High Yield Savings Accounts, or high-interest savings accounts, can make your money grow faster without extra effort. Unlike regular savings accounts in big banks with low rates, high-yield accounts offer more earnings. You can boost your savings by over six times the national average rate by exploring options available at FDIC-insured banks. Let’s explore the best high yield savings accounts in Utah.
Utah has various banks, credit unions, industrial banks, and trust companies, all regulated by the Utah Department of Financial Institutions. High yield savings accounts in Utah offer advantages like earning higher interest rates, federal insurance, and easy online opening.
With so many choices, picking the best high-yield savings account in Utah that suits your needs can be challenging. Learning about these options is essential to finding the one that works best for you and helps your money grow faster.
The Best High Yield Savings Accounts in Utah
The best high yield savings accounts in Utah cater to those seeking substantial returns and user-friendly features. Below is a simple table highlighting some of the best high yield savings accounts in Utah and their notable features:
| Bank | Key Features | Best For |
| Beem | Competitive interest rates, user-friendly mobile app | Residents prioritizing secure and rewarding savings |
| Citi | Competitive interest rates, no minimum balance | Those seeking competitive rates |
| American Express | Fee-free savings, strong online presence | Individuals prioritizing online access |
| Synchrony Bank | No fees, no minimums, tiered interest rates | Those wanting fee-free and flexible savings |
| Ally Bank | Unique promotions, online calculators | Savers seeking promotional incentives |
Online High Yield Savings Accounts in Utah
- Utah residents have access to high-yield savings accounts through online platforms.
- Online banks like Beem, Citi, American Express, Synchrony, and Ally Bank offer competitive interest rates and fee structures.
- These banks provide digital tools for efficient account management.
- Online banking offers flexibility while ensuring significant savings growth.
- Select an option that aligns with your financial objectives, whether it’s maximizing interest returns or enjoying user-friendly online features.
Beem – High Yield Savings
Beem is a high-yield savings account provider that brings exceptional financial opportunities to residents of Utah. With Beem, Utahns can access a secure and rewarding savings platform, ensuring their hard-earned money grows at an impressive rate. Beem stands out for offering competitive interest rates, often exceeding those of traditional banks. This means your savings will work harder for you, helping you achieve your financial goals faster.
One of the prime advantages of Beem is its user-friendly mobile app, which allows account holders to manage their savings effortlessly. Additionally, Beem prioritizes customer security, employing state-of-the-art encryption and authentication measures to safeguard your funds.
Whether saving for a rainy day, a dream vacation, or a significant life milestone, Beem’s high-yield savings account in Utah provides an innovative, reliable, and accessible way to reach your savings objectives.
Citi
Citi’s Accelerate Savings Account, available in Utah, is a top choice for serious savers. You don’t need a minimum amount to open the account. Still, you’ll need to maintain a daily balance of $1,500 to avoid the monthly service fee. If that’s impossible, you can still waive the fee by linking a checking account to your savings.
With its credit card heritage, Citi offers a user-friendly online platform and mobile app, making it simple to manage your money independently. With Citi’s high-yield savings account, you can boost your savings effortlessly while enjoying the convenience of online banking.
Citi Pros & Cons
Pros
- Global access to no-surcharge ATMs.
- Multiple methods to waive monthly fees.
- Strong customer service.
Cons
- High daily balance needed to avoid monthly fees.
American Express® National Bank, Member FDIC
American Express® National Bank, Member FDIC, provides an outstanding online high-yield savings account in Utah. Managing money becomes effortless with a user-friendly mobile app and robust online presence.
The account requires no fees or minimum balance, offering simplicity and flexibility. Whether conducting transactions independently online or seeking assistance, their customer service operates 24/7.
However, opening the account necessitates linking an existing account, and there’s no access to funds via ATMs, as American Express doesn’t issue ATM cards for savings accounts. Despite these considerations, American Express stands out for its fee-free, accessible, high-yield savings, emphasizing convenience and reliability.
American Express Pros & Cons
Pros
- No minimum deposit or fees.
- Strong online presence.
- Good customer service.
Cons
- No ATM card option.
- Requires linking to an existing account.
Synchrony Bank
Synchrony Bank presents an excellent option for a fee-free online high-yield savings account in Utah. It is a cost-effective choice with no minimum daily balance, starting balance requirements, or fees. The tiered interest rates reward higher balances with better rates, accelerating your savings growth.
Accessing your funds is convenient through the online site, mobile app, or ATMs displaying Accel or Plus logos. Even if you use non-branded ATMs, Synchrony Bank refunds up to $5 in monthly ATM fees.
Offering simplicity and accessibility, Synchrony Bank’s high-yield savings account provides a hassle-free way to boost your savings.
