Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
First Utah Bank2.15%-$25kKasasa Cash
First Utah Bank0.75%-$250kKasasa Saver
First Utah Bank0.05%--Kasasa Cash
First Utah Bank0.05%--Kasasa Saver
Accounts mentioned in this post. Rates as of July 29, 2014

Reward Checking and Savings Accounts at First Utah Bank

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First Utah Bank

Banks and credit unions continue to come out with new reward checking accounts. New accounts are not as common as they used to be, but any new accounts in today's environment is good news. Also, the rates and balance caps are lower than what we remember in the "good old days", but these reward checking accounts continue to be a reasonable alternative to internet savings accounts. The latest new reward checking account is the Kasasa Cash account at First Utah Bank. The bank also offers a linked savings account called Kasasa Saver which can be useful for savers with large balances.

First Utah Bank's Kasasa Cash and Kasasa Saver accounts have the following rates and features if certain monthly requirements are met (as of 5/24/2012):

Kasasa Cash

  • 2.15% APY on balances up to $25,000
  • 0.50% on the portion of the balance above $25,000
  • 0.05% APY on entire balance when qualifications are not met
  • ATM fees up to $4.99 per transaction incurred in your Kasasa Cash account will be reimbursed up to $15

Kasasa Saver

  • 0.75% APY on balances up to $250,000
  • 0.50% on the portion of the balance above $250,000
  • 0.05% APY on entire balance when qualifications are not met

To receive the above rates and features, the following Kasasa Cash requirements must be met for each month:

  • 12 debit card purchases post to and clear
  • one ACH automatic payment post to and clear
  • Receive monthly e-statements

Both accounts have no monthly service fees and no minimum balance requirements.

Online Application

The bank has a link to an online application at its Kasasa Cash and Kasasa Saver pages. Update: Since the application wasn't clear on eligibility, I sent the bank an email asking who is eligible to apply. I received a reply stating that they only accept applicants who live in Utah. These accounts are also listed at Kasasa.com, but only for Utah zip codes.

Bank Overview

First Utah Bank branches are located in Salt Lake City and its suburbs.

The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 67.70% (below average) based on December 2011 data. Please refer to our financial overview of First Utah Bank for more details. The bank has been a FDIC member since 1978 (FDIC Certificate # 22738).

How This Reward Checking Account Compares

First Utah Bank's Kasasa Cash rate just barely exceeds the reward checking rate offered by another Utah bank, Bank of American Fork. The balance caps are also the same.

For reward checking accounts nationally available, the best rate for balances up to $25K is 2.52% APY at ABCO Federal Credit Union. The best rate at a bank is 2.00% APY at Bank of Blue Valley. However, this requires monthly debit card purchases that total at least $1,000.

To find the highest reward checking rates in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.

If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.


  Tags: First Utah Bank, checking account, savings account, Utah

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