Best CD rates in Utah: Top 3

August 6, 2009 No Comments »

Below are the highest yielding CD rates available to the residents of Utah. These come in the form of 13 month CDs, 48 month CDs, and 60 month CDs. After digging through dozens of rate pages by dozens of banks and credit unions serving the state of Utah, we found that in most cases you can receive more competitive rates offered by national institutions rather than local ones.

Although the financial institutions we’ve listed below do the majority of their business in Utah, they still may have eligibility requirements which may prevent you from joining (even if you live in Utah). Contact a representative to see if you can take advantage of their products.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates: Utah

(clicking on the institution will bring you to their rates page)

  • First Utah Bank: Salt Lake City, UT. 13 month CD yielding 2.27% APY with a minimum balance of $500. The national average for 12 month CDs sits at 1.65% APY. First Utah Bank’s deposit rates are associated with a range of maturities. For example, a 12-23 month CD will all yield the same 2.27% interest rate. They have 7 branch locations and dozens of ATM machines throughout the Utah. The branch locations reside in Sandy City, Salt Lake City, Riverton and West Valley City. They also offer unique savings accounts designed for both seniors and young or new savers.
  • Far West Bank: Springville, UT. 48 month CD yielding 3.05% APY with a minimum deposit of $1,000. Far West Bank is a regional bank which is headquartered in Spokane, Washington but has regional headquarters in South Jordan, Utah. They are a publicly held bank and trade on the NASDAQ stock exchange under the ticker AWBC. They were founded in 1975 in Provo, Utah and were since acquired (in 2007) by American West Bank. They have over $2 billion in assets and roughly 67 locations in Utah, Idaho and Washington.
  • Summit One Credit Union: Ogden, UT. 60 month CD yielding 3.25% APY with a minimum deposit amount of $1,000.  Although this is one of the better local CD rates in Utah, you will most likely be able to find better rates with a larger national bank. Summit One Credit Union has fairly strict membership eligibility requirements. You must live, work, worship or attend school in Weber, Morgan or Davis counties. You may also join if you have family members whom fall within that criteria. Summit One CU was originally founded in 1954 under the name Dee Hospital Credit Union and served doctors, nurses and hospital administrative staff. However, in 2006 they broadened their membership acceptance and changed their name to Summit One.
Another noteworthy credit union serving Utah is America First Credit Union. They are the 7th largest CU in the United States (by membership) and 11th largest in asset size.

All of the above institutions are federally insured by either the FDIC or the NCUA and your deposits are secure up to $250,000. If you live in Utah and know of a better rate offered by your local institution, please share by leaving a comment.

Compare with today’s top CD rates nationwide below:

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