Utah Savings Rates - June 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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The best savings rates for Utah include Cyprus Federal Credit UnionCyprus Federal Credit Union3876 W Center view Way, West Jordan, UT 84084A+5.0 ★Texas Ratio: 2.25%Real return: +7.20%APY minus 2.8% CPI (February 2026) Dream Round Up Savings at 10.00% APY, Varo BankVaro Bank11781 S Lone Peak Pkwy, Draper, UT 84020A+5.0 ★Texas Ratio: 0.00%Real return: +2.20%APY minus 2.8% CPI (February 2026) Savings Account at 5.00% APY, Granite Federal Credit UnionGranite Federal Credit Union3675 S 900 E, Salt Lake City, UT 84106A+5.0 ★Texas Ratio: 2.69%Real return: +2.20%APY minus 2.8% CPI (February 2026) Tier 1 YoungInvestor Savings at 5.00% APY, Chartway Credit UnionChartway Credit Union562 N Main St, Tooele, UT 84074A+5.0 ★Texas Ratio: 11.31%Real return: +1.70%APY minus 2.8% CPI (February 2026) Smart Steps Savings at 4.50% APY, and Deseret First Federal Credit UnionDeseret First Federal Credit Union3999 W Parkway Blvd, West Valley City, UT 84120A5.0 ★Texas Ratio: 6.69%Real return: +1.20%APY minus 2.8% CPI (February 2026) Mission Savings at 4.00% APY.
Use the tables below to compare savings rates across Utah side-by-side. Utah savings rates currently reach as high as 10.00% APY from Cyprus Federal Credit Union at 3876 W Center view Way, West Jordan, UT 84084. Rates are continually updated — we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Utah and the surrounding area. Last Updated and Verified: June 23, 2026
Compare the Best Savings Rates in Utah
Qualifications Required: Receiving direct deposit(s) totaling $1,000 or more; End the month with a positive balance in all your Varo Accounts; Qualify for 5.00% APY on balances up to $5,000. Earn 2.50% APY on balances above $5,000.
Qualifying balance up to $1,000.00
Annual Percentage Yield (APY) lets you know your rate of return for one year, including interest earned. Interest is compounded daily then credited to your account monthly. You can earn interest on your entire account balance. No monthly maintenance fee.
Qualifications Required: At least $250 in deposits during the Evaluation Period; Standard Rate of 3.00% APY accurate as of 06/22/2026. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period. An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle. Fees may reduce earnings. $0 minimum opening deposit.
Loyalty Rate: 3.93%, Loyalty APY: 4.00%
Grow Your Savings. Get 3.50% APY when opening an Amplify Savings account with new money.
On balances of $25,000+
Standard Rate of 3.00% APY accurate as of 06/22/2026. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.
Withdrawals: IRA Restrictions
Qualifying balance up to $50,000.00
Qualifying balance $250,000 & over
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Utah Savings Rate Trends
Compare local Utah savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions — updated every evening.
Utah high-yield savings rates fell 1.825 points over the past 7 days to 2.011% APY, down from 3.836%.
Utah standard savings rates rose 0.028 points over the past 7 days to 1.393% APY, up from 1.365%.
Utah Savings Rate Forecast — Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current UT high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current UT high-yield savings average of 2.011% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: 1–2 Federal Reserve rate cuts of 25 basis points each over the next 12 months, based on current CME FedWatch consensus; savings institutions typically pass through 70–90% of rate cuts to deposit rates within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Utah.
Savings Account Earnings in Utah
Annual interest earnings at current UT average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.011% APY) | Monthly Earnings | Standard Savings (1.393% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $100.56 / year | $8.38 | $69.65 / year | $5.80 |
| $10,000 | $201.12 / year | $16.76 | $139.30 / year | $11.61 |
| $25,000 | $502.80 / year | $41.90 | $348.25 / year | $29.02 |
| $50,000 | $1,005.60 / year | $83.80 | $696.50 / year | $58.04 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Utah savings rate averages as of June 23, 2026. | ||||
About Our Utah Savings Rate Database
MonitorBankRates tracks 117 savings rates from 10 banks and 13 credit unions offering savings accounts to Utah residents — including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website — no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio — objective financial health metrics calculated from FDIC and NCUA regulatory data — so you can compare yield and institutional safety in one place.
Current top rate: Cyprus Federal Credit Union offers a savings account at 10.00% APY. Use the rate table above to compare all current offers in Utah.
How to Find the Best Savings Rates in Utah
What to compare when shopping for a savings account in Utah
To find the best savings APYs in Utah, start with credit unions and online-only banks — Utah has 13 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current UT high-yield savings average is 2.011% — but top local institutions are offering as high as 10.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable — your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3–6 months of expenses in a liquid, FDIC-insured account. Utah high-yield savings rates currently average 2.011% APY — far above a typical checking account.
- Short-term savings goals (6–24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Utah institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally — 23 institutions in Utah report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return → Utah CD rates
- You want check-writing flexibility → Utah money market rates
- You need daily transaction access → Utah checking rates
Utah Financial Snapshot
Local demographics and economic context for savers — Source: U.S. Census Bureau
11.9% of residents are 65 or older — below the national average of 17.3%; a low unemployment rate of 3.5% reflects a strong local economy with solid savings capacity. At today’s UT high-yield savings average of 2.011%, saving 10% of the local median salary ($4,371/year) would earn an additional $88 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Utah Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Utah.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current UT Avg APY | 2.011% | 1.393% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Rate may fall with Fed cuts | Rate may fall with Fed cuts | Rate may fall with Fed cuts | None — locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Utah averages tracked in our database as of June 23, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Utah
At UT’s top rate of 10.00% from Cyprus Federal Credit Union, a $10,000 deposit earns $1,000 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Utah earner is roughly $10,900. At 2.011% APY, saving $910/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsUtah’s high-yield savings average is 2.011% APY — variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Utah earner makes $43,714/year. Track your income vs. expenses to find your monthly surplus — then put it to work at 2.011% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.011% APY grows to roughly $37,230 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Utah savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Utah directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Utah. We feature a comprehensive mix of institutions — from neighborhood credit unions and competitive regional banks to large national institutions available to savers in UT.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Utah
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Utah safe?
How often do savings rates change in Utah?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Utah?
How do I open a savings account in Utah?
Best Savings Rates in Utah
- Cyprus Federal Credit Union
Dream Round Up Savings — 10.00% APY - Varo Bank
Savings Account — 5.00% APY - Granite Federal Credit Union
Tier 1 YoungInvestor Savings — 5.00% APY - Chartway Credit Union
Smart Steps Savings — 4.50% APY - Deseret First Federal Credit Union
Mission Savings — 4.00% APY
Cities in Utah
