My plans are in motion, with an account
expertly crafted for growth and flexibility.
As a valued Bank of Utah CD customer, you're being exclusively
invited to take advantage of a premium savings option that lets you
grow your money while keeping it accessible.
The Elite Reserve Money Market account offers a competitive rate
and the option to tap into your funds if needed. Whether you're
planning your next financial move or aiming for long-term savings,
this account gives you the best of both worlds — growth and freedom.
This account can only be opened online.
Benefits
Enjoy a Competitive Rate
Grow your savings with confidence, earning a competitive 3.75% annual percentage yield (APY)1.
Get Flexible Access to Funds
Make up to six free withdrawals or transfers per statement cycle, offering access to your funds if needed.
Stay Connected to Your Accounts
Use secure mobile2 and online tools to manage your accounts wherever and whenever you need.
Gain a Personal Banking Connection
Get the best of both worlds — digital convenience and friendly, knowledgeable bankers for personalized support.
Track All Your Accounts in One Place
View your Bank of Utah accounts and link external accounts to manage your full financial picture with My Money Hub.
Feel Secure with FDIC Protection
Benefit from FDIC insurance up to $250,000 per ownership category, ensuring your Elite Reserve account is protected.
1 The interest rate for the Elite Reserve Money Market is 3.