Before deciding which bank or credit union is ideal for you, you must decide if you want a savings account, a checking account, or both. In addition, having a bank account is essential to the smooth operation of your Utah company or LLC.
Any small business owner knows the need to find a bank to provide your small business with the services, assistance, and resources required to thrive. But how can you choose the best banks in Utah for your small business or any other purpose?
Bank customers in Utah have their pick of national and regional institutions, so narrowing it down to the best fit can be a challenge. But have no fear; we've matched the specialties of the best Utah banks and credit unions.
5 Best-Rated Banks In Utah
Here you can find the list of banks in Utah so you can make the switch immediately.
Oxygen Bank
Oxygen Bank is an excellent option for those who run a one-person business because it is designed with their needs in mind. It provides several accounting services and features, including access to useful accounting software within the app itself.
A great bonus about using an Oxygen debit card is the cash rewards program. Furthermore, Oxygen has no overdraft fees, minimum balance limitations, or monthly fees. There is no minimum balance on checking or savings accounts at Oxygen Bank. There will be no monthly fee if there is no money in your account.
There will be no fees if your earnings don't meet a specific threshold. Oxygen Bank has developed a mobile banking app to facilitate on-the-go financial management for small business owners. You can deposit checks, pay bills, and print account statements. In addition, the app provides spending insights that may be used to keep tabs on your money.
U.S. Bank
U.S. Bank is a great option if you're a small business and need access to funds quickly. It's the best loan deal in Utah, with a forgiving repayment schedule and a low-interest rate for small businesses. Customers can use the many payment methods available to them, including those at the point of sale, thanks to the merchant services provided by U.S. Bank.
In addition, new U.S. Bank account holders can receive a bonus of up to $500 just for signing up. U.S. Bank has more than 2,000 physical locations, making it convenient to visit even if you're traveling internationally. In addition, you can use their mobile app to access your account information online.
No minimum balance is required when opening an account with U.S. Bank's silver package for small businesses. The monthly cost is waived if you retain a certain amount in your other checking account. The minimum balance required to avoid monthly maintenance costs for a savings account is $500.
Zions Bank
Zions Bank is a Utah institution helping locals for over a century. Despite its hometown focus, the bank provides many services typical of larger financial institutions. The bank offers four distinct types of checking accounts, including one specifically for active-duty military members. Thus this is amongst the best banks for veterans in Utah.
Many other savings accounts, such as certificates of deposit, traditional money market accounts, and individual retirement accounts (IRAs), are available. Anytime Checking accounts can be opened for just $50, and there is no ongoing maintenance fee.
You can use Zelle and the other standard mobile banking capabilities with any bank's checking accounts. This software is similar to Venmo, enabling users to send money to one another using just the recipient's phone number or email address.
Wells Fargo
Monster of the financial sector The state of Utah is home to more than 100 of Wells Fargo's full-service branches. Everyone has everything a customer could want when they walk through the door. Wells Fargo has a product for everyone, from those who want to open their first checking account to those who want to invest their fortune in mutual funds.
Online and mobile banking are available at no additional cost, regardless of the type of account you open. If you lose your Wells Fargo debit card, you can freeze it with the app if it falls into the wrong hands. Mobile deposits, payments, and wire transfers are some of the usual features.
You may have heard, however, that Wells Fargo faced a major crisis after some of its workers were caught creating phony customer accounts and signing them up for unauthorized bill pay services. Wells Fargo has since promised millions in compensation to customers who were harmed. Wells Fargo, however, stands out as one of the largest banks in Utah because of its convenient locations, low fees, and wide selection of banking services.
Axos Bank
Axos business checking account is a great choice to save money on your company's banking services. With Axos, you can enjoy many free monthly transactions without worrying about monthly fees or minimum balance limits.
Axos offers comprehensive online banking services, and the bank's online banking facilities are intuitive and easy to use. In addition, Axos is one of the few banks that will reimburse your ATM fees if you use theirs. Axos allows you to get the most out of your resources, so it is one of the best investment banks to work for in Utah.
There is no required minimum balance on checking or savings accounts at Axos Bank. No minimum amount is required to avoid service charges every month for small business owners. If you don't need to keep a sizable sum of money in a savings account, Axos is a good option.
This account is not about making money but about the rewards it might offer your business. You may earn interest on your savings by opening a business savings account with Axos.
Conclusion:
Consider the bank's interest rates, services, fees, accessibility, and security measures before opening an account for your business. These will increase the likelihood of picking a bank that fits your company well. It would help if you went with the one that has the services and features that help you achieve your business goals.