Synchrony Savings Pros & Cons
Pros
- Easy access to surcharge-free ATMs.
- No fees and no minimum requirements.
Cons
- Tiered interest rates.
Ally Bank
Ally Bank, an online high-yield savings option in Utah, stands out in the banking landscape. They bring creativity to your financial journey, offering more than just the basics. There’s no need for a minimum balance, and you won’t encounter maintenance fees.
Ally’s online calculators aid in understanding your finances, while their savings “buckets” simplify goal achievement. Their customer service is top-notch. While customers holding $25,000 or more earn the highest interest rates, those with lower balances can benefit from unique promotions that present money-making opportunities.
Ally Bank combines innovation, convenience, and customer-centric features for a rewarding banking experience.
Ally Savings Pros & Cons
Pros
- Unique promotions for additional cash.
- Empowering savings tools and calculators.
- Reliable and accessible customer service.
Cons
- Tiered interest rates favor the highest balances.
- Lack of branch banking.
A Look at Local Utah Banks
Local Utah banks and credit unions provide a strong local presence for a more personal touch in the Beehive State. These institutions facilitate in-person banking, allowing residents to interact with trustworthy bankers. The emphasis on local relationships ensures a personalized banking experience, making these institutions reliable for those seeking a more direct and trustworthy connection with their financial services.
Here are some of the great options for local banks in Utah.
| Bank | Key Features | Best For |
| Prime Alliance Bank | Same interest rate for everyone, strong online options | Those valuing consistent interest rates |
| Chevron Federal Credit Union | Reasonable opening deposit, multiple savings options | Members seeking flexibility in savings |
Prime Alliance Bank
Prime Alliance Bank, located in Wood Cross, Utah, is a dependable local bank delivering as expected. With high-yield checking and savings accounts, they cater to diverse financial needs. The personal savings account ensures a consistent interest rate for all without consideration of the account balance. The user-friendly online and mobile banking enhance convenience.
Prime Alliance Bank imposes no minimum balance or monthly fees and allows free check deposits via the mobile app. Interest is credited quarterly, completing the package of accessibility and favorable terms for account holders.
Prime Alliance Bank Savings Pros & Cons
Pros
- Uniform interest rate for all.
- Robust online and mobile banking.
- No minimum balance requirement.
Cons
- Interest posts quarterly, not monthly.
- Transfer cap of up to $50,000 per month.
Chevron Federal Credit Union
In 22 locations across six states, Chevron Federal Credit Union provides accessible membership options through various organizations nationwide. Their Member Savings Account opens with $25, with interest earned by maintaining a $25 daily minimum balance. Enjoy the convenience of free quarterly statements and monthly interest deposits.
Chevron Federal Credit Union offers unique sub-savings accounts tailored for specific goals, whether saving for Christmas or a vacation. With a commitment to flexibility and tailored savings options, it’s a local Utah bank worth considering for your financial needs.
Chevron Federal Credit Union Savings Pros & Cons
Pros
- Reasonable opening deposit and balance requirements.
- Quarterly statements.
- Various membership routes.
Cons
- No ATM card option.
How We Picked: Methodology
In our quest to identify Utah’s top high-yield savings accounts, we employed a thorough methodology. Our analysis encompassed various financial institutions, including online banks, local credit unions, national banks, regional banks, and local banks, spanning cities like Provo, Orem, and Salt Lake City.
To pinpoint the best savings accounts, we scrutinized over 25 banks, factoring in various elements. This included the most up-to-date interest rates, account accessibility, prerequisites for opening and maintaining an account, any associated fees, ATM access, flexibility, availability, and the user-friendliness of mobile banking services.
It’s important to note that the rankings we provide reflect the prevailing market conditions and Annual Percentage Yields (APYs) at the time of our analysis. Banks have the prerogative to alter their rates and terms, so it’s advisable to verify their current offerings directly with them to make well-informed financial decisions.
How to Choose a Savings Account in Utah
Choosing the correct savings account in Utah involves considering various factors. Here’s a guide to help you make an informed decision:
Account Options
- When selecting a savings account in Utah, explore high-yield options for enhanced returns.
- Consider traditional or online banks offering checking accounts for everyday financial transactions.
- Evaluate the availability of certificates of deposits and money market accounts to diversify your savings and investment strategies effectively.
- Diversifying your portfolio with multiple options ensures flexibility and adaptability to changing financial needs.
- Consider a bank that evolves with you, providing comprehensive solutions for your financial journey.
Fees
- Evaluate fee structures; many banks offer fee-free accounts, but some conditions may apply.
- Determine if any specific actions are needed to enjoy fee waivers, such as enrolling in direct deposit, maintaining a minimum daily balance, or making monthly deposits.
