First Utah Bank (Salt Lake City area) has raised the rates on its Promotional CDs, with the 13-month Promotional CD (1.25% APY) and 60-month Promotional CD (2.25% APY) being the best deals. The minimum opening deposit for these Promotional CDs is $500 and there is no maximum balance cap.
As stated in the Consumer Disclosure, the Early Withdrawal Penalty reads as follows:
The fee we may impose will equal half of the interest to be paid on the term of the Certificate of Deposit or all unpaid accrued interest, whichever is greater.Kasasa Cash
First Utah Bank continues to offer a competitive Kasasa Cash account, which earns 2.15% APY on qualifying balances up to $25K; qualifying balances above $25K earn 0.50% APY. First Utah Bank started offering the Kasasa Cash account in May 2012, and the 2.15% APY has remained constant for the entire life of the product. There is a limit of one account per tax ID number, but two accounts per household are allowed. The Kasasa Cash account can be opened with a $100 deposit.
The monthly qualification requirements are as follows:
- Have at least 12 debit card purchases post and settle
- Have at least one automatic payment (ACH) or bill pay transaction post and settle
- Be enrolled and review eStatement notice
Domestic ATM fees will be reimbursed up to $15 ($4.99 per single transaction) and will be credited to the account on the last day of the monthly statement cycle. ATM receipt must be presented to a branch office for reimbursement of an individual ATM fee of $5 or greater no later than 30 days after the applicable statement cycle.
First Utah Bank is headquartered in Salt Lake City, Utah, and has branches throughout the Salt Lake City metropolitan area. First Utah Bank offers its services and product lines to all residents of Utah.
The Kasasa Cash account can be opened online, but opening a CD requires an in-person visit to any of seven Utah branches located in Salt Lake City (3), Midvale, Riverton, Sandy, and West Valley City. First Utah Bank also offers online account management tools, such as online bill payment and mobile banking.
First Utah Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 13.40% (above average), as of September 30, 2014. In the past year, First Utah Bank has increased its total deposits by $30.76 Million, an excellent annual growth rate of 13.1%. Please refer to our financial overview of First Utah Bank for more details.
Founded in 1978 as the Cottonwood Security Bank, First Utah Bank (FDIC Certifcate # 22738) today has assets in excess of $325 Million and primarily serves the Salt Lake City metropolitan area. First Utah Bank demonstrates their commitment to the local community by actively supporting the Salt Lake Valley Habitat for Humanity, ShelterKids, Inc., Family Support Center, and International Rescue Committee’s New Roots Neighborhood Farm Stand Project.
How the CDs Compare
When compared to similar length of term CDs tracked by DepositAccounts.com, with similar deposit requirements and available to Utah residents, First Utah’s Bank’s 13-month and 60-month Promotional CDs are both attractive:
While the APY on First Utah Bank’s Kasasa Cash account may not be the highest, the maximum qualifying balance of $25K is the highest among comparable accounts.
The above rates are accurate as of 12/28/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.