Best Banks In Utah | Rates, Account Types, Min. Deposit

Picking the right bank from the list of banks in Utah (Ut) from national institutions to the regional ones can be a bit stressful. But not to worry, we’ve compiled some of the top banks in Utah matched with what they are best at.

Additionally, we’ll outline the best account type to open with each of them, their expected rates, and the minimum amount you can deposit in each of them.

Here is a table of what to expect:

What are the Best Banks in Utah (UT), 2023?

According to, there are 803 banks in Utah in 108 different cities. However, for this article, we will lay emphasis on six of them based on the area where they are most effective.

Account Type

This covers the best account type available in the bank. Soma account types include savings account, checking accounts, CDs, and so on. See how to make money with your bank account.


The rate here will be the APY. The annual percentage yield (APY) is the real rate of return earned on a savings deposit or investment taking into account the effect of compounding interest.

Minimum Deposit

This is the least amount you’ll need to open an account with your preferred bank.

Here is a list of the top banks in Utah, Ut:

  • Zions Bank
  • Chase Bank
  • KeyBank National Association
  • CIT Bank
  • Wells Fargo
  • Ally Bank

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Zions Bank (ZB) – Best Regional Bank in Utah, UT

Account Type: Savings Account

Rate: 0.03% APY

Minimum Deposit: $50

Founded in Salt Lake City in 1873, Zions First National Bank is the most accessible and one of the best banks with a presence in most parts of Utah. It provides a wide range of traditional banking and innovative technology services.

Through its network of 122 full-service financial centers across Utah, Idaho, and Wyoming, Zions bank offers consumers a range of mortgage and home equity loan options, AmaZing Rewards credit cards, Private and Executive Banking services, and online and mobile banking.

The bank offers a lot of savings options including regular savings options, money market accounts, CDs, and Individual retirement accounts (IRA)s. It also provides four different checking accounts with one designed for military personnel.

You can open an Anytime Checking account with $50 and face no monthly service charge. Other accounts like the Anytime Interest Checking and Premium Interest Checking give interest on your checking balances, with relatively low minimum balances of $1,500 and $10,000 to waive the monthly fee of $10 and $20, respectively. 

Regardless, with any of the bank’s checking accounts, you have access to basic mobile banking features and Zelle. 

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Pros And Cons Zions Bank

Affordable banking options.Generally low APYs on savings account.
Access to about 100 branches throughout Utah.

Who is Zions Bank Best for?

Zions Bank is best for anyone interested in getting most of their banking done with a local bank that has strong ties to the communities it serves.


Chase Bank – Best Customer Service And For Students

Account Type: Savings Account

Rate: 0.01% APY

Minimum Deposit:  $25

Chase Bank serves nearly half of U.S. households with a broad range of products and is best in customer service and also for students in Utah.

Best Customer Service

Chase Bank currently ranked among the highest USA banks in customer satisfaction according to J.D. Power’s report

Using the responses of 4,000 customers who’ve received some kind of financial advice from 17 of the largest banks in the country), J.D. Power’s carried out its research with a focus on key aspects of the customer relation experience such as ease of opening accounts, products, and fees, problem resolution, and more. 

This is no surprise as the Chase bank has been serving this purpose effectively. It runs over 4,700 branches and 16,000+ fee-free ATMs for its customers nationwide. 

In Utah, Chase runs over 50-full service branches with trained and certified professionals at each of them. So, you wouldn’t have any trouble finding a Chase office in the state. You can also reach its customer service via phone, mail, email and Twitter.

Best for Students

Chase is the only bank where you can waive monthly account fees just by proving your student status in the state. The Chase College Checking account is the only truly free student account in Utah.

The bank provides convenient access to students at schools like Brigham Young University and Utah Valley.

Additionally, the Chase student account stands out thanks to the lower monthly fee after you graduate from college. Chase also makes it relatively easy to convert your student account into a full-fledged checking account once you graduate.

Pros And Cons Chase Bank

Thousands of branches and ATMs nationwide .Generally low APYs on savings account.
Access to a wide range of banking, investing, and loan options.

Who is Chase Bank Best for?

Chase Bank is best for those who want easy access to personalized customer service throughout the country.


Read also: Checking Account Vs Savings Account: Difference And How To Choose

KeyBank – Best Free Checking Account And Best In Tech

Account Type: Savings Account

Rate: 0.01% APY

Minimum Deposit: $10

KeyBank is one of the best tech banks in Utah and offers one of the most affordable and transparent checking accounts.

