Bank of Utah Review: Personalized Service for Utah Residents
Written by
Dawn Allcot
Edited by
Elizabeth Constantineau
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Open a checking account today with just $100 minimum deposit.
Bank of Utah is ideal for those seeking straightforward, affordable banking options. The bank's offerings include interest-earning checking and savings accounts, including a combined save and spend account. Bank of Utah has earned recognition in GOBankingRates' Best Bank of 2025 rankings as one of the Best Banks in Utah.
Founded in 1952, the Bank of Utah is a community bank offering a range of personal and business banking products, including checking, savings, CDs, loans, mortgages and credit cards. With a focus on customer service and community, the Bank of Utah has become a trusted financial partner for Utah residents.
Bank of Utah Checking Accounts
Bank of Utah offers a range of checking accounts to fit every need.
- Bank of Utah offers a straightforward Easy Checking account with no monthly fee, overdraft options and convenient online and mobile banking.
- There is also an Easy Checking option for students, which requires a minimum deposit of just $25.
- Bank of Utah’s Evergreen account is a spend and save account that pays tiered interest rates on balances above $500.
- For previously unbanked or underbanked customers who have had financial challenges, a Thrive Checking account from the Bank of Utah has no monthly fees and requires just $5 to open.
- No monthly fee for Easy Checking or Thrive.
- Earn up to interest with an Evergreen account.
- Accounts for every income level.
- Use MoneyPass ATMs in all 50 states with no fees.
- Choose to open a line of credit, link another Bank of Utah account, or apply for debit card overdraft coverage to avoid declined transactions.
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Open With as Little as $5
Bank of Utah offers a variety of checking accounts designed to meet different needs, including Easy Checking with no monthly fee, the Evergreen account with interest and Thrive for those with past financial challenges. Enjoy fee-free access to over 40,000 ATMs nationwide.
Fees
$0 to $10 monthly
APY
Up to
Min Opening
$5 to $100
Pros
- Use 40,000 MoneyPass ATMs free nationwide
- No monthly fee for Easy or Thrive checking
- No minimum monthly balance
Cons
- All overdraft coverage options have fees
- Some accounts require $100 minimum opening deposit
- Evergreen account requires $10,000 minimum balance to waive $10 monthly fee
Quick Take
Bank of Utah offers straightforward, convenient checking products with low fees, which is best for people seeking a community bank with both in-person and mobile banking capabilities.
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Bank of Utah Savings Accounts
Bank of Utah has just one straightforward savings account, I Save, that delivers tiered interest rates of up to APY. This account is best for those who want easy access to their money and have at least $100 available to deposit to open an account.
- Access money with no withdrawal fees using your MoneyPass ATM card.
- Link to your Bank of Utah checking for overdraft protection.
- No monthly service fee means you keep more of your money.
- Tiered interest rates are best for big savers.
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Loan Options
Investment Services
No Monthly Fees
Bank of Utah’s I Save account is ideal for savers seeking a high APY with easy access to funds. Earn up to APY with no monthly fee and enjoy unlimited withdrawals with no excessive fees.
Fees
No monthly service fee
APY
Up to
Min Opening
$100
Pros
- Earn up to APY
- No withdrawal limit or excessive withdrawal fees
- Link to Bank of Utah checking for overdraft protection
Cons
- $100 minimum opening deposit
- $500 balance required to earn interest
Quick Take
For those looking to build their emergency savings with a high APY, Bank of Utah’s I Save account has no monthly fee and provides easy, unlimited access to your money with no excessive withdrawal fees or penalties.
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Bank of Utah CD Accounts
Bank of Utah offers customers a few different CD accounts.
- Regular CDs have rates as high as APY.
- The Super Saver CD, available with a 1-year term, permits you to start with a $500 minimum opening deposit and add funds to the CD over time, so your money can grow faster.
- A regular CD requires a minimum deposit of $1,000 or more and is available in terms of up to 60 months.Â
- Overall, CDs term options are from 1 month to 5 years.
- One-month CDs require $2,500 opening deposit; all other CDs require $1,000 to start.
- Super Saver CDs deliver an APY of for one year, which is good for saving for a specific goal.
- Add to your Super Saver CD over the course of the year.
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Loan Options
Investment Services
APYs Up to
Bank of Utah offers flexible CDs with terms from 1 month to 5 years and competitive APYs, including rates over 4% on longer terms. Start with a low deposit and grow your savings over time, with the option to add funds to your Super Saver CD.
