Home Savings Bank is headquartered in SALT LAKE CITY and is the 39th largest bank in the state of Utah. It is also the 3,683rd largest bank in the nation. It was established in 1979 and as of March of 2025, it had grown to 8 employees at 1 location. Home Savings Bank has an A+ health rating.
Local Insight From A Local Investor
This review posted by Hard Truth on November 19, 2024, is a fictitious posting. The posting was not created by a local investor, but by a former disgruntled employee or someone closely associated. The individual making the post purposefully created a manufactured and distorted view of the bank and its operations in an effort to inflict harm.
Local Insight From A Local Investor
An honest review about Home Savings Bank in Salt Lake City, Utah from a local investor. Here are some things I have found out about Home Savings Bank over my investment career.
In the last decade and a half Home Savings Bank has closed all of its branches except one. They have not hired a long term, full time employee in years. When they loose an employee those who are left end up picking up the slack. 2/3 of the staff is either over retirement age or within a year or two of retirement, that is including upper management 2/3 of whom are over the age of 70. Home Savings Bank has only one or two tellers and about four loan officers. Home Savings Bank does not have a large selection of loans, they have a small lending area, and a small selection of loans. Home Savings Bank does not have any checking accounts or savings accounts, they do have money market accounts but word on the streets is that they are actively and intentionally trying to force people to shut them down and move them to other financial institutions by offering lower than market rates and making life miserable for them to do business. Word also has it that they have little to no walk in traffic and very few new local investors are opening up new accounts. Home Savings Bank does not have a banking app, there is no way to deposit checks or bank using your smart phone, etc. Home Savings Bank does not have any licensed financial advisors or licensed investment advisors, so don’t get your hopes up on any real financial or investment advice when opening up an account. Home Savings Banks online CD application process is archaic and slow when you compare it to the local credit unions and banks. The local credit unions are just as competitive rate wise and have better service and faster online application processing. Most of them have licensed financial and investment advisors to boot. When you call up Home Savings Banks with questions about your CD’s your lucky if you get one of the tellers, but more often then not you get one of the loan officers trying to answer your questions, I personally suspect that they have little to no training, they seem lost, there is a lot of run around, they tell you things like I don’t know about that, let me get back to you about that, let me transfer you to someone who can answer your questions, etc. When I have asked around I found out that Home Savings Bank had to shut down their online CD applications for a number of months due to undisclosed issues. I personally won’t invest in Home Savings Bank. I recommend people to check out other local options like America First Credit Union, Mountain America Credit Union, UCCU, Deseret First Credit Union, U First Credit Union, Utah First Credit Union, and other local institutions that are constantly growing, getting more locations, updating their online presence, updating their technologies, etc. These other financial institutions rates are almost the same if not better at times, their customer service is better, they have apps for your banking convenience, you can deposit checks electronically using your smart phone, the online CD application process is faster and better, they all have multiple locations that are closer for to me to access if I ever want to go in person. Over all there are better options for local investors like me than Home Savings Bank. If you are not progressing and getting better, you are digressing and getting worse, there is no staying static in one place, finances and business are no different. In life you constantly have to make decisions, sometimes they are hard, sometimes they are easy, for me personally, this is one of the easiest investment decisions. If Home Savings Bank sounds like the kind of financial institution you would trust long term with your hard earned money, then go for it. Me personally, Home Savings Bank isn’t my cup of tea when it comes to financial institutions. There are far better and more updated options out there.
$200 Maximum ACH Transfer??
Crazy application for new CD account!! New ACH funding limited to only $200.00 maximum! Otherwise, you must mail them an opening check.
Strong pass....I decided to go elsewhere.
Disorganized And Unprofessional
I filled out an online application for a CD and waited three days. No email to confirm application or even a later response to a message, so I phoned to inquire. I was transferred a few times and couldn’t initially get confirmation on what stage my application was in. I also remembered that I had a voluntary credit freeze with all three main bureaus for security and asked which one that they used so I could lift it. The representative wasn’t sure and provided a guess. So I pressed further and was told that I “probably would have to submit another application”.
This didn’t demonstrate the best professionalism of a bank that you might give a mid five figure deposit to, so I ultimately requested that my application be cancelled (because they already had my ACH information). Even that simple request took several minutes to track down and process. Yes, it was found to have been rejected due to my credit freeze, but NO NOTIFICATION SENT. I tried one last ditch attempt for them to keep my business and it failed, as they stated that although they now had the application in front of them, no manual override was available.
For just a few tenths of a point in intrest, doing business with Home Savings Bank wasn’t worth it for the low confidence that they exhibited. I went back to my main bank who appreciated the business and funded my CD that same day.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26798 |
| Year Established | 1979 |
| Employees | 8 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.38% |
| Return on Equity - YTD | 9% |
| Annual Interest Income | $2.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $115MM$121.3MM |
| Loans | Q1 2025vs Q1 2024 | $97.9MM$103.1MM |
| Deposits | Q1 2025vs Q1 2024 | $88MM$76.7MM |
| Equity Capital | Q1 2025vs Q1 2024 | $17.6MM$18.1MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $981K$1MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $0$0 |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |