Free to Use Business Checking Accounts in Utah (August 2024 Update)
Use Meow to Apply for a Business Checking Account in Utah
Meow is a financial technology company, not a bank.
Meow helps businesses in Utah apply for a high-interest business checking account from FirstBank, a Tennessee corporation; Member FDIC.
Other Alternatives in Utah
This table shows an overview of some financial health metrics for the top 5 community banks in 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 | |
|---|---|---|---|---|---|---|---|
State Bank Of Southern Utah | 1957 | 16 | $2.00b | 4.97% | -0.20% | 88.2% | |
Central Bank | 1891 | 12 | $1.48b | 5.80% | 1.23% | 65.5% | |
Capital Community Bank | 1993 | 7 | $774m | 1.89% | -2.82% | 34.3% | |
Prime Alliance Bank | 2004 | 1 | $649m | 0.25% | -3.98% | 440.0% | |
First Utah Bank | 1978 | 7 | $567m | 6.69% | 1.28% | 97.1% |
*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.
Apply Now
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.