Free to Use Business Checking Accounts in Salt Lake County, Utah (August 2024 Update)
Use Meow to Apply for a Business Checking Account in Salt Lake County, Utah
Meow is a financial technology company, not a bank.
Meow helps businesses in Salt Lake County, Utah apply for a high-interest business checking account from FirstBank, a Tennessee corporation; Member FDIC.
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This table shows an overview of some financial health metrics for the top 5 community banks in Salt Lake County, Utah ranked by total deposits. This data is sourced from the Federal Deposit Insurance Corporation's (FDIC) BankFind Suite. The table shows data as of 3/31/24.
| Bank Name | Year Founded | Branches | Total Deposits | Net Interest Margin | Return on Assets | Loan to Deposit Ratio | |
|---|---|---|---|---|---|---|---|
First Utah Bank | 1978 | 7 | $567m | 6.69% | 1.28% | 97.1% | |
Finwise Bank | 2000 | 2 | $459m | 3.50% | -0.68% | 73.9% | |
Varo Bank, National Association | 2020 | 1 | $379m | 0.08% | -21.03% | 1,871.1% | |
Brighton Bank | 1978 | 6 | $255m | 10.25% | 4.44% | 96.8% | |
Home Savings Bank | 1979 | 1 | $77m | 8.61% | 1.02% | 101.8% |
*Source: Federal Deposit Insurance Corporation's (FDIC) BankFind Suite for reporting period ending 3/31/24
Understanding Financial Health Indicators
Total Deposits: Deposits are the primary source of liquidity for a bank. They are used to fund loans and other investments, which generate income for the bank. A higher amount of deposits indicates a greater capacity to lend and invest, which can lead to higher profitability.
Net Interest Margin: A key profitability indicator for banks. It measures the difference between the interest income generated by the bank (from loans and other interest-earning assets) and the amount of interest paid out to their lenders (such as depositors), relative to the amount of their interest-earning assets.
Return on Assets: Measures the efficiency of a bank in using its assets to generate profit. It is calculated by dividing the net income of the bank by its total assets. A higher return on assets indicates that the bank is more efficiently managing its assets to produce income.
Loan to Deposit Ratio: Calculated by dividing the total loans and net leases of the bank by its total deposits. A higher ratio indicates that the bank is lending out more of its deposits, which can lead to higher profitability. However, a higher ratio also indicates that the bank has less liquidity to meet its obligations to depositors.
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Click the button below to apply for a business checking account from FirstBank, a Tennessee corporation; Member FDIC.
For more information, take a look at our article on the key benefits of business checking accounts.