Basic Savings | First Utah Bank

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Basic Savings

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A Basic Savings account is great for the customer who is opening their first savings account or who wants to consistently save money for unexpected expenses. With a Basic Savings account, it’s easy to transfer money to and from your First Utah Bank checking account using online banking or by visiting any First Utah Bank branch office.

Account Features:

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Rate information: The interest rate and annual percentage yield may change as shown on the rate chart.
Frequency of rate changes: We may change the interest rate on your account weekly.
Determination of rate: At our discretion, we may change the rate on your account.
Compounding and crediting frequency: Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account: If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account: You must deposit $25.00 to open this account. For customers younger than 18 years of age a minimum opening deposit of $25.00 is required.
Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations: Transfers from a Basic Savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement period.
Fees: An excess withdrawal fee of $2.00 will be charged for each debit transaction (withdrawal, check paid, automatic transfer or payment out of this account) in excess of 18 during a quarter, not to exceed six per month.
Additional Terms: No monthly service charge and no minimum balance requirements.
Rate Chart: Current interest rates and annual percentage yield information can be located on our rate chart or by calling (801) 308-2265.
Fee Schedule: Current fee schedule can be located by calling (801) 308-2265 or emailing
Overdraft Fee Transaction Categories: The categories of transactions for which an overdraft fee may be imposed are those by any of the following means: check, in-person withdrawal, or ACH debit.