State Bank of Southern Utah Review: Banking Solutions You Can Count On
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Community support in Utah
If you live in Utah and are considering starting a small business, this would be a great bank to call home. State Bank of Southern Utah maintains its commitment to local decision-making and is best for those looking to bank within a community that supports the same communal success.
Based in Cedar City, this local bank now serves the greater state of Utah with its community-oriented banking services. State Bank of Southern Utah puts the residents of Utah first and has grown its presence, community relationships and financial products throughout the state. GOBankingRates awarded it the bronze for Utah for Best Banks by State 2025.
State Bank of Southern Utah Checking Accounts
SBSU has great value in both its Free Checking and Big Interest Checking accounts. The Free Checking Account has no monthly service charge, no minimum balance requirements and free online bill pay. However, the Big Interest Checking account is a rare tiered interest-bearing checking option in the world of personal banking.Â
Big Interest Checking
There are many perks to earning interest on your checking account, but to pull in the higher tier APYs you need to maintain a higher balance. Here are some pros and cons of SBSU’s Big Interest Checking option:Â
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Free Nationwide ATM Access
SBSU’s Big Interest Checking offers tiered APYs, free nationwide ATM access and no minimum balance fees, but the highest rates require a $50,000 balance.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- No minimum balance fee
- Free nationwide withdrawals at ATMs with the MoneyPass or SUM Logo
- Free Debit Card
Cons
- To get the highest APY you must have over $50,000 in your account
- The blended yield for amounts exceeding $50,000 will range from up to APY depending on the balance as there are different qualifications for the tiered account.Â
Quick Take
Big Interest Checking combines free ATM access and interest earnings, though top-tier APYs cater to those with higher balances.
Show Pros, Cons and More
Hide Pros, Cons and More
State Bank of Southern Utah Savings Accounts
Having a savings account at a local bank you trust is a good investment for both your finances and peace of mind. SBSU offers an FDIC-insured savings option to help grow your money and reach your goals. Here are some benefits and drawbacks to consider:Â
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Save Automatically from Your Paycheck
SBSU’s savings account offers automatic paycheck transfers and a low $10 opening deposit but limits fee-free withdrawals.
Fees
No monthly service fee
APY
Min Opening
$10
Pros
- Only a $10 minimum opening deposit requirement
- You can automatically transfer a percentage of your paycheck each payday to grow your funds.
Cons
- Only six fee-free convenience withdrawals are allowed monthly; after that, it will cost $5 each time. ATM and in-person withdrawals are not limited, but have few network or branch options.
- Regular Savings account APY is lower than some leading competitors.
Quick Take
A low deposit and auto-saving make it easy to start, but limited withdrawals and a lower APY may disappoint.
Show Pros, Cons and More
Hide Pros, Cons and More
State Bank of Southern Utah CD Accounts
SBSU offers a variety of CDs in both term lengths and range of rates. You can open a CD term from one to 60 months and the interest will compound either monthly, semi-quarterly or quarterly depending on the term length. Before deciding if a CD is right for you, consider these pros and cons:
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
$500 Minimum Deposit
SBSU offers CDs with terms ranging from 1 to 60 months, featuring a 10-day grace period, automatic rollover and an add-on option for select CDs, but requires a $500 minimum deposit and has early withdrawal penalties.
Fees
No monthly service fee
APY
Up to
Min Opening
$500
Pros
- 10-day redemption grace period after maturity for all CDs at SBSU. This means you have a grace period of 10 calendar days after maturity during which you may redeem it without incurring a withdrawal penalty.
- Automatic rollover for CDs automatically rolls funds to a CD of the same term after the grace period. The interest rate adjusts to the current rate at the time.
- The add-on feature lets you add money at any time to regular and Jumbo CDs with a 12-month termÂ
Cons
- Early withdrawal penalties may apply if you try to take your funds out of a CD before maturity and this may affect the principal in some cases.
- If you close the account before the interest compounds, SBSU pays the accrued interest less any applicable withdrawal penalty.
Quick Take
With flexible term lengths, a 10-day grace period, and the ability to add funds to select CDs, SBSU’s CDs are a solid choice, but the $500 minimum deposit and withdrawal penalties may deter some savers.