- Consider potential fees for unique services like paper statements or overseas wire transfers.
Opening Deposit
- Check the opening deposit requirements; some banks require no initial deposit, while others may ask for $500 or more.
- If there’s no opening deposit but a minimum daily balance is required, confirm if there’s a grace period for compliance within one statement cycle.
Access
- Assess your preferred fund access method; certain banks offer ATM cards, ensuring swift withdrawals, while others may necessitate transfers between accounts for access.
- Examine the presence of local branches to facilitate in-person transactions, providing added flexibility to your banking experience. This consideration ensures that your chosen bank aligns with your convenience preferences, offering convenient access options and a personalized banking experience.
Customer Service
- Assess your preferred level of customer support, whether you’re comfortable with online/mobile assistance or prefer face-to-face interactions.
- If you desire hands-on management, look for a bank with strong customer service or local branches.
Interest
- Prioritize comparing interest rates to optimize your savings, as it is pivotal in your overall earnings.
- Evaluate if the bank employs tiered interest rates, where higher deposits result in more favorable rates, or if a uniform rate applies to all account holders. Additionally, remain aware that posted rates are subject to change, and the initial terms presented may not be guaranteed for the entire duration of your savings account, emphasizing the importance of ongoing rate monitoring.
Account Management
- Scrutinize the bank’s online site, emphasizing robustness and user-friendliness to ensure seamless account management.
- If mobile banking aligns with your preferences, verify the existence of an optimized app enhancing accessibility and convenience.
- Individuals seeking personal assistance should prioritize banks with solid customer service or accessible local branches. This approach ensures a more hands-on and tailored management experience, catering to diverse account handling and support preferences.
Considering these aspects, you can tailor your choice to meet your financial preferences, ensuring a rewarding and suitable savings account in Utah.
Where Can You Open a Savings Account in Utah?
You can open a savings account in Utah at traditional banks, online banks, or credit unions. Traditional banks offer local branches and diverse services, online banks provide digital convenience, and credit unions emphasize community ownership. Each option has distinct advantages, catering to varied preferences for accessibility, services, and community engagement.
Traditional Bank
When considering where to open a savings account in Utah, traditional banks are familiar and accessible. With their recognizable buildings and scattered branches, these banks offer a local presence for convenient in-person banking.
With branded ATMs available, accessing cash is made easy, providing additional convenience for account holders. Traditional banks go beyond basic savings accounts, providing various financial products such as mortgages, personal loans, and investment options.
Whether operating nationally or locally, traditional banks cater to a diverse clientele. Their strong online and mobile banking services enhance account management, offering flexibility for those who prefer digital interactions. Importantly, traditional banks are insured by the FDIC, ensuring the safety and security of your deposited funds.
In the digital age, online banks present a compelling option for those seeking a savings account in Utah. Operating primarily on the Internet, these banks provide a streamlined and convenient way to manage your finances.
Online banks
Online banks may lack physical branches but compensate with access to a network of branded or cooperative ATMs nationwide. Some are extensions of traditional banks, ensuring reliability. They cater to individuals comfortable with self-service, offering diverse financial instruments without needing in-person interactions.
The appeal lies in their focus on user-friendly online platforms, making banking accessible anytime, anywhere. Online banks are FDIC-insured as traditional banks, ensuring your savings’ safety in the virtual realm.
Credit Unions
Consider credit unions when choosing where to open a savings account in Utah. Like traditional banks, credit unions have main offices and branches, often localized to specific counties or states, fostering community ties.
What sets credit unions apart is their ownership structure. Members or account holders own credit unions, ensuring community ownership rather than being driven by shareholders or private companies.
Customer service is a notable strength of credit unions. However, their online and mobile presence may be less robust than larger banks. Credit unions are a favorable option if you value personal assistance and flexibility in offerings.
Crucially, credit unions are insured by the NCUA, providing a secure environment for your savings within a community-oriented financial institution.
Conclusion
In conclusion, opting for high yield savings accounts in Utah is a smart move to make your money work harder for you. With their higher interest rates, these accounts outperform regular savings accounts, allowing your savings to grow faster over time. The convenience of opening these accounts online without leaving your home adds to their appeal. With various banks, credit unions, and financial institutions in Utah offering high-yield savings options, the challenge lies in choosing the one that best suits your financial goals.
You can boost your savings by exploring FDIC-insured banks and taking advantage of the competition for your money. In the evolving landscape of 21 banks, 28 credit unions, 16 industrial banks, and two trust companies in Utah, high-yield savings accounts are a secure and rewarding choice for residents looking to achieve their savings objectives.
Remember, choosing the best HYSA involves considering critical factors like interest rates, fees, minimum balance, and accessibility. Beem can help you find the best high-yield savings accounts to suit your needs.
