Frequently Asked Questions: New, Streamlined Personal Accounts

Bank of Utah has rolled out a new personal bank account lineup that streamlines our personal checking and savings accounts. Account holders received letters in the mail in early May notifying them that their existing accounts would be converting to one of our new accounts in June.

The following questions and answers provide more information about the new products.

NOTE: The conversion to new products applies to personal accounts only, not business accounts.

Q. What is changing?

A. Over the past year, Bank of Utah has been working to review and simplify our personal accounts, reducing the number of checking and savings products to make them easier to understand, choose and use.

Bank of Utah now offers the Easy and Evergreen checking accounts and the I Save savings account. The Easy and I Save accounts have student and children's versions, as well, and we’re also offering Thrive Checking, a BankOn-certified, low-fee account for those with past financial challenges to overcome.

The new accounts were made live to the public on May 8.

Bank of Utah will convert existing customer accounts to the new products, based on customer activity and banking history, throughout the month of June (see your letter for your exact account and conversion date).

Q: What are the benefits of this change?

A: First, reducing the number of personal checking and savings accounts makes it easier for customers to choose the right account for their personal finances. We have gone from:

• 6 checking accounts to 2
• 5 savings accounts to 1

Second, this transition presents an excellent opportunity for some customers to earn more interest on their deposits, with higher tiers on our interest-bearing accounts.

Third, the new streamlined accounts feature easier-to-understand fees.

Q. I got my letter about my new account. What happens next?

A. If you are happy with the suggested account, you won’t need to do anything. Your account will convert automatically on the date stated in your letter. Your account number will not change. This means you will not need to update or change any direct deposits or other digital transactions associated with your account.

If you think another account would serve you better, reach out to a branch or contact our call center at 801-409-5000, and we'll be happy to help you choose an account that fits your needs. Again, your account number will not change, and you will not need to update or change any associated direct deposits or digital transactions.

Q. My letter states that my new Evergreen account will require me to keep an average monthly balance of $10,000, or I will get charged a fee. What does average monthly balance mean?

A. The average monthly balance is based off your monthly statement cycle. It is the amount you need to maintain in your account each statement cycle (not daily) to avoid being charged the $10 monthly service fee. While there may be some days your balance falls below $10,000, as long as it averages $10,000 for the monthly statement cycle, you will not be charged a fee.

The average monthly balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Q. My Top 50 account is changing to Evergreen, but I don't want to keep an average monthly balance of $10,000 in that account. Will Evergreen's minimum balance requirement and associated fee be waived for previous customers of the Top 50 account?

A. Previous Top 50 account holders are not going to have a minimum balance requirement or associated fee with the Evergreen account.

Q. Are there any benefits for customers age 50 or older?

A. You will get one free box of checks per year with either the Easy or Evergreen account.

Q. If I come into a branch to have an employee assist me with a transaction, will I get charged a fee for that interaction?

A. Bank of Utah never charges a fee for you to speak with our friendly banking experts. Come on in!

Q. My letter states that I’m changing from a money market account to a savings account. Why am I losing the ability to write checks?

A. Your checking account earned interest based on your balance. If that balance grew or shrank, you might not have earned as much interest as you would have with a different type of account. With the new I Save account, you will always be getting our best rate. It also features higher interest tiers, so the more you save the more you earn.

We understand that writing checks or using online bill pay may have been a way you were using your money market account. While the I Save account doesn't offer those features, we can work with you on options to earn interest and meet your payment needs. Reach out to a branch.

Q. What is the difference between EZ Checking and Easy Checking? Why did I get a letter saying the name is changing?

A. Fundamentally, there are no differences between EZ and Easy. We just wanted to make you aware of the name change, so there’s no confusion when it appears differently on your statements or in Online Banking.

We appreciate that you want a straightforward account. So, as we were streamlining our full product offering, we also made this minor change — to make Easy Checking really “easy”, with no unnecessary frills.

Q. What is the difference between my Hybrid Account and the new Evergreen Account?

A. Hybrid and Evergreen are basically the same. We changed the name from Hybrid to Evergreen and redesigned the account to provide additional interest tiers. So, the higher your balance is in the account, the more interest you can earn.

Evergreen is best if you keep an average monthly balance of $10,000 or higher in your account and you want to earn interest on those funds. If you don't want to keep a higher balance, please reach out to a branch, and we'll help you transition to a different account that better meets your financial goals.

Q. What is the difference between iSave and I Save? Why did I get a letter saying the name is changing?

A. Originally, we created our iSave account with online features in mind, such as auto-enrollment in eStatements, for those who didn’t intend to come into a branch as often. The account offered some of our best rates, but we thought online customers shouldn’t be the only ones rewarded for saving. So, we revamped iSave to I Save (two words!), so we can inspire every customer to complete the sentence, “I Save for ___.”

Additionally, I Save has additional interest tiers, so the higher the balance is in your account, the more interest you can earn at our best rates.

Q. I had a checking account that earned interest, and now I’m being moved into a non-interest-bearing Easy Checking account. Why?

A. The decision to move you into our Easy Checking account was based on the average balance of your account. Our Evergreen account requires a $10,000 average monthly balance to avoid a $10 monthly fee. To help you avoid a fee that would be higher than the interest you’d earn, we recommend our Easy Checking account.

If earning interest is important to you, we’d suggest opening an I Save account to complement your Easy Checking account. This account earns interest on balances over $500, and the minimum daily balance is $100 to avoid a $3 monthly fee. You can open an I Save account online or in a branch.

Q: I was a Private Banking customer and received a letter saying I was being converted to Evergreen. Am I no longer in Private Banking?

A: You will remain a Private Banking customer, with all the exclusive Private Banking benefits. Your new Evergreen account will continue to come with Private Banking checks and Private Banking debit card.

Q. Will this change affect my ATM or Online Banking access?

A. No, you can continue to use them as you normally would, with no interruptions to your service! Your debit card won’t change and neither will your Online Banking username or password. The only difference you will notice in Online Banking is that your account name will change — your account number will not change. Because your account number will not change, you won't have to worry about updating or changing any direct deposits or other digital transactions associated with your account.

Q. Will I need to update my direct deposit information?

A. No. Because your account number is not changing, no need to worry about updating your direct deposit information.

Q. Will I still get my statements at the same time I’m used to each month?

A. Yes.

Q. How do I know what my interest rate is?

A. You can find updated rates at You can also request a printed rate sheet at any of our branches. Find a branch near you.

Q. My child used to earn interest with just a dollar. When do they start to earn interest with the new account?

A. They won’t earn interest until $500, but their interest rate will be higher with the new I Save account. The account also features additional rate tiers, which means the more they save, the more they’ll earn. In addition, we’re going to waive the minimum balance requirement for those under 18, so they’ll avoid the monthly fee normally associated with the I Save account.

Q. Are there any check-writing limits on the new checking accounts?

A. No, you get unlimited check-writing capabilities with all of our checking accounts now.

Q. Are there any limits on how many deposits or withdrawals I can make with my
new I Save account?

A. No, there are no transaction limits with the new I Save account.

Q. I don’t have an account at Bank of Utah. Why did you send me this letter?

A. According to our records, you have an account at Bank of Utah that you have not used in some time.

We’d be happy to give you more information on using the account or, if you’d like to close it, we can help you with that, too. You can visit or call your local branch to learn about any remaining conditions of closing your account and ask any last questions you might have. Find a branch near you.

We are here to help.

If your question didn't get answered or you'd like to discuss your new account with one of our banking professionals, please don't hesitate to reach out. We will happily talk to you in person or over the phone.

Find a Branch Manager     Contact Us