mortgage, vehicle, or personal use, examine the bank’s loan products and interest rates.
4. Review the Fees and Rates
- Fee structure: Look closely at all possible fees, including monthly maintenance charges, ATM fees, and overdraft penalties. Many of the best banks in Utah offer accounts with low or no ongoing fees.
- Interest rates: Compare the APYs on savings accounts and CDs. Higher rates lead to better returns on your deposits.
5. Consider Customer Service
- Reputation: Read reviews and ask for recommendations. The best bank in Utah should have a reputation for excellent customer service.
- Support channels: Check if the bank offers convenient customer support through various channels like phone, email, or in-person assistance.
6. Assess Additional Benefits and Services
- Rewards and bonuses: Some banks offer rewards programs or sign-up bonuses. Consider if these perks align with your banking habits.
- Financial education and tools: The best bank in Utah might provide financial education resources, budgeting tools, or investment advice services.
7. Community Involvement
- Local impact: If community involvement is important to you, look for a bank that actively participates in local initiatives and contributes to the community’s development.
8. Security and Insurance
- Safety of deposits: Ensure that your deposits will be protected. Most reputable banks in Utah are FDIC insured, meaning your money is safe up to a certain limit. Credit unions carry similar protection through the National Credit Union Administration (NCUA).
By carefully considering these aspects, you can find the best bank in Utah that suits your financial lifestyle and goals. Remember, the ideal bank for you is one that meets your current needs and supports your financial journey in the long run.
Types of Banks in Utah
Utah offers a wide range of banking options to suit different needs and preferences. Knowing the types of banks available can help you decide which one best fits how you manage your money. Here’s a quick look at the main categories of banks in Utah:
National Banks
National banks are large institutions that operate across the country. They offer a wide range of services and typically have a significant presence in multiple states. Chase Bank, Bank of America, and Wells Fargo are well-known national banks with branches and ATMs throughout Utah.
Regional Banks
Regional banks have a more limited range of operation compared to national banks, usually serving customers in specific regions of the country. Zions Bank is a regional bank that primarily serves customers in the Western United States, with a strong presence in Utah.
Community Banks
Community banks focus on serving the banking needs of their local communities. They are known for personalized customer service and local decision-making. Central Bank is an example of a community bank that caters specifically to the Utah community, offering a range of personalized banking services.
Online Banks
Online banks operate primarily on the internet, offering services digitally without physical branch locations. They often offer competitive rates and lower fees due to lower overhead costs. SoFi and Ally Bank are well-known online banks accessible to Utah residents, known for their high-yield savings accounts and online convenience.
Credit Unions
Credit unions are member-owned financial cooperatives that typically offer lower fees and better interest rates than traditional banks. Membership is often based on certain affiliations or geographic locations.
America First Credit Union, Mountain America Credit Union, and Goldenwest Credit Union are the three largest credit unions in Utah, providing various banking products and services to their members.
Final Thoughts
Utah’s banking options cover everything from large national names to trusted local credit unions. Whether you care most about low fees, helpful customer service, or strong savings tools, there’s a bank or credit union in the state that fits the way you manage your money.
The right choice will depend on your priorities, so consider what matters most—whether it’s easy account access, better rates, or a full lineup of services. With the right banking partner, you can feel confident about your financial future.
