Finding the Best Banks in Utah
Utah houses hundreds of banks from national institutions to regional ones. However, picking the right one to manage your finances with can be troublesome. Well, don’t sweat it. The banking experts at SmartAsset have done the hard work for you. We analyzed the best banks in Utah and fleshed out what makes them great.
|Ally Bank Read More||1.10%||$0|| |
|Wells Fargo Read More||0.01%||$25|| |
|Zions Bank Read More||0.03%||$50|| |
|CIT Bank Read More||0.95%||$100|| |
|Chase Bank Read More||0.01%||$25|| |
|KeyBank National Association Read More||0.01%||$10|| |
|KeyBank National Association Read More||0.01%||$10|| |
How We Determine the Best Banks in Utah
We embarked on our journey by digging up data on the largest banks in the area. Afterward, we analyzed the details that make them stand out. We collected information about the best savings accounts, fees, digital features and other reasons that made these banks stand out. So read on to learn all about the best banks in Utah and whether you should invest in one.
Ally Bank: The Top Savings Account
Ally Bank’s online- and mobile-only nature would undoubtedly be a massive change for customers of traditional banks like Bank of America or Chase. But because web-based banks typically have significantly lower operation costs, they often boast interest rates far above the national average. The Ally Online Savings Account affords customers a fantastic 1.10% APY. In contrast, the premier checking account at Ally, the Interest Checking Account, utilizes a variable rate structure. More specifically, accounts with a minimum daily balance above or below $15,000 earn a 0.50% or 0.10% APY, respectively.
Neither of these accounts is subject to monthly maintenance fees, nor are there initial deposit minimums to abide by. It’s not uncommon for checking and savings accounts to have these stipulations, so the fact that Ally lacks both is noteworthy. Additionally, Ally has a partnership with the Allpoint ATM network, which allows Ally account holders to withdraw funds from any of its 55,000 U.S. and international fee-free ATMs.
Mobile banking customers will be glad to find out that Ally’s Apple and Android mobile apps are consistently rated as some of the best on the market. In fact, it holds a 4.35-star rating out of 5 between the two competing stores. There are a number of different features accessible through these platforms, such as mobile check deposit, online account statements and transaction histories and an in-network ATM locator. Ally customers can also use Zelle®, peer-to-peer money transfer program, to send payments to family and friends.
Best National Bank With Branches in Utah: Wells Fargo
Financial services behemoth Wells Fargo runs more than 100 full-service branches throughout the state of Utah. And when you step into any one of them, you can find just about everything you’d expect. Whether you’re looking to open your first checking account or invest your wealth in mutual funds, Wells Fargo has a product for you.
For starters, you can open an Everyday Checking account with just $25. And Wells Fargo gives you several opportunities to avoid the $10 monthly service fee. Just do one of the following.
- Make 10 debit card payments
- Establish direct deposit of at least $500
- Maintain a $1,500 minimum daily balance
In addition, the bank offers a few saving options including the Way2Save account. You can also open this account with just $25. Wells Fargo will waive the $5 monthly fee if you do any of the following.
- Keep a $300 minimum daily balance
- Maintain automatic, recurring transfers
But although this option is affordable and easy to maintain, its current annual percentage yield (APY) of 0.01% can’t help this product compete with the best savings accounts on the market. It’s more geared toward someone who is just starting out his or her savings journey. But if you’re willing to invest for the long-term, you can open a special CD with terms ranging from 9 to 58 months. The latter would generate a 1.88% APY. However, you’d need a minimum deposit of $5,000. And if you’re looking to deposit more, you may be interested in the bank’s investment options such as mutual funds.
No matter what kind of account you open, however, you’d get free access to online and mobile banking. The Wells Fargo app. allows you to turn off your card to prevent any transactions in case you misplace it. It also offers standard features like mobile deposit, bill pay and seamless money transfer.
However, you’ve probably heard that Wells Fargo was involved in a serious scandal when certain employees were caught inventing fake accounts and signing customers up for bill pay without their consent. Since then, Wells Fargo has pledged to pay millions to those affected.
But in terms of accessibility as well as affordability and abundance of banking products, Wells Fargo stands as a top option in Utah.
Best Regional Bank: Zions Bank (ZB)
Founded in Salt Lake City, Zions Bank has been serving customers in its home state of Utah for more than 100 years. But despite its local roots, the bank offers many of the products you’d expect to find at a national association. The bank provides four different kinds of checking accounts including one designed for military personnel. It also offers a wealth of savings options including regular savings options, money market accounts, CDs and Individual retirement accounts (IRA)s.
You can also open an Anytime Checking account with $50 and face no monthly service charge. With any of the bank’s checking accounts, you have access to basic mobile banking features as well as Zelle. Comparable to services like Venmo, this app allows you to transfer money using only a recipient's phone number or email address.
More affluent clients may be interested in the bank’s Premium Interest Checking. And while the account itself doesn’t generate the strongest APY at 0.05% for at least a $100,000 minimum balance, opening this account does give you an interest rate bump on your other savings options with the bank. These include money market accounts and CDs. So this product may be reasonable for someone who maintains a strong relationship with Zions Bank. You can avoid the $20 monthly service fee on this account if you have at least one of the following.
- $10,000 combined balance spread throughout deposit accounts with the bank
- $25,000 combined deposit and personal loan balance
In addition, the bank offers IRA CDs. These options combine the tax advantages of an IRA with the perks of a CD. If you open one with at least $1,000 for terms ranging from three months to five years, you can lock in a fixed interest rate. When you invest in these types of accounts, your money grows shielded from taxes.
The bank also allows you to apply for different lending options from car and RV loans to mortgages. The user experience behind the bank’s mobile and tech features rank as standard. However, users gave it a respectable 4.2-out-of-5 stars on the itunes store as of August 2018.
Best Savings Account Rate: CIT Bank Savings Builder Account
With a 0.95% APY to its name, the CIT Savings Builder account offers strong savings capabilities. This rate has the potential to earn almost $484 in interest on a $10,000 deposit over a five-year span. To hold onto this APY, account holders need to either maintain a balance of $25,000 or deposit $100 on a monthly basis. Outside of these requirements, your APY will shrink to 0.79%. You need to deposit at least $100 to open an account.
If you’re looking to expand your savings portfolio with more than just Savings Builder, CIT customers can open a plethora of various accounts, such as:
- Money market account
- Premier High-Yield Savings account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- 1-year to 4-year “RampUp” CDs
- No-Penalty/11-Month CD
CIT is a branchless bank. Consequently, you’ll need to manage your CIT bank accounts online or via your Apple and Android mobile devices. The bank has apparently done a solid job crafting its app, as it currently holds a rating of 3.85 stars out of 5 when averaged between the dueling app stores. Through the app, you can view your statements and transaction history, transfer money between your accounts and deposit checks remotely.
Best Customer Service: Chase
Following a recent in-depth study by J.D. Power, Chase ranked highest in customer satisfaction. The firm gathered responses from nearly 4,000 customers who’ve received some kind of financial advice from 17 of the largest banks in the country. Researchers focused in on key aspects of the customer relation experience such as ease of opening accounts, products and fees, problem resolution and more.
In Utah, this banking giant runs more than 50-full service branches. At any one of them, you have access to trained and certified professionals. And you shouldn’t have any trouble finding a Chase office when you leave the state. The firm currently runs more than 5,000 branches and 16,000+ fee-free ATMs for its customers nationwide. You can also reach customer service via phone, mail, email and even Twitter.
Best Free Checking Account: KeyBank National Association
KeyBank offers one of the most affordable and transparent checking accounts we’ve examined. Its Hassle-Free Account definiteley lives up to its name. You don't owe any monthly service charges or even overdraft fees. In addition, you won’t have to worry about sticking to a minimum balance to keep your account open. Plus, you can open one with as little as $10. You’d be hard-pressed to find these benefits together at even the largest banks in the industry.
In addition, you can open up to six different checking accounts including one designed for students. The Key Privilege and Key Advantage accounts earn interest. However, their APYs can’t help them compete against the best checking accounts in the market today. The most you can earn currently is 0.01% with a balance of at least $25,000. As far as checking options go, Keybank really stands out for their affordability. The bank gives you several options to waive monthly service fees on each account. And its most basic option is among the least expensive and straight-forward accounts we’ve analyzed.
Best in Tech: KeyBank
When you enroll in KeyBank’s online banking, you get access to HelloWallet. This interactive financial wellness platform gives you a holistic view of your finances. The data can help you visualize where you can cut back on. You can also use it to establish and meet your savings goals.
Overall, the platform is very helpful and intuitive. Furthermore, KeyBank also extends various other technological tools through their digital platform. You can check balances, pay bills, transfer money and more through their mobile app.
Additional SmartAsset Bank Reviews in Utah
Didn't find the best bank for you? Consider the following banks in your area.