Are you living in Utah and looking to grow your savings without lifting a finger? You’re not alone. With inflation biting into our wallets, more Utahns are looking for smart, low-risk ways to make their money work for them. That’s where high-yield savings accounts come in.
As a financial adviser, I often recommend high-yield savings accounts as a simple and safe way to earn more interest than traditional savings accounts, especially for emergency funds, down payments, or short-term goals. But here’s the kicker: not all high-yield accounts are created equal.
Let’s get into the 10 best high-yield savings accounts in Utah for 2025.
Best High-yield Savings Accounts in Utah
1. Ally Bank High Yield Savings Account
APY: 4.25%
Monthly Fees: $0
Minimum Balance: None
Why It’s Great: Ally is a top choice nationwide and serves Utah residents with a robust online platform. With no hidden fees and a strong APY, it’s perfect for savers who prefer digital banking.
Bonus Tip: Ally offers tools like “Buckets” and “Surprise Savings” to help you organize and automate your savings.
2. Discover Online Savings Account
APY: 4.30%
Monthly Fees: $0
Minimum Deposit: $0
Why It’s Great: Discover is more than just credit cards. Their savings account features a user-friendly interface, 24/7 customer support, and no sneaky fees.
Ideal For: Utahns who want reliability, strong customer service, and a solid APY.
3. Synchrony High Yield Savings
APY: 4.50%
Monthly Fees: $0
Minimum Balance: $0
Why It’s Great: With one of the highest APYs available, Synchrony is a favorite for passive savers. Plus, you get an optional ATM card—a rare perk among online banks.
Good To Know: There are no physical branches, so be sure you’re comfortable with online-only banking.
4. SoFi High-Yield Savings
APY: 4.60% (with direct deposit)
Monthly Fees: $0
Minimum Deposit: None
Why It’s Great: SoFi is a one-stop shop for banking, investing, and loans. If you’re already a SoFi user in Utah, this account makes life easier—and more profitable.
Perk: SoFi offers up to $2M FDIC insurance through a network of partner banks.
Read Also: Best High Yield Savings Account in Minnesota: Top Picks for 2025
5. American Express® High Yield Savings
APY: 4.25%
Monthly Fees: $0
Minimum Balance: $0
Why It’s Great: Trustworthy and established, AMEX offers a clean, no-frills online savings experience with competitive rates.
Drawback: No checking account option, so transfers may take 1–3 business days.
6. Mountain America Credit Union (MACU) – Growth Savings
APY: Up to 4.00% (tiered)
Monthly Fees: None
Minimum Opening Deposit: $1
Why It’s Great: This Utah-based credit union is community-focused and offers impressive rates to members, especially for youth or first-time savers.
Pro Tip: Becoming a member is easy if you live or work in Utah.
7. Capital One 360 Performance Savings
APY: 4.25%
Monthly Fees: $0
Minimum Deposit: None
Why It’s Great: Capital One makes saving stress-free with easy mobile access, no fees, and great account security.
Ideal For: Tech-savvy Utah residents who want a national bank with a modern twist.
8. LendingClub High-Yield Savings
APY: 4.50%
Monthly Fees: $0
Minimum Balance: $100
Why It’s Great: It offers a standout APY with strong online features. LendingClub is growing fast and is worth checking out.
Heads Up: There’s a $100 minimum to open, so plan accordingly.
9. Live Oak Bank Savings
APY: 4.40%
Monthly Fees: None
Minimum Deposit: $0
Why It’s Great: If you’re a small business owner or freelancer in Utah, Live Oak is particularly appealing due to its business banking features.
Bonus: It’s also great for personal savings with no strings attached.
10. Barclays Online Savings Account
APY: 4.35%
Monthly Fees: $0
Minimum Balance: None
Why It’s Great: Barclays is an international banking giant, and its online savings platform offers a reliable and secure place to grow your funds.
Downside: No checking or ATM access, so it works best as a pure savings vehicle.
Read Also: Best Cashback Cards for Travel in the UK and US
How to Choose the Best High-Yield Savings Account in Utah
When comparing options, keep these tips in mind:
- APY (Annual Percentage Yield): The higher, the better—but check for limitations.
- Fees: Avoid accounts with monthly maintenance fees.
- Minimums: Make sure you can meet the opening and ongoing balance requirements.
- Access: Do you prefer online banking or want a local branch in Utah?
- FDIC/NCUA Insurance: Make sure your money is protected up to $250,000.
Final Thoughts
Choosing the right high-yield savings account in Utah depends on your goals and preferences. Whether you want easy mobile access, a local credit union you can trust, or the highest APY possible, there’s a perfect fit out there for you.
Ready to take action? Compare the accounts above, consider how you plan to use the funds, and open your new account in minutes. Your future self will thank you.
FAQ: High Yield Savings Accounts in Utah
1. Are high-yield savings accounts in Utah safe?
Yes. Choose an account with FDIC (banks) or NCUA (credit unions) insurance.
2. Can I have more than one high-yield savings account?
Absolutely. Many savvy savers use multiple accounts to separate goals.
3. Do Utah banks offer better APYs than online banks?
Local credit unions can be competitive, but online banks usually lead the way with higher rates.
