Best Certificates of Deposit (CD) in Utah for 2025
- For savers with high liquidity ($25,000 minimum), Merrick Bank offers short-term CDs of 3, 6 and 9 months with interest rates between 4.26% and 4.35%.
- Utah Community Credit Union offers exceptional rates on its standard share certificates, and its Jump Up feature allows you to do a one-time rate increase should interest rates rise.
- Bank of Utah’s 4.45% APY on a 90-day online CD is one of the highest rates offered in Utah for a short-term savings product.
- Many Utah-based banks and credit unions offer competitive interest rates with CDs from online financial institutions.
Banks and credit unions in Utah offer a wide range of certificates of deposit (CDs) that can help you get a leg up on your personal savings.
Investing in CDs can bring many benefits: low risk, predictable and guaranteed returns, and interest rates that are well above what’s offered on standard savings accounts. Savers can choose from short- or long-term CDs, or a mix of both for a more diversified savings strategy. Use the guide below to find banks and credit unions offering some of the best CD rates in Utah.
Best CD Rates in Utah
Popular Banks and Credit Unions in Utah
Residents of the Beehive State can find great rates on CDs and share certificates from many different Utah-based banks and credit unions. Online banks are known for offering some of the best CD rates in Utah, but there are plenty of financial institutions headquartered in Utah that offer competitive interest rates on certificates of deposit.
We’ve spotlighted some of Utah’s most popular banks and credit Unions.
Zions Bank. Founded in 1873 by Brigham Young, Zion’s Bank is the oldest and one of the largest banks in the State of Utah, but the financial institution is no longer affiliated with the LDS Church. CD terms at Zions Bank range from 1 to 60 months.
Eastern Utah Community Credit Union. EUCCU has locations in Price, Castle Dale, Moab and East Carbon. It offers share certificates with terms from six to 60 months, and APYs ranging between 3.50% and 4.35%.
First Community Bank of Utah. FCBU was founded in Layton City in 1905 and is now a division of Glacier Bancorp. Savers can open a CD at First Community Bank of Utah with a $500 minimum deposit.
Online Banks. Utah has a multitude of regional financial institutions proudly serving residents of the state, but some savers may want to open a CD at an online bank. Interest rates can be higher than those offered at traditional financial institutions.
Online Banks in Utah Offering CDs
Utah residents have some exceptional financial institutions serving the state’s large cities and rural communities. Online banks are a good alternative to traditional banks and credit unions because they can offer customers a wide range of potential benefits.
Here are a host of reasons why Utahns should consider opening a CD at a digital bank.
FDIC Insurance
Online banks have the same Federal Deposit Insurance Corporation guarantee as traditional banks of up to $250,000 per account. Your money is protected.
Better interest rates
Since online banks don’t have physical branch locations, they generally have lower overhead than traditional financial institutions. As a result, they can offer some of the highest CD rates in Utah.
Easy to establish CD accounts
Digital banks make it easy to apply for and open accounts. You can have your money invested in a CD in a matter of minutes with just a few taps on your smartphone or a handful of clicks of a mouse.
Reduced or zero fees
Online banks don’t need to boost revenue from common banking fees. Many offer very low or zero fees on standard savings and checking accounts.
Convenience
Digital banks usually have robust mobile apps that make it easy to conduct your banking business and gain insight into your financial goals.
Full range of savings products
Online banks offer a wide range of long- and short-term CDs to meet a range of savings strategies. You can choose from 3, 6 and 12-months CDs, or longer-term savings products such as ranging from 24-60 month CDs.
Best CD Rates from Online Banks
The four online banks below offer some of the highest CD rates in Utah:
First Internet Bank. First Internet Bank has CDs with terms between 3 and 60 months. Interest rates start at 3.65% on a 3-month CD and are as high as 4.40% on a 6-month CD.
Live Oak Bank. Although this digitally focused bank offers lower rates on long-term CDs than many Utah-based financial institutions, it has a solid 4.10% APY on its 12-month CD.
Brilliant Bank. Brilliant Bank only offers three CDs: 3, 9, and, 15 months, but APYs are exceptional at 4.35% on the shorter-term CDs and 4.30% on the longer-term one.
My eBanc. My eBanc has strong yields on timed savings deposits of 6 to 36 months with a $5,000 minimum deposit requirement. APYs range from 3.70% to 4.35%. For higher-net-worth individuals, My eBanc has jumbo savings products ($50,000 minimum deposit) with APYs ranging from 3.98% to 4.45%.
Many more respected online banks offer some of the best CD rates in Utah. A quick search should turn up additional digital banks offering great interest rates on short- and long-term certificates of deposit.
Factors to Consider When Choosing a CD in Utah
Utah’s highly diverse economy can help the state withstand downturns in the national economy. As a result, Utah-based banks and credit unions may be able to continue offering high interest rates on certificates of deposit regardless of bear runs in the public equities markets.
Here are some additional factors that may influence CD rates in Utah:
State taxes
Utah’s standard individual income tax rate of 4.55% (regardless of income level) will be levied against any income generated from interest on certificates of deposit. You’ll also have to pay taxes at the Federal level when you file out your Form 1040.
Term length
Banks and credit unions offer many different interest rates on their shorter- or longer-term CDs. It may be in your best interest to open CDs at multiple financial institutions to capitalize on the best CD rates in Utah.
Future interest rate deductions
Any downward pressure on interest rates by the Federal Reserve will result in a lower yield on interest-bearing savings products such as certificates of deposit.
Pros and Cons of Buying CDs in Utah
Certificates of deposit are popular savings products because they offer strong interest rates and fixed returns. They may not be your best option, however. Here are some benefits and drawbacks of CDs:
Pros
- Guaranteed returns
- Interest rates won’t change
- Minimal risk
- FDIC insurance
- Varying terms to meet different savings goals
Cons
- Illiquidity
- Penalties for early withdrawal
- Better yields may be found in alternative investments or public equities
It’s Time to Start Your Savings Journey with CDs
Interest rates for savings products such as certificates of deposit continue to remain high. There’s no telling when or if the Federal Reserve will lower its benchmark interest rate in 2025, so don’t delay. If you are ready to begin your savings journey, start today by comparing the best interest rates on CDs in Utah. You can choose a short-term CD of 3, 6, or 9 months, or opt for a longer-term savings strategy such as an 18-month CD or even one as long as 5 years.
FAQ
Where you bank is mostly a matter of personal preference. However, it’s worth noting that regional banks and credit unions serve Utah residents by providing auto and personal loans, mortgages, and other banking services.
CD laddering is a common savings strategy that uses a mix of short- and long-term CDs. Talk to your banker to determine which CD laddering strategy best meets your financial objectives.
While regional banks offer some great CD specials, the CDs with the highest APYs are frequently online banks such as First Internet Bank, Newtek Bank, and Popular Direct.
