State Bank of Southern Utah Ups 60-Month CD


Deal Summary: 60-month CD, 2.78% APY, $500 minimum deposit.

Availability: Market area is six southwest Utah counties.

In the past few months, short-term CDs have been in the spotlight, with rates rising everywhere. I was pleasantly surprised to see that State Bank of Southern Utah (SBSU) had raised the rate on its 60-month CD (2.78% APY) last week. The minimum deposit is $500, with no stated balance cap.

4.00%$500-State Bank of Southern Utah60 Month CD
Rates as of May 22, 2024.

SBSU’s 60-month CD has been fairly uncompetitive for much of the last five years, with an APY of 1.75% from May 2013 to March 2017. In the past ten months, there have been two rate increases, adding a total of 201 bps.

According to CSR, the Early Withdrawal Penalty for the 60-month CD is 180 days interest. Using DA’s Early Withdrawal Penalty Calculator, you can see what the effective yields would be on a month-by-month basis. For example,

  • 2.46% APY – closed at 4 years
  • 2.34% APY – closed at 3 years
  • 2.10% APY – closed at 2 years


Headquartered in Cedar City, State Bank of Southern Utah’s market area consists of six southwest Utah counties: Garfield, Iron, Kane, Piute, Sevier, and Washington.

Opening any type of account SBSU must be done at any of twelve full-service Utah branches located in Cedar City (2), Circleville, Hurricane, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George (2), and Tropic.

Bank Overview

State Bank of Southern Utah has an overall health grade of "A" at, with a Texas Ratio of 1.44% (excellent) based on September 30, 2017 data. In the past year, SBSU has increased its total non-brokered deposits by $21.02 million, an above average annual growth rate of 2.64%. Please refer to our financial overview of State Bank of Southern Utah (FDIC Certificate # 17964) for more details.

Currently Utah’s 23rd largest bank, State Bank of Southern Utah was established in 1957 “by community leaders who saw a need for a bank to service their local financial needs.” The backstory is a bit more interesting. In 1954, there was a dispute between the major stockholders of Bank of Southern Utah, which was the only bank in Cedar City at the time. As a result, the Bank’s stock was sold to First Security Corporation, a regional banking firm headquartered in Salt Lake City. It was two years later before the formation of State Bank of Southern Utah came about, when eleven directors were selected by a secret ballot. According to Wikipedia,

Each director provided $100 in personal funds to cover initial organization costs and committed to subscribe for 500 shares of stock. As soon as the Bank Commissioner of the State of Utah approved the application on February 25, 1957, the Articles of Incorporation were filed with the Secretary of State and an issue of common stock was made available to the general public, with a limit of 500 shares per person. The offering was quickly oversubscribed by 2,330 shares. Directors relinquished some of their stock purchase rights so that every interested subscriber could buy shares.

How the CD Compares

When compared to the 234 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available within the Bank’s market area, State Bank of Southern Utah's 60-month CD APY currently ranks second.

The above rates are accurate as of 1/31/2018.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Salt Lake City CD rates, 5-year CD rates

2.53% Reward Checking Account at State Bank of Southern Utah
Update 10/15/09: The top yield has fallen to 2.53% APY. Refer to the bottom of the post for the rate history.

State Bank of Southern Utah is offering a reward checking account called Big Interest Checking. It pays 2.53% APY on balances up to $50,000 (0.50% for above) if the following monthly requirements are met:
  • 12 debit card purchases
  • 2 ACH direct deposits or ACH autopayments
  • receive e-statements
  • maintain a valid email address
If these are not met, the rate falls to 0.25%. There are no minimum balance fees. There doesn't seem to be any refunds...

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5.88% 60-Month CD at a Utah Bank (State Bank)
State Bank of Southern Utah has several high rates on long term certificates of deposit. These include a 5.88% APY 60-month CD, a 5.74% APY 48-month CD and a 5.61% APY 36-month CD. The minimum deposit for all CDs is $500. There is a 180 day interest penalty for early withdrawals.

The bank does not accept out-of-state deposits. Branches are located in several Utah cities including Cedar City, Circleville, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George and Tropic.

The bank has been FDIC insured since 1959. The bank has the...

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