Show Pros, Cons and More
Hide Pros, Cons and More
State Bank of Southern Utah Money Market Account
SBSU’s Money Market account is a great way to start earning interest on an FDIC-insured savings product. If you are debating between opening a Money Market or a standard savings account here are some benefits and drawbacks to weigh.
Best For
Banking in Utah
Mobile App
Low Monthly Fees
Low Minimum Deposits
Loan Options
Unlimited In-Person and ATM Withdrawals
SBSU’s Money Market account offers interest earnings starting at $500 and unlimited ATM withdrawals but requires a $2,500 balance to waive fees.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- You can start earning interest with a balance of only $500.
- Unlimited in-person and ATM withdrawals
- Can waive service fees keeping minimum balance requirement
Cons
- ReYou must maintain a daily balance of $2,500 to avoid the $8 balance requirement fee.
- Interest tiers are stepped at $25,000, $100,000 and $500,000 which may be too large for many people’s personal banking needs.Â
- Transactions are restricted to no more than six convenience withdrawals per monthly cycle.
Quick Take
A low entry point and unlimited withdrawals make it accessible, but high balance tiers and fee requirements may deter some savers.
Show Pros, Cons and More
Hide Pros, Cons and More
Banking Experience
SBSU has established its banking products to be well-suited for not only your personal financial needs but also your professional ones. Those in southern Utah can take advantage of business loans, real estate loans and agricultural financing for all of their small business or growing-enterprise needs.
Not only can you conveniently bank in your hometown, but you can also do so through a financial institution that pumps money back into that same community. SBSU puts personal banking goals toward community growth all while relying on and backing local decision making best for Utah citizens.Â
How Does State Bank of Southern Utah Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Up to $25 monthly service charge – can be waived
$0 to $25, many waivable
APY
APY
APY
Up to
Up to
for Key Select Checking
Min Opening
Min Opening
Min Opening
$0
$10
$0 to $50
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$5 monthly fee with paper statements
$0
APY
APY
APY
Min Opening
Min Opening
Min Opening
$10
$100
$10
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Early withdrawal penalty may apply
N/A
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$500
$500
$2,500
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
$5 monthly fee with paper statements
$20, waivable
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$100
$5,000
State Bank of Southern Utah vs. Bank of UtahÂ
Bank of Utah was given the gold for Utah in GOBankingRates Best Banks by State 2025, and though it has no monthly fees and a wide variety of account choices, it also comes with less competitive interest rates than SBSU in some cases as well as limited access to customer service.
State Bank of Southern Utah vs. KeyBank
KeyBank is a full-service financial institution and was ranked silver in the Best Banks by State 2025, but its primary strength lies in its checking accounts. If you are looking for more options for your personal and small business banking needs, SBSU might be more up your alley.Â
State Bank of Southern Utah vs. Bank of America
If you are looking for a big bank with more options not only outside of Utah but also nationally, Bank of America offers everything from checking and savings accounts to a full roster of investment, loan and credit card options. Customers who utilize its many services may be eligible for significant perks through the Bank of America Preferred Rewards program which could persuade you to open an account.
Final Take
The bottom line is that the State Bank of Southern Utah uses its assets and banking prowess to help both its customers and community. Established in 1957, SBSU remains unwavering in its support of local business, banking and commerce. If you live in the southern Utah region, you should visit one of the 17 branch locations across that area as GOBankingRates gave it the bronze for Utah in the Best Banks of 2025 rankings.Â
State Bank of Southern Utah FAQ
- What is the minimum balance for State Bank of Southern Utah?
- The minimum balance requirements for State Bank of Southern Utah will vary depending on which type of account you wish to open there. For example, to avoid a monthly fee, the minimum balance requirement for the Money Market Account is $2,500.Â
- How many branches does State Bank of Southern Utah have?
- State Bank of Southern Utah has 17 branch locations in 14 different cities and towns throughout Utah.Â
- What products and services does State Bank offer?
- State Bank of Southern Utah offers a variety of products and services including checking, savings, CDs and money market accounts as well as business loans, real estate loans and agricultural financing.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 13, 2024.Â
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.
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. 13, 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.
