Best CD Rates in Utah

Utah is the financial landscape and the state is as varied as its stunning natural terrain. Whether you are a new investor looking for a safe place to park your funds or someone planning for future financial goals, Utah‘s banking scene offers a range of CD options. These options are highly suitable for various needs.

Let’s explore what this state has in store for investors who are seeking to make the most of their money with CDs.

Overall Best CD rates in Utah

No.	Name of the Bank	APY %	Term Length	Address
1	Eastman Credit Union	5.22%	12-month	2025 Meadowview Lane, Kingsport, TN 37660
2	Department of the Interior Federal Credit Union	5.10%	3-month	1849 C Street NW, Washington, DC 20240
3	Andrews Federal Credit Union	5.05%	12-month	5711 Allentown Road, Suitland, MD 20746
4	Navy Federal Credit Union	5.05%	12-month	820 Follin Lane SE, Vienna, VA 22180
5	Congressional Bank	4.99%	12-month	6701 Democracy Boulevard, Suite 300, Bethesda, MD 20817
6	Old Dominion National Bank	4.91%	12-month	204 South Church Street, Smithfield, VA 23430
7	Department of the Interior Federal Credit Union	4.90%	12-month	1849 C Street NW, Washington, DC 20240
8	State Department Federal Credit Union	4.90%	12-month	1630 King Street, Alexandria, VA 22314
9	Northwest Federal Credit Union	4.89%	12-month	200 Spring Street, Herndon, VA 20170
10	EagleBank	4.88%	12-month	7830 Old Georgetown Road, Bethesda, MD 20814
11	Apple Federal Credit Union	4.80%	12-month	4029 Ridge Top Road, Fairfax, VA 22030
12	HSBC Bank USA, National Association	4.80%	12-month	452 Fifth Avenue, New York, NY 10018
13	Miners Exchange Bank	4.70%	12-month	483 Main Street, Coeburn, VA 24230
14	Fauquier Bank	4.67%	12-month	10 Courthouse Square, Warrenton, VA 20186
15	Virginia National Bank	4.67%	12-month	4480 Cox Road, Glen Allen, VA 23060
16	Powell Valley National Bank	4.63%	12-month	301 E Main Street, Jonesville, VA 24263
17	Oak View National Bank	4.59%	12-month	300 W. Main Street, Warrenton, VA 20186
18	PenFed Credit Union	4.50%	12-month	7940 Jones Branch Drive, Tysons, VA 22102
19	Unify Financial Credit Union	4.50%	3-month	2000 Shea Center Drive, Suite 200, Highlands Ranch, CO 80129
20	Wells Fargo Bank, National Association	4.50%	3-month	Online
21	New Peoples Bank	4.50%	12-month	202 Woodland Drive, Lebanon, VA 24266
22	EagleBank	4.45%	3-month	7815 Woodmont Avenue, Bethesda, MD 20814
23	ServisFirst Bank	4.43%	3-month	2500 Woodcrest Place, Suite 100, Birmingham, AL 35209
24	Community Bank of the Chesapeake	4.16%	3-month	3035 Leonardtown Road, Waldorf, MD 20601
25	Burke & Herbert Bank	4.04%	24-month	100 South Fairfax Street, Alexandria, VA 22314
26	Bank of Floyd	4.04%	3-month	113 East Main Street, Floyd, VA 24091
27	Bank of Charlotte County	4.02%	18-month	203 David Bruce Avenue, Charlotte Court House, VA 23923
28	Signature Federal Credit Union	4.00%	3-month	12801 Worldgate Drive, Suite 300, Herndon, VA 20170
29	Community Bank	4.00%	18-month	7900 Sudley Road, Manassas, VA 20109
30	Bank of Clarke County	4.00%	36-month	2 East Main Street, Berryville, VA 22611
31	Winchester Co-operative Bank	4.00%	12-month	1 South Loudoun Street, Winchester, VA 22601
32	Park View Federal Credit Union	4.00%	3-month	1675 Virginia Avenue, Martinsville, VA 24112
33	Blue Ridge Bank	4.00%	3-month	999 Waterside Drive, Suite 1010, Norfolk, VA 23510
34	American National Bank & Trust	4.00%	24-month	628 Main Street, Danville, VA 24541
35	Farmers & Merchants Bank of Craig County	4.00%	3-month	100 Hull Drive, New Castle, VA 24127
36	Fauquier Bank	3.94%	3-month	10 Courthouse Square, Warrenton, VA 20186
37	Virginia National Bank	3.94%	3-month	6120 Lakeside Avenue, Richmond, VA 23228
38	Bank of America, National Association	3.93%	3-month	Online
39	Congressional Bank	3.93%	3-month	6701 Democracy Boulevard, Suite 400, Bethesda, MD 20817
40	The Farmers Bank of Appomattox	3.93%	3-month	171 Old Courthouse Road, Appomattox, VA 24522
41	Bank of Botetourt	3.93%	3-month	138 Craig Avenue, Troutville, VA 24175
42	Farmers Bank	3.89%	6-month	9 East Main Street, Windsor, VA 23487
43	Bank of McKenney	3.89%	3-month	4700 McKenney Highway, McKenney, VA 23872
44	United Bank	3.68%	24-month	306 North Royal Avenue, Front Royal, VA 22630
45	Community Capital Bank of Virginia	3.00%	3-month	4220 Old Hundred Road, Chester, VA 23831
46	United States Senate Federal Credit Union	3.00%	3-month	403 C Street NE, Washington, DC 20002
47	Woodforest National Bank	3.00%	3-month	1330 Lake Robbins Drive, Suite 100, The Woodlands, TX 77380
48	Virginia National Bank	3.00%	24-month	6120 Lakeside Avenue, Richmond, VA 23228
49	Access National Bank (now Union Bankshares)	3.00%	18-month	1800 Robert Fulton Drive, Reston, VA 20191
50	Farmers & Miners Bank	3.00%	3-month	200 East Main Street, Pennington Gap, VA 24277
51	The Bank of Marion	2.86%	3-month	102 West Main Street, Marion, VA 24354
52	Navy Federal Credit Union	2.75%	3-month	820 Follin Lane SE, Vienna, VA 22180
53	Peoples Advantage Federal Credit Union	2.74%	3-month	110 Wagner Road, Petersburg, VA 23805
54	Benchmark Community Bank	2.72%	24-month	287 South Main Street, Kenbridge, VA 23944
55	Citibank, N.A.	2.71%	12-month	Online
56	Eastman Credit Union	2.32%	3-month	2021 Meadowview Lane, Kingsport, TN 37660
57	The Bank of Southside Virginia	2.14%	24-month	17208 Halligan Park Road, Carson, VA 23830
58	Pioneer Bank	2.14%	24-month	132 E Main Street, Stanley, VA 22851
59	Farmers & Merchants Bank	1.38%	36-month	2 West Washington Street, Berryville, VA 22611
60	Hanscom Federal Credit Union	1.25%	3-month	1610 Eglin Street, Hanscom AFB, MA 01731
61	StellarOne Bank	1.07%	24-month	590 Peter Jefferson Parkway, Charlottesville, VA 22911