Best Free Checking Account

Key Smart Checking, a free checking account that puts you in control and stays out of the way, with as little as $10.

Also, when you open a Hassle-Free Account, you don’t have to worry about sticking to a minimum balance to keep your account open nor owe any monthly service charges or even overdraft fees.

However, for APYs, KeyBank can’t help them compete against the best checking accounts in the market today (since the most you can earn currently is 0.01% with a balance of at least $25,000).

Notwithstanding, as far as checking options go, Keybank really stands out for its affordability. 

Best in Tech

When you enroll in KeyBank’s online banking, you get access to its HelloWallet, an interactive financial wellness platform that gives you a holistic view of your finances. It provides data you can to establish and meet your savings goals and also helps you visualize where you can cut back on.

Generally, the KeyBank platform is very helpful and intuitive.

Pros And Cons

Interactive financial wellness tools.Generally low APYs on basic saving accounts.
Major bank with branches nationwide.

Who is KeyBank Best for?

KeyBank is best for people who want to work with a reliable national bank.


CIT Bank – Best for Savings

Account Type: Savings Builder Account

Rate: 0.45% APY

Minimum Deposit: $100

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. It has the best savings account rate among banks in Utah.

Although lacking in a physical brick-and-mortar presence, CIT Bank is an online bank that offers high-interest rates to its customers. With a 0.45% APY to its name, the CIT Savings Builder account offers strong savings potentials.

That is to say, with the APY rate, you can earn up to $270 in interest on a $10,000 deposit over a six-year span. However, to benefit from this, you need to either maintain a balance of $25,000 or deposit $100 on a monthly basis. Other than this, your APY will shrink to 0.29%. Also, you’ll need to deposit at least $100 to open an account here.

Pros And Cons of CIT Bank

One of the best APYs on the market.You must make $100 in monthly deposits or maintain a balance of at least $25,000 to earn top APY.
No monthly fees.
Low $100 minimum.

Who is CIT Bank Best for?

CIT Bank is best for those who already have a large savings balance or can contribute often.


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Wells Fargo – Best National Bank With Branches in Utah

Account Type: Savings Account

Rate: 0.01% APY

Minimum Deposit: $25

Wells Fargo runs over 100 full-service branches throughout the state of Utah, which offers most of the services you need. So whether you’re looking to open your first checking account or invest your wealth in mutual funds, Wells Fargo has a product for you. 

Now, you can open an Everyday Checking account with just $25 and so avoid the $10 monthly service fee by doing any of the following – make 10 debit card payments, establish a direct deposit of at least $500, or maintain a $1,500 minimum daily balance. 

You can also open a Way2Save account with just $25 and Wells Fargo will waive the $5 monthly fee if you maintain automatic, recurring transfers or a $300 minimum daily balance.

Additionally, you have free access to Wells Fargo online and mobile banking. 

Pros And Cons of Wells Fargo

A lot of banking, investing and lending options.Generally low APYs on the basic savings account.
Thousands of branches throughout the country.Recovering from scandal.

Who is Wells Fargo Best for?

Wells Fargo is best for people who want to work with a bank that boasts a strong national presence.


Ally Bank – The Top Savings Account

Account Type: Online Savings Account

Rate: 0.60% APY

Minimum Deposit: $0

Ally Bank is a full-service online bank offering competitive rates, low fees, no minimums, and 24/7 customer service. Headquartered in Sandy, Utah, and founded in 2009, Ally Bank is the digital-only banking division of Ally Financial Inc.

It currently one of the best banks in Utah with its top savings account plan.

Also, Ally’s savings account offers a rate of 0.60%, much higher than the national average of 0.05%, and interest is compounded daily, which means you’ll make a bit more money on interest compared with accounts that compound monthly. 

Ally Bank pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 daily balance, and 0.25% APY for account balances of $15,000 or more. 

Note that there are no initial deposits for these accounts and they aren’t subject to monthly maintenance fees. Furthermore, Ally has a partnership with the Allpoint ATM network, which allows Ally account holders to withdraw funds from any of its 55,000 USA and international fee-free ATMs.

Pros And Cons of Ally Bank

High APY.No physical branches.
No fees or minimums.
Great customer service.

Who is Ally Bank Best for?

Ally Bank is best for those comfortable with online and mobile banking.


Read also: How to Separate Bank Accounts for Budgeting

In Conclusion

Deciding on the right Utah bank and account to open depends on your banking habits. So, carefully go through the Utah banks list above and choose the one that best suits you.

I hope this helps you in making better financial decisions.



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