First Utah Bank Offers Rate-Leading 13-Month Bump Up CD
First Utah Bank is currently offering a 13-Month Promotion Bump CD with a competitive 5.25% APY. The minimum opening deposit is $500 of new money, with no stated balance cap. “New money” is defined simply as “funds coming from another financial institution.”
This Promotion CD offers a one-time rate increase. As stated on the rotating banner of the bank's homepage,
Prior to maturity, you may request a one-time rate increase to the highest APY and interest rate we offer for our 13-month certificate of deposit. Rate increase requests received after 4 pm MT will be processed no later than the next business day. The new interest rate and APY will be in effect for the remainder of the original CD term. Contact us at 801.308.2265 to request your one-time rate increase.
A personal observation – The banner also uses the familiar idiom that every parent has said at one time: “Money doesn’t grow on trees.” First Utah Bank follows up with “so we are here to help,” which is not exactly what most parents say when you want a new car.
The Consumer Disclosure is no longer available on the First Utah Bank website. According to CSR, the Early Withdrawal Penalty I quoted in a previous First Utah Bank blog post is still in effect:
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.
Availability and Account Opening
Headquartered in Salt Lake City, Utah, First Utah Bank has a brick-and-mortar presence throughout the Salt Lake City metropolitan area. According to CSR, any Utah resident who can come into a First Utah Bank branch is welcome to apply.
Opening a CD requires an in-person visit to any of the seven full-service Utah branches located in Lehi, Midvale, Riverton, Salt Lake City (2), Sandy, and West Valley City.
Funding and Other Details
The following information was obtained from a conversation with CSR.
- Funding – ACH, wire, or check.
- Ownership – Individual, joint, or trust.
- Interest – Compounded/credited quarterly and cannot be withdrawn penalty-free.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a First Utah Bank account.
- Beneficiaries – Unlimited, percentages can be assigned; Social Security number required for all beneficiaries.
- Grace Period – 10 business days before automatic renewal as a 12-month CD.
- Credit Check – ChexSystems.
Bank Overview
First Utah Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.78% (excellent), based on December 31, 2022. In the past year, First Utah Bank has increased its total non-brokered deposits by $16.02 million, an above average annual growth rate of 2.77%. Please refer to our financial overview of First Utah Bank (FDIC Certificate # 22738) for more details.
First Utah Bank is a locally-owned and operating full-service bank and is one of the largest community banks in Utah. Founded in 1978 as the Cottonwood Security Bank, the First Utah Bank rebrand occurred in 1991. Currently the 26th largest bank headquartered in Utah, First Utah Bank has assets in excess of $716 million and more than 10,300 customer accounts.
How the 13-Month Promotion Bump CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the First Utah Bank 13-Month Promotion Bump CD. The following table compares the 13-Month Promotion Bump CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 5/19/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