Current CD Rates of Utah

In Utah, the current CD rates range from local credit unions to banks. All of them offers attractive rates to savers looking for secure investment opportunities.

The significance of these rates lies not just in their competitive returns but also in their capacity to cater to a wide range of saver profiles. It is equally compatible for those seeking short-term security to those planning for more extended investment horizons.

Best 6-Month CD Rates

In the realm of short-term savings, the best 6-month CD rates offer a golden opportunity for investors to earn competitive returns without locking away their funds for an extended period.

1. Capital One

Minimum Amount: $0

APY / Rate: 4.00%

Pros:

• High-yield certificate of deposits
• FDIC-insured investment up to maximum
• 24/7 access to the account
• Among the 10 largest U.S. banks by assets.
• It offers branches in seven Eastern and two Southern states
• The bank offers high rates on its savings and CD accounts

Rules:

• CDs can be opened in the name of one person, or joint accounts in the names of more than one person, or payable on death.
• Once the CD is registered, a Truth-in-Savings disclosure with detailed information about the account is provided to the customer.
• Interest earned is credited to the account monthly on the very date the account was opened.
• There are no balance minimums or monthly fees, and you won’t need to worry about overdraft fees either.

2. Merrick Bank

Minimum Amount: $25000

APY / Rate: 4.70%

Pros:

• Top-tier APY on CD
• 24/7 access to the account through online banking
• CD options ranging from 3 to 6 months
• FDIC-insured banking

Rules:

• CD can be booked in the name of one person or joint accounts in the names of more than one person
• Truth-in-Savings disclosure with detailed information about the CD is shared with the customer
• Interest is accrued and credited to the account monthly.

3. CFG Bank

Minimum Amount: $500

APY / Rate:4.65%

Pros:

• Top-tier rate of interest
• Decent minimum amount requirement
• FDIC-insured banking option
• 24/7 account access

Rules:

• A CD can be opened online or by contacting the branch.
• The investor has to make a minimum deposit allowed of  $500. The maximum deposit limit is set at $250,000.
• The interest on the CD is compounded monthly.

Best 1-Year CD Rates

For those seeking a balance between decent yield and accessibility, the top 1-year CD rates in Utah present an attractive option.

