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

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.

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.