15 Best Banks in Utah in 2024

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There’s more to Utah than meets the eye, especially when you consider the best banks in the state. Keep reading to learn more about the best banks in Utah.

Did you know there’s an automated teller machine (ATM) on every continent? Even if you’re in frigid Antarctica, you can still cash out your account if you need it. 

The good news is that you don’t have to travel to the ends of the earth to find a good bank. You can find many personable local and community banks right in your backyard, including in the state of Utah. 

Utah is known for many different things, but in this article, we’ll focus on the best banks you can work with to make your financial dreams a reality. These banks offer many financial products and services for everything from personal to business banking. 

Are you ready to learn more about the best banks in Utah? Let’s get started! 

15 Best Banks in Utah

Utah is home to the Sundance Film Festival, Salt Lake City, and some of the best banks in the country. Which of the best banks in Utah will you choose?  

1. 1st Bank 

Although it’s part of the Glacier Bank Group, 1st Bank has its own management team. This Utah-based bank offers customers many financial products and services, including checking and savings accounts.  

1st Bank also offers retirement accounts, personal loans, mortgages, and construction loans. You can also choose from a variety of debit and credit cards. 

2. Ally Bank 

Ally Bank is a leading online-only financial institution known for its customer-centric approach. Unlike some of the best national banks, Ally offers the advantage of no minimum deposit requirement and provides an impressive APY. 

The “Spending Account” serves as Ally's premier checking account, featuring no monthly fees. Access to cash is made easy through Ally's vast Allpoint ATM network.

Ally Bank also offers mobile check deposits, online account statements, and integration with Zelle for secure money transfers. If you can’t find a traditional bank account in Utah, Ally Bank could be a viable solution. 

3. American First Credit Union 

American First Credit Union is the largest credit union in Utah. This credit union has an extensive network of 96 locations in the state and an impressive 121 locations across the country.

Established in 1939, this credit union offers competitive APYs. You can access various financial products, including checking and savings accounts, HSAs, money market accounts, CDs, and IRAs.  

American First Credit Union provides various loan options, covering personal, auto, home equity, and mortgage loans. Joining America First Credit Union requires you to live, work, attend school, worship, or volunteer in select counties, including:

  • Salt Lake 
  • Utah
  • Juab

Some areas of the following counties are eligible for membership: 

  • Cache
  • Davis
  • Iron
  • Rich 
  • Washington
  • Weber 

Membership is also open to members of select counties in Nevada, Arizona, Idaho, Oregon, and New Mexico. Visit America First Credit Union’s website for more information. 

Overall, American First CU Money Market Account is a great credit union to consider if you're looking for somewhere to park your savings.

With a 5.24% APY, American First Credit Union is one of the top banks to offer a high interest rate on their money market accounts. This nationwide credit union only requires that you make an opening deposit of $1.

American First Credit Union Money Market Deposit Account
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  • 5.24% APY money market deposit account, 7.2x higher than national average
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4. American United Federal Credit Union 

For those looking for the best checking accounts, American United Federal Credit Union's Fresh Start Checking offers a promising solution. Account holders also receive an end-of-the-year reward dividend. 

The credit union provides access to over 30,000 ATMs nationwide without any fees. With free online and mobile banking, members can enjoy convenient features like mobile remote deposit, bill pay, and eStatements.

You must have a $20 deposit to open the account. This account also has a $7 monthly fee. 

However, members can reduce this fee to $4 by maintaining a minimum balance of $750 or more. American United Federal Credit Union hosts branches in several locations, including:

  • West Jordan
  • Draper
  • Salt Lake City
  • Sandy
  • Kearns
  • Grantsville
  • Cabazon
  • San Jacinto

American United Federal Credit Union is part of the Co-Op Shared Branch Network. This partnership allows members to access their accounts at various credit unions nationwide.

5. Central Bank 

Central Bank was founded in 1891. This bank offers online and mobile banking with bill pay and money management tools. 

With 11 locations in Utah, Central Bank caters to personal and business banking needs. Financial services include checking and savings accounts, CDs, personal lines of credit, construction loans, HELOCs, auto loans, mortgages, and reward debit and credit cards.

6. Cyprus Credit Union 

Cyprus Credit Union presents the Fresh Start Checking account, an opportunity for a fresh financial beginning. With a minimum deposit of $25 and a $5 monthly fee, the account offers free online and mobile banking. 

This account also includes a complimentary Visa debit card and unlimited check writing. You must maintain a positive balance for a year to upgrade to the Standard Checking account. 

Cyprus Credit Union has convenient locations in Salt Lake City and West Valley. Membership is available to those living in Salt Lake City or working at participating companies. 

In addition, individuals with relatives who are already members or those willing to donate $5 to the Community Recreation Association are eligible to join. Cyprus Credit Union provides an inclusive banking solution to its members, catering to their diverse needs.

7. First Community Bank Utah 

First Community Bank Utah was established in 1905. This bank is a trusted local community bank proud to collaborate with Glacier Bancorp. 

Renowned for its excellent customer service, the bank operates through 12 branches in Utah. Customers can benefit from various banking solutions, including checking and savings accounts, retirement options, credit cards, personal loans, and mortgages. 

First Community Bank Utah provides online and telephone banking services. Both personal and business banking needs are catered to with dedication and expertise. 

8. First Utah Bank 

There are seven First Utah Bank branches in Utah, each offering residents a community bank they can trust. First Utah Bank is a full-service bank offering personal and business banking options. 

You can bank with First Utah Bank online or via your smartphone. This Utah-based bank is locally owned and operated and offers checking and savings accounts as well as debit and credit cards. 

9. Goldenwest Credit Union 

While Goldenwest Credit Union may not offer the best money market accounts, you can open several other accounts with this Utah-based credit union. These include checking and savings accounts, HSAs, education savings accounts, and IRAs.

Goldenwest Credit Union is the third-largest credit union in Utah and has locations in eight counties. Home, auto, and home equity loans come with competitive rates.

You can also open several credit cards with this credit union, which also specializes in retirement planning. There are several ways to join, including joining if a family member has already done so. 

10. KeyBank 

KeyBank offers a Hassle-Free Account with no monthly or overdraft fees and minimum balance requirement. This account requires just a $10 opening deposit. 

Additionally, KeyBank provides six other checking accounts, including one tailored for students. Accounts like Privilege and Advantage offer the opportunity to earn interest, although the APY might not be highly competitive.

Customers can waive monthly fees and benefit from financial wellness tools. With numerous branches nationwide, KeyBank strives to offer a comprehensive banking experience. 

You can even access the HelloWallet platform, which reviews your finances and suggests ways to save. For those seeking the best bank account bonuses and convenient banking solutions, KeyBank's diverse account options and financial tools provide a compelling choice. 

11. Mountain America Credit Union 

Mountain America Credit Union is the second-largest credit union in Utah. Established in the 1930s, Mountain America Credit Union supports many surrounding communities. 

This credit union offers membership eligibility based on living or working in specific counties or being part of a Select Employer Group. Those related to current members can also join. 

Mountain America Credit Union has branches in the following states: 

  • Utah 
  • Arizona
  • Nevada
  • New Mexico
  • Idaho
  • Montana 

Mountain America Credit Union provides a comprehensive range of financial products and services. Customers can benefit from various account options, including checking, savings, teen and youth savings accounts, as well as IRAs and CDs. 

Additionally, the credit union offers debit and credit cards, auto and home loans, and personal loans to cater to diverse financial needs. Mountain America Credit Union remains a reliable choice for individuals seeking a welcoming and inclusive banking experience in Utah.

12. Mountain West Bank 

You must have $50 to deposit into your new Mountain West Bank account. You can open four checking accounts at Mountain West Bank, including the following: 

  • Totally Free Checking
  • Easy Interest Checking
  • 50+ Interest Checking
  • Premier Interest Checking

Mountain West Bank offers free online and mobile banking with bill pay and remote deposits. You can also opt for eStatements and a Visa debit card with your new checking account. 

13. University Credit Union 

University Credit Union has been serving the community since 1956. Membership is available to individuals living, working, or worshiping in Salt Lake, Davis, Summit, Tooele, Wasatch, and Utah Counties. 

You can also become a member if a family member is affiliated with University Credit Union. This credit union offers a comprehensive range of financial products, including checking and savings accounts, money market options, CDs, and IRAs. 

Customers can also access various loan options, such as auto and personal loans, as well as home loans and credit cards. With its strong community ties and diverse offerings, University Credit Union remains popular among members seeking reliable financial solutions.

14. Wells Fargo

One of the largest banks in the U.S., Wells Fargo offers various financial services and products. There are thousands of branches nationwide and over 100 branches in Utah.

The Everyday Checking account requires a $10 monthly fee that you can waive via the following actions: 

  • Maintain a $500 minimum daily balance
  • Receive direct deposits of $500 or more
  • Aged 17 to 24
  • Link a Campus ATM Card or a Campus Debit Card (for college students)

You must make a $25 minimum deposit to open this account. Wells Fargo also offers wealth management services. 

Savings accounts, including Way2Save, have a $25 minimum opening deposit and a $5 monthly fee. You can waive this fee by maintaining a $300 minimum balance, having automatic and recurring transfers, or being under 24 years old. 

However, the APY on savings accounts may be disappointing to some customers. Wells Fargo also offers CDs, mutual funds, and convenient online and mobile banking services. 

15. Zions Bank 

Zions Bank was founded in Salt Lake City and has served residents for over 100 years. This Utah-based bank offers accessible banking solutions with a minimum deposit of $50. 

With a vast network of 95 branches across the state, the bank provides affordable checking options, including an account dedicated to military personnel. Customers can choose from various financial products, such as savings accounts, money market accounts, CDs, and IRAs. 

The Anytime Checking account requires a minimum deposit of $50 and is free from monthly fees. Mobile banking and Zelle are available with all checking accounts. 

The Premier Interest Checking account earns interest. A $20 monthly fee is applicable unless customers maintain $10,000 in combined balances or $25,000 in deposit and personal loan balances.

Along with its diverse account offerings, Zions Bank provides loan and mortgage services. With a century of experience, the bank remains a reliable choice for superior banking solutions in Utah.

FAQs

Which of the best banks in Utah offer free checking accounts? 

1st Bank, Ally Bank, Central Bank, First Community Bank Utah, Keybank, Mountain West Bank, Zions Bank, America First Credit Union, and University Credit Union offer free checking accounts. Other banks in Utah may offer free checking accounts after you complete specific requirements to waive the monthly fees. 

How many bank accounts can you have in Utah?

You can have as many bank accounts as you want in Utah. Most people have one or two, depending on what they do for work, but you can open as many as you like if you can keep track of them.

What are some of the best credit unions in Utah?

Utah's best credit unions include Cyprus Credit Union, Beehive Federal Credit Union, Mountain America Credit Union, and America First Credit Union. Utah Community Credit Union and Goldenwest Credit Union are also among the top credit unions in the state. 

Set Banking Records in the Land of the Bonneville Salt Flats 

Most people think there’s a lot of nothing in Utah, but there’s more to this state than meets the eye. In addition to Utah’s natural wonders, you’ll find several financial institutions ready to assist you with your banking needs. 

We hope this article helps you find some of Utah's best banks and credit unions. Banking here is just as important as it is elsewhere in the nation. 

Which of the best banks in Utah will you choose? 

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!