Zions Bank – From Utah’s First Bank to Online Banking

Zions Bank offers a wide range of online banking products, including savings accounts, checking accounts and money market accounts.
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Written by Dan Rafter
Financial Expert
Managing Editor
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Zions Bank has been serving customers in Utah since 1873 when it first opened in Salt Lake City. Today, it operates 125 full-service financial centers in Utah and Idaho. The bank operates more than 200 ATMs in these states and employs more than 2,500 people.

Zions Bank History and Locations

The bank traces its history to Brigham Young. On July 10, 1873, Zion’s Savings Bank and Trust Company was incorporated and became the state’s first chartered savings bank and trust company. During that first day of business, the bank’s cashier and tellers recorded deposits of just more than $5,876.

In late 1957, Zion’s Savings Bank and Trust Company, Utah Savings and Trust Company and First National Bank of Salt Lake City merged to form Zions First National Bank. This larger institution boasted $109.5 million in deposits. (The merger also signaled the end of that apostrophe in Zion’s Savings Bank.)

Today, Zions Bank operates under the Zions Bancorporation, a corporation that provides banking offices in 10 western and southwestern states.

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Zions Bank Checking Accounts

Like all large banks, Zions Bank provides several tiers of checking accounts.

Simple Checking Account

The basic level, the bank’s Simple Checking Account, offers some nice perks. It has no monthly maintenance fees, and customers don’t have to maintain a minimum monthly balance. They can also write an unlimited number of checks each month without any extra charges.

Simple Checking also comes with direct deposit, overdraft protection, a debit card from Zions Bank, online bill pay, mobile banking, and automatic transfer services.

Gold Checking Account

Those customers wanting to upgrade can move to the bank’s Gold Checking Account. This account comes with additional benefits, such as a rent-free safe deposit box, notary services, discounts on mortgage loan origination fees, reduced rates on installment loans, and free traveler’s checks, money orders, and cashier’s checks.

Saving Accounts

Customers can choose from two main savings accounts at Zions Bank.

Statement Savings Account

The bank’s Statement Savings is a fairly basic account. You’ll need a minimum opening deposit of $50, and you’ll have to pay a $3 monthly maintenance fee if your balance falls below $200. You can make unlimited withdrawals and up to six transfers within a cycle of 30 days. Be careful visiting tellers, though: You’ll have to pay a fee of $2 every time you withdraw from a teller if you make more than three withdrawals a month.

Ultimate Savings Account: High Yield Savings Option

The bank’s Ultimate Savings account earns a higher interest rate if your balance is $5,000 or higher. It also comes with perks such as mobile banking, online banking, and tablet banking.

Zions Bank has been recently recognized during MoneyRates Best Savings Accounts feature for its money market rates. You can open a basic or high-interest money market account. You’ll need a minimum opening deposit of $1,000. To earn interest on the account, you’ll have to maintain at least $1,000 in your account at all times.

The bank’s premium offering in this category, the Gold Money Market account, pays higher interest rates.

The Bottom Line on Zions Bank

Zions Bank is a solid choice for consumers who don’t want to worry about incurring monthly fees. Most of the bank’s products charge fees only in extreme circumstances, such as if you continually make withdrawals from your savings account in person with a teller. The interest rates provided on savings, checking, and money market accounts aren’t exceptional, but they are within industry norms.

About Author
Dan Rafter
Dan Rafter, a valued contributor at MoneyRates, brings many years of expertise in the financial sector. Specializing in areas like credit scores, lending, mortgages, and credit cards, Dan has an innate ability to simplify complex financial concepts for his readers. His insightful articles have appeared in numerous print and digital publications, making him a trusted voice in the financial community. Residing in the Chicago area, Dan continues to offer knowledge and guidance for those navigating the world of finance.
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