10 Best Banks in Utah for 2024

Banking

Utah, with its unique blend of natural beauty and a vibrant economy, is home to an array of banking institutions suited to various financial needs. Choosing the right bank is a pivotal step for anyone looking to manage their finances effectively. Utah boasts a ton of bank choices under its endless mountain skies.

Whether you are looking to open a new savings account or explore investment opportunities, each bank in Utah offers something special. Large national banks provide extensive services and a giant ATM network, while local community banks are renowned for their personalized customer care.

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10 Best Banks in Utah

We have carefully selected the best banks in Utah, each distinguished by their unique offerings, features, and services. These banks cater to a wide spectrum of financial needs, providing everything from high-yield savings options and low-fee structures to cutting-edge online banking platforms.

Whether you’re a long-time Utah resident or new to the state, looking for personal banking solutions or business banking expertise, this list will assist you in finding the perfect banking partner in Utah for your financial journey.

1. U.S. Bank

U.S. Bank stands out as a top choice for those seeking a comprehensive banking experience in Utah. It combines the personalized service typically found in local community banks with the wide array of services expected from national banking institutions. This fusion offers customers the advantage of both personalized attention and a broad range of financial products.

U.S. Bank is currently welcoming new applicants in 26 U.S. states with a special online offering:

  • Earn up to $800 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through March 12, 2024. Member FDIC.
  • Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.

The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).

Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.

2. SoFi

SoFi sets itself apart as a forward-thinking online bank, particularly appealing for its competitive interest rates. It offers a substantial 4.60% APY on savings accounts and 0.50% APY on checking accounts, with the added benefit of no monthly fees.

Key advantages include the early direct deposit feature, which can make paychecks available up to two days before the typical payday. Additionally, using the SoFi debit card at selected local establishments can yield up to 15% cash back.

Deposits in SoFi are FDIC-insured up to $2 million, offering a high degree of security for your funds. Overdraft protection is available up to $50, subject to specific eligibility criteria. For new clients, SoFi presents an enticing welcome bonus, ranging from $50 to $300, based on the initial deposit amount.

For those needing regular ATM access, SoFi grants entry to over 55,000 Allpoint® Network ATMs, adding a layer of convenience to its broad array of features. In summary, SoFi emerges as a compelling choice for individuals who value high-yield opportunities and additional banking benefits in Utah.

3. Zions Bank

Founded in 1873 and headquartered in Salt Lake City, Utah, Zions Bank is one of the oldest and most reputable banks in the western United States. It provides a comprehensive array of banking services tailored to meet both personal and business banking requirements.

With an extensive network of 122 branches spread across Utah, Idaho, and Wyoming, including 95 branches in Utah, Zions Bank is deeply embedded in the community. The bank offers a versatile blend of online, mobile, and in-person banking options, making it easily accessible to a broad range of customers.

Zions Bank’s product offerings include checking and savings accounts, designed for efficient daily banking and secure savings growth. The bank also caters to the younger demographic with specialized student banking services. For those with international financial needs, Zions provides foreign exchange solutions. Additionally, the bank offers Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) for those looking to secure their financial future.

Mortgage loans from Zions Bank assist in home buying and property investments, while various credit card options address everyday spending needs. Personal lines of credit and auto loans are also available, offering flexible financing solutions.

4. KeyBank

KeyBank, with its prominent presence in major Utah cities like Salt Lake City, Provo, Ogden, West Jordan, and Sandy, offers an excellent banking choice for residents across the state.

KeyBank is drawing attention with an enticing promotion: Open a Key Smart Checking® account online by March 8, 2024, and qualify for a $200 bonus. This account is particularly appealing for its customer-centric features, including no monthly maintenance fees and no minimum balance requirements. Open the account with just a $10 deposit, coupled with a requirement of a direct deposit of at least $500 within the first 60 days, to earn the bonus.

Beyond checking accounts, KeyBank provides its customers with access to over 40,000 KeyBank and Allpoint ATMs across Utah and other states. The bank’s offerings extend to a wide range of financial products, ensuring that customers have a comprehensive banking experience.

KeyBank’s product portfolio includes savings accounts, money market accounts, CDs, credit cards, and home loans. Additionally, the KeyBank credit card offers up to 2% cash back, adding further value to its services.

5. First Community Bank Utah

First Community Bank, which opened as a local bank in 1905, has expanded through a partnership with Glacier Bancorp. Despite this growth, it continues to offer the feel of a small-town community bank. This unique combination of growth and personal connection contributes to its appeal.

The bank is known for excellent customer service. It aims to understand and meet each customer’s individual financial goals. First Community Bank provides various personal and business banking products. These include online and telephone banking services, which offer customers easy access to their finances.

First Community Bank has 12 branches across Utah, making it a convenient choice for many residents. The bank offers checking and savings accounts, which are essential for everyday transactions and saving money. It also provides retirement accounts, personal loans, mortgage loans, and various credit card options. These services are designed to support the financial needs of Utah bank customers at different stages of life.

6. America First Credit Union

America First Credit Union, established in 1939, holds the distinction of being the largest credit union in Utah. With an impressive network of 98 locations in Utah and a total of 122 across the country, it is a prominent and accessible financial institution.

Membership in America First Credit Union is available to those who live, work, attend school, volunteer, or worship in specific areas. This eligibility extends to immediate family members, offering a convenient way for households to manage their finances together.

America First Credit Union is known for its competitively priced products and attractive APYs on deposit accounts. As a not-for-profit organization, it can offer higher yields and lower fees compared to traditional banks. This benefit is a significant draw for those seeking value and efficiency in their banking services.