Fees
Early withdrawal fees may apply
APY
Up to
Min Opening
$500 to $2,500
Pros
- Super Saver CD allows you to add to your investment
- Most CDs can be opened online
- Bank of Utah works with Certificate of Deposit Account Registry Service to protect investments of more than $250,000
Cons
- Must visit a branch to open certain CDs
- Early withdrawal penalties apply
Quick Take
Bank of Utah provides CDs with a wide variety of terms and a low minimum deposit. With APYs over 4% in some cases, it’s an easy way to save for short- and mid-term goals like vacations or special events. Â
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Bank of Utah Money Market Accounts
Bank of Utah offers a money market account, ideal for savers with balances over $25,000.
- The My Money Market account provides tiered interest rates starting at for balances of $10,000 or more, and going up to for balances of at least $200,000.
- Open an account easily online with just $100.
- Establish recurring transfers to see your savings grow faster.
- Six free withdrawals or transfers per statement cycle.
- Withdraw funds at any time with your debit card — $10 fee applies after six transactions per month.
- Checks are available for convenient access to your money.
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Tiered Interest Rates
Bank of Utah’s My Money Market account features tiered interest rates and easy access to your funds. With free transfers and the option to set up recurring deposits, it’s an excellent option for those looking to grow their savings.
Fees
No monthly service fee
APY
Up to
Min Opening
$100
Pros
- Interest rates as high as
- Get 6 free transfers or withdrawals per month
- Automatic recurring transfers from other Bank of Utah accounts
Cons
- Limit on amount of free withdrawals per month
- Must maintain balance of at least $10,000 to earn interest
Quick Take
Bank of Utah’s My Money Market account combines convenient access to your money with higher-than-average APY on high balances. This makes it ideal for an emergency fund or long-term savings.
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Banking Experience
With just 58 reviews and 5,000 downloads in the Google Play Store and only 16 reviews in The App Store, the Bank of Utah mobile app appears to offer a lackluster customer experience. It garnered just 3.4 stars in The App Store and 3.3 out of five stars on Google Play. Several reviewers indicated issues with logging in.
However, for personalized service at a branch, the Bank of Utah seems to stand out, with many customers praising the attentive and respectful service provided by the bank’s staff.
Comparable Options
Here’s how the Bank of Utah stacks up against other banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $10 monthly
$5 to $35 waivable monthly fee
No monthly service fee
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$5 to $100
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Up to $12 monthly service fee – can be waived
No monthly maintenance account fee
APY
APY
APY
Up to
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$100
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal fees may apply
Early withdrawal penalty may apply
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$500 to $2,500
$2,500 to $5,000
$1,000
Bank of Utah vs. Wells Fargo
Wells Fargo is one of the four largest banks in the U.S. It ranked third for Best Premium Checking Accounts and second for Best National Banks in GOBankingRates Best Banks of 2025 awards.
The bank offers welcome bonuses to new customers from time to time who meet direct deposit requirements. With a network of more than 11,000 ATMs, Wells Fargo provides easy access to your money. However, the Bank of Utah offers higher yields on CDs and savings accounts. Â
Bank of Utah vs. State Bank of Southern Utah
The State Bank of Southern Utah offers a standard checking account and an interest checking account, which delivers yields of up to on balances of $50,000 or less. Like the Bank of Utah, the State Bank of Southern Utah is partnered with the MoneyPass ATM network, but also offers customers surcharge-free transactions at SUM ATMs.
Bank of Utah vs. Bask Bank
For consumers seeking the convenience of an online bank, Bask Bank has many different options for checking and savings accounts, including high-yield checking and savings. GOBankingRates ranked Bask Bank third for Best Checking Accounts, second for Best High-Yield Savings and fifth in Best Online Banks for 2025. Â
Final TakeÂ
Best for Utah residents seeking friendly, in-person service, a vast fee-free ATM network and a full suite of banking products, Bank of Utah blends high interest rates with personalized service and a dedication to the local communities it serves.
Bank of Utah FAQ
Here are the answers to some of the most frequently asked questions about the Bank of Utah.- What are the deposit requirements for a Bank of Utah account?
- Bank of Utah requires a minimum deposit of $100 to open an Easy Checking, Evergreen Spend and Save, I Save or My Money Market account. An Easy Checking for Students account requires just a $25 minimum opening deposit.
- How much can you withdraw from the Bank of Utah ATMs?
- The Bank of Utah has a daily ATM withdrawal limit of $515 for personal and business account holders.
- What is the transfer limit for the Bank of Utah?
- The Bank of Utah limits external transfers to $5,000 per day through the online banking system. Transfers typically take up to 48 hours for processing.
- What is the minimum balance for Bank of Utah?
- The Bank of Utah has no minimum balance requirements for Easy Checking or Evergreen accounts. However, if your average monthly balance drops below $10,000 in an Evergreen account, you'll be subject to a $10 monthly maintenance fee.
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2024.Â
