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Bank of Utah Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank of Utah Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Bank of Utah was founded in 1952 with headquarters in Ogden, Utah. It handles assets totaling $1 billion along with deposits totaling $984 million, which makes it a medium-size bank. Bank of Utah lacks premium access to support representatives, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Bank of Utah 4.2 out of 5 stars, which means it is a solid contender in your bank search. 

Bank of Utah provides customers with the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Bank of Utah's ordinary checking account does not have a monthly fee. Why have checking and savings accounts with the same bank? Fast transferring between both accounts translates to higher interest rates in your savings account with the ability to spend from your checking.

Service Quality

Bank of Utah is a brick-and-mortar bank, with 14 total bank locations in Utah. With mobile and web apps, Bank of Utah makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. MT. 

Bank of Utah's online and mobile banking platforms receive poor feedback from customers: the Bank of Utah mobile app has been given a 2.6 out of 5 (with 16 customer reviews on iOS and Android) compared to the national average of 3.8. Bank of Utah's mobile app lets you manage your accounts by reviewing monthly statements, transferring funds as well as accessing customer service. Bank of Utah receives an exceptional consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 1.06% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.33% APY
  • 48 Month: 1.71% APY
  • 60 Month: 2.02% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.07% APY
  • $1,000
  • $20,000
Compare Offers
Checking Accounts 0.05% APY $500 Compare Offers

Bank of Utah has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Bank of Utah does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Utah's CD rates are competitive in comparison to the national average.

Rates

With a savings rate of 0.10%, Bank of Utah ranks below the mean compared to the national average. Its one-year CD earns at a rate of 1.06% and the five-year CD earns at a rate of 2.02%, while its highest-yielding money market account earns at an APY of 0.07%. Given its poor savings rate, you should consider other options to earn more on your deposits.

Compare Bank of Utah to Other Competitive Offers

Fees

Bank of Utah typically has extremely low fees in comparison to other U.S. banks. With no monthly fee, Bank of Utah is perfect for people who want a simple banking experience. For those who visit the ATM often, it is ideal because it has no ATM fees. Also, at $25, Bank of Utah has a markedly lower overdraft fee compared to the national average overdraft fee, making it perfect for those who take out money in large amounts. Bank of Utah .

Financial Health

Bank of Utah ranks as a medium-size bank owning assets totaling $1 billion and $984 million in deposits. Bank of Utah's Texas Ratio is 0.22%, denoting an exceedingly small chance of failure. Additionally, Bank of Utah is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Utah Near Me

Bank of Utah has 14 branches across the U.S.

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