The credit union provides a wide array of banking products, frequently updating its offerings with new promotions. Members can expect to find options like checking accounts, money market accounts, and various savings accounts including dedicated health, wedding, and education accounts. CDs and youth savings accounts are also available, along with IRAs for retirement planning.

America First Credit Union also offers a range of loan services including auto, R.V., and power sport loans, personal loans, home equity loans, and mortgages.

7. Central Bank

Established in 1891, Central Bank has a rich history of providing top-notch banking services across Utah. It stands out for seamlessly blending traditional banking practices with cutting-edge technology. This approach ensures that customers enjoy a comprehensive and modern banking experience.

Spread across Utah with 11 locations, Central Bank ensures accessibility and convenience. Each branch focuses on providing personalized service, catering to a range of banking needs. This approach combines the efficiency of advanced online technology with the availability of in-person banking services for immediate needs.

The bank’s diverse array of personal and business banking products includes checking and savings accounts, certificates of deposit (CDs), and personal lines of credit. For those planning construction or property investments, Central Bank offers construction loans, home equity lines of credit (HELOCs), and lot loans.

Customers looking for vehicle financing can find auto and recreational vehicle loans. Mortgage loans are also available for homebuyers. Additionally, Central Bank provides reward debit and credit cards, enhancing the banking experience with added benefits. The bank also offers online bill pay, mobile banking, and sophisticated online money management tools, keeping pace with the evolving needs of its customers.

8. First Utah Bank

Founded in 1978, First Utah Bank has become a significant community bank in Utah, known for its close-knit customer relations and advanced banking solutions. Starting from a single office, it has expanded to six branches in Salt Lake County, offering a broad spectrum of financial services.

First Utah Bank is celebrated for its personal approach to banking. Being locally owned and operated, it places a strong emphasis on understanding and prioritizing the needs of its customers. Staff members at First Utah Bank are known for their personal touch, often greeting customers by name and fostering a welcoming atmosphere.

The bank provides a comprehensive range of personal banking services, including checking and savings accounts, as well as credit and debit card options. In addition to these, First Utah Bank caters to both business and personal financial needs, with services ranging from complex business loans to personal mortgage loans and lines of credit.

Embracing modern banking trends, First Utah Bank combines state-of-the-art online and mobile banking solutions with its traditional customer-first approach. This blend ensures customers receive the convenience of modern banking while enjoying the personalized service that is a hallmark of community banking.

9. Mountain America Credit Union

Mountain America Credit Union, renowned as Utah’s second-largest credit union, offers membership to those living in specific counties or working for a Select Employer Group, with immediate family members of eligible individuals also welcome to join.

Founded in the 1930s, Mountain America Credit Union (MACU) is a significant player in the United States credit union sector. It stands as the 10th largest credit union nationally, boasting over 1 million members.

With over 100 branches spanning Utah, Arizona, Idaho, Montana, New Mexico, and Nevada, MACU is well-positioned to serve a diverse member base. The credit union’s philosophy has always been customer-first, focusing on supporting the community and its members by offering a wide range of products to aid in achieving financial security.

At Mountain America Credit Union, members have access to a comprehensive suite of banking products. These include checking and savings accounts, specialized youth and teen savings options, IRAs, CDs, and both debit and credit card services. For those seeking loan options, MACU offers vehicle loans, home loans, and personal loans, catering to various financial needs and goals.

10. Chase

Chase Bank, recognized as a leading national bank, boasts a substantial presence throughout Utah. Among the bank’s various checking account options, the Chase Total Checking Account stands out as a favorite.

This account has a $12 monthly fee, but it’s easy to waive under certain conditions. Customers can avoid the fee by ensuring direct deposits of at least $500 each month, maintaining a minimum daily balance of $1,500, or keeping a combined total of $5,000 across all their Chase accounts.

For young adults ages 17 to 24, the Chase College Checking Account stands as an ideal choice. It’s specifically designed to help young adults manage their finances effectively during their academic years. Chase also offers a High School Checking account for students over the age of 13, and Chase First checking, linked to a parent’s Chase account, for children ages 6 and up.

Chase also offers exceptional ATM accessibility, with customers enjoying fee-free transactions at over 16,000 Chase Bank ATMs nationwide. While savings account interest rates at Chase are on the lower side, they compensate with competitive rates of up to 3.75% APY on Certificates of Deposit (CDs).

Another highlight of Chase Bank is their range of credit card options. They offer various cards that include bonuses and rewards, adding significant value for customers who use their credit wisely.

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. Understand the Fees and Rates

  • Fee structure: Understand all potential fees, including monthly maintenance, ATM, and overdraft fees. The best banks in Utah often offer accounts with low or no regular fees.
  • Interest rates: Compare interest rates for savings accounts and CDs. A higher APY (Annual Percentage Yield) means more earnings 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 not only meets your current needs but also supports your financial journey in the long run.

Types of Banks in Utah

Utah’s banking landscape is diverse, offering various types of financial institutions to cater to different preferences and needs. Understanding the types of banks available can help you make a more informed decision about where to manage your finances. Here’s a brief overview of the types 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.

Bottom Line

Utah’s banking sector offers something for everyone. Whether you favor national banks for their wide range of services, community banks for their personalized attention, online banks for digital convenience, or credit unions for their low fees, you’re well-covered. This variety in banking ensures that your individual needs are met.

Choosing the right financial institution is a key decision that shapes your financial health and future. Consider both immediate benefits and long-term support in your selection of the best bank in Utah for you. With the right banking partner, you can confidently work towards financial stability and growth.

Dawn Allcot
Meet the author

Dawn Allot is a personal finance writer and content marketing expert specializing in finance, travel, real estate, and technology. In addition to her work at Crediful, Dawn regularly writes for Bankrate, GoBankingRates, and The Balance.