Best Banks in Utah: 5 Options to Help You Grow Your Wealth

Thinking about opening a new banking account or making a switch, but not sure where to start? We’ve got you covered as we take a look at the Top 5 best banks in Utah. 

Updated April 2024
Fact checked by Cathy Gresham
Best banks in Utah

Not only is Utah an area of natural beauty and with great people, but it’s also got some great banking options as well. You can choose from national banks with local outposts, online-only banks, and state banks as well.

Utah is home to some great national and regional banks, but picking the best and the one that suits you best can be a little harder for those not in the know.

Well don’t worry, for those looking for the best bank in Utah, we have found some of the best as well as provided a checklist for what is worth considering when looking at these banks, or any other.

Keep reading to find out more about some of the best banks in the great state of Utah. Find out what we think below.

What To Consider When Choosing A Bank In Utah?

  1. Customer Service – There’s nothing that will put you off a bank more than bad customer service. Whether you have lost your card and you just need to get through to someone, or you are trying to open a new account, a bad first meeting can really put you off the bank. While you may not need it now, knowing good customer service is available will put you at ease if anything were to transpire.
  2. Account Features – One of the biggest reasons people do switch banks is because their current bank can’t offer them what they want. It can be worthwhile to consider what you need and don’t need now, but also to consider what kinds of accounts you may need in the future, so you don’t have to go through this process again.
  3. Interest Rates – of course, a huge reason people leave either bank is due to their rates increasing, or competition offering better rates. Figure out what your bank offers now so you have an idea of what you are getting, compare this to the banks you are looking at, but also consider what the national average is for this rate as well.
  4. Mobile Banking – While nothing beats a friendly face, sometimes we need to do our banking even when we are on the go. Certain banks boast some great reviews for their mobile apps, while others don’t. Alternately, some people do really appreciate having a physical person to talk to and might value a brick-and-mortar bank over an online app. Consider what is best for you.
  5. Reputation – Even if a bank sounds great and is offering some really competitive rates, it’s always worth checking out the bank’s history and reputation. Certain banks may have been involved in banking scandals before, or had their customers’ data leaked, this is worth considering too. While online reviews are great, we should also consider if our family or friends have had a good experience with this bank or not.
Banking in Utah Facts

Best Banks In Utah

Here’s our breakdown of the best banks in Utah.

1. First Utah Bank

This bank started in a single office in Utah and is now one of the largest community banks in the state. They offer a full range of both business and financial services but ultimately have a good reputation and specialty as a business bank.

From SBA loans to startup funding, they can help anticipate your business needs from the get-go.

In terms of personal banking, they can meet most needs with checking and savings accounts. As a community bank, they are interested in you and knowing your banking needs so should be able to meet whatever needs you have within reason.

Their customer satisfaction is high, having received a 5-star rating from Bauer Financial, an independent bank rating firm.

Their mobile and online apps are highly reviewed, but as a community bank, they have particularly good in-person customer service in one of their seven branches in the state. In terms of a simple community bank, First Utah Bank is a good starting place. 

2. Bank Of Utah

Unsurprisingly or not, the Bank of Utah has actually received an award for being the ‘Best Bank in Northern Utah’ in 2023. This said they do have a fairly limited customer service offering on the face of it, with no options for a live chat or all-day service.

It’s likely their customer service offerings are best found in one of their 18 full-service banks in the area. This may be your best option, with their mobile and online banking receiving some poor reviews.

Their financial products and accounts can be quite slim but remain well-serviced, offering to save and check accounts as well as money market accounts and CDs. While their savings rate is not the best, they do offer the chance of high returns on their CDs.

Moreover, they have very low fees in comparison to other banks, making their banking pretty simple, even when drawing money at an ATM.

Quote on bank accounts for Utah banks

3. Wells Fargo

Wells Fargo is a bank that has a huge national reach, being one of the biggest banks in the country. But in Utah alone they have 100 full-service branches in the state for when you just need to speak to a friendly face, rather than use online resources. They have largely overcome their previous poor reputation. 

At Wells Fargo you can expect them to meet all your banking needs, whether you are opening your first bank account, investing in mutual funds, or looking for a savings account, there are plenty of options that Wells Fargo offers, earning them their heavyweight reputation.

They are a good large bank for a first account, and you can even open an Everyday Checking account which is ideal for many. While there is a $10 monthly servicing fee you can avoid this by practicing some good banking behavior, such as maintaining a $500 minimum daily balance and establishing a direct deposit of at least $500, if you are aged between 17 – 24 years old, or are linked to a campus ATM card for college students.

Yet, while their options can be affordable and easy to maintain banking-wise, their current APY is pretty low and doesn’t really compete with other savings accounts.

Wells Fargo, as you may be aware, did just undergo a serious scandal of employees creating fake accounts to sign customers up for bill pay without consent. The trouble with these larger banks is that they are often subject to some data breach or scandal that you may potentially want to avoid.

4. Zions Bank

For those interested in a local bank to service their needs, look no further than Zions Bank within the state of Utah. It has been serving its customers in Utah for over 100 years, having been established in Salt Lake City itself.

Yet, the bank can meet your banking needs in competition with any nationwide bank. For instance, they offer four separate and different types of checking accounts – Zions Bank even offers an account designed for military personnel.

You could open a Checking Account with only $50 and face no monthly service charge. Any of their checking accounts also offer the chance to use mobile banking features as well as Zelle, allowing you to transfer money safely only using a recipient’s phone number or email address.

Those clients looking to safely contain a lot of money will be interested in the bank‘ Premium Interest Checking Account’. While the account itself has a rather low APY, opening the account bumps your interest rate on all your other accounts.

So those who have lots of accounts in Zions Bank, certainly reward this loyalty with hard savings. Zions Bank is worthwhile for those who are going for a one-bank approach.

5. Chase

One recent study has shown that Chase Bank has one of the highest levels of customer satisfaction out there, gathered from a large-scale study with thousands of participants.

In Utah alone, this bank has nearly 50 full-service banks to satisfy your needs. You can do basically any banking you require at this bank, but they are worth mentioning for those who have trouble servicing their accounts and managing money, they make all this so much easier.

In terms of their savings accounts their APY is very low in comparison to other banks, but if customer service is what you are looking for then Chase has you covered, both in person and online, they are considered one of the easiest banks to work with.


Ready to open a new account?

As you can see, there are plenty of banks to choose from in the state of Utah, whether you want to open a savings account, your first checking account, or have all your banking in one place, there might not be a better state to bank in.

In terms of finding competitive APY and interest rates, it can be worth looking for larger national banks to support your needs.

But if you are looking for customer service, First Utah Bank and Bank of Utah are both good considerations as someone who is regularly in the state.

That said, Chase offers some serious customer service, especially to those who enjoy online banking.


Editor's Note:

At Personal Finance Guru, we want to help you maximize your lifestyle through personal finance. You can trust the integrity of our independent financial advice. Our opinions are our own and have not been provided, reviewed, approved, or endorsed by any advertiser or financial product provider. To support and grow the site, however, we may receive compensation from the issuers of some products.

Cathy Gresham

Cathy Gresham

Editor & Author

Cathy Gresham is a finance whiz. 

After earning her MBA from The Wharton School, she has worked in strategy at some of the world’s largest and most influential financial companies for 20+ years. Notably, she has worked for the biggest credit card issuers and networks and brings an insider’s perspective to how credit card products work behind the scenes.  

Cathy is passionate about personal finance and investing, and loves helping people learn about these complex topics. Her wit and humor make learning about money fun, and she’s always happy to share her knowledge with others.

Cathy enjoys spending time with her family and friends when she’s not crunching numbers or developing investment strategies. She’s also an avid runner, and can often be found pounding the pavement on her morning jog.