1. Merrick Bank

Minimum Amount: $25000

APY / Rate: 4.70%

Pros:

• Top-tier APY on CD
• 24/7 access to the account through online banking
• CD options ranging from 3 to 6 months
• FDIC-insured banking

Rules:

• CD can be booked in the name of one person or joint accounts in the names of more than one person
• Truth-in-Savings disclosure with detailed information about the CD is shared with the customer
• Interest is accrued and credited to the account monthly.

2. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 4.00% APY

Pros:

• NCUA Insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

3. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

Best 2-Year CD Rates

The 2-year CD rates provide a higher yield than shorter-term CDs while still maintaining a relatively accessible time frame.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

2. Synchrony Bank

Minimum Amount: $0.0

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

3. First National Bank of America

Minimum Amount: $1000

APY Rate: 4.40% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Best 3-Year CD Rates

With the best 3-year CD rates, investors begin to see significantly higher returns, rewarding those who are comfortable with a medium-term investment horizon for their savings strategy.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

2. Pentagon Federal Credit Union

Minimum Amount: $1000

APY / Rate: 4.05% APY

Pros:

• Easy online and mobile access.
• Checking account dividends are compounded daily and paid monthly
• 85,000 free ATM network access nationwide.
• Competitive APY rates.

Rules:

• NCUA insured.
• Rates are the same and are subject to change.
• Penalties applied for early withdrawal.
• The penalty will be 30% of the gross amount of dividends after 365 days of the open date.

3. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty for premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn inter

Best 5-Year CD Rates

For long-term investors, the 5-year CD rates offer the highest interest rates for those willing to plan their financial future with patience.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.75% APY

Pros:

• $1,500 minimum opening deposit
• FDIC insured
• Zero service charges
• Interest Accrued and compounded daily & Credited and posted monthly

Rules:

• APYs are subject to change at any time without notice
• The penalty will be applied for early withdrawals on CDs
• The penalty is calculated based on 365 days of simple interest.
• $25 per outgoing wire transfer
• Auto-renew at maturity or cash out without penalty within the 10-day grace period

2. Popular Direct

Minimum Amount: $10000

APY / Rate: 4.50%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC-insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

3. PenFed Credit Union

Minimum Amount: $1000.00

APY / Rate: 3.90 % APY

Pros:

• High-yield checking account with easy-to-waive monthly fees
• Opening checking and savings accounts require a low minimum deposit.
• Online savings account with a competitive dividend rate

Rules:

• On early withdrawal, account earnings will be reduced.
• Require a written notice of up to 60 days of the intention to withdraw funds

Utah Economic Statistics

Utah’s economic landscape is vibrant and growing. It is characterized by robust job markets, significant population growth, and increasing household incomes.

• With an average household income estimated at around $95,800 and average home values surpassing $440,000, Utah’s economic indicators suggest a population with a solid capacity for savings and investments.
• The state’s population, nearing 3 million, adds to the vibrancy of its economy, offering a diverse market for financial institutions and a wide range of opportunities for savers looking for the best CD rates.

In the context of Utah’s flourishing economy, investors can leverage the competitive CD rates offered by local and national banks and credit unions. These rates, often influenced by the broader economic environment.

It provides a secure and predictable way to grow savings in alignment with Utah’s economic strengths.

Economic Indicator	Value
Average Household Income	$95,800
Average Home Value	$440,000
Population	3.3 million

How to Get the Best CD Rates in Utah?

To secure the best CD rates in Utah, savers and investors should adopt a strategic approach, encompassing thorough research and comparison across various financial institutions.

• Start by exploring offerings from both local credit unions and larger banks, as these institutions often have differing rate structures and benefits.
• Consider leveraging online comparison tools that aggregate CD rates from numerous banks to streamline your search.
• Pay close attention to terms and conditions, such as minimum deposit requirements and early withdrawal penalties, which can impact the overall appeal of a CD rate.
• Moreover, engaging in rate negotiations with your bank or exploring special promotions can also uncover more favorable rates.
• Staying informed about the broader economic trends, can provide additional context for timing your CD investment to maximize returns.

CD Rates Methodology

The methodology behind identifying the best CD rates in Utah involves an extensive review of CD offerings from a wide range of financial institutions.

In our recent analysis, 91 banks were scrutinized for their CD rates, terms, and conditions to understand the market landscape comprehensively.

Out of these, 61 banks made the list, chosen for their competitive rates, favorable terms, and overall value to savers. This selective process ensures that the listed institutions stand out for offering some of the most attractive CD investment opportunities in Utah.

Conclusion

Ultimately, investing in a CD should align with one’s overall financial strategy, balancing the desire for higher yields with the need for security and liquidity. As economic conditions evolve, staying adaptable and informed will help savers capitalize on the best CD rates in Utah, fostering financial growth and stability.

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