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Best Banks In Utah

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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.

Bank APY Minimum Deposit Highlights
Wells Fargo Wells Fargo logo Read More 0.01% $25
  • Best national bank
  • Major bank with a national presence and thousands of ATMs
Zions Bank Zions Bank logo Read More 0.10% $25
  • Best Regional Bank
  • 122 full-service financial centers across Utah, Idaho and Wyoming
Chase Bank Chase Bank logo Read More 0.01% $25
  • Best bank for customer service
  • More than 250,000 employees serving half of America's households
KeyBank National Association KeyBank National Association logo Read More 0.01% $10
  • Best checking account 
  • Recognized by Civic 50 as one of America’s most community minded companies
KeyBank National Association KeyBank National Association logo Read More 0.01% $10
  • Best in tech
  • One of the largest banks in the United States

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.

Best National Bank: Wells Fargo

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)

Zions Bank

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 0.15% 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 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 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 0.02% 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

KeyBank Key Active Saver Account

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.

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