Best CD Rates in Salt Lake City, Utah: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Salt Lake City, Utah. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving Salt Lake City as well as Utah, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Highest yielding money market account rates in Utah

Below are the highest yielding money market account rates serving citizens of the state of Utah.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Utah, we have found that in some instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rate tables.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market rates in Utah:

(click on the institution for more information)

• ADB Bank: Cedar City, UT. Money market account yielding 1.60% APY with no minimum balance required. This account also comes with no monthly fees, free online banking, free online bill pay, free checks, and free check imaging. Allegiance Direct originally commenced business in June of 2001 as a finance company to provide commercial customers of insurance agencies the opportunity to finance their insurance premiums. This financing allows the customer to spread the expense of insurance premiums over time so that such expense may be funded out of its operating income. ADB now offers a wide range of loan and deposit products. Contact: (800) 549-4828
• Transportation Alliance Bank: Ogden, UT. Money market account yielding 1.20% APY with a minimum deposit of only $25. The interest on this account is compounded monthly and credited monthly. Like most MMA’s, you are entitled to 6 withdrawals per month (3 of which can be made through check). Transportation Alliance Bank, Inc (TAB) was originally established as an Industrial Loan Corporation (ILC) in 1998. TAB’s mission is to offer a full line of innovative financial services to the professional trucking market – to both individual drivers and fleet motor carriers. TAB also offers financial products to other customers of Flying J, including RV’ers and other interstate highway travelers.

Both of the above institutions are federally insured by the FDIC. If you live in Utah and know of a better money market rate offered through your local institution, please share by leaving a comment.

Best CD rates in Utah: Top 3

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. (Compare CD rates).

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.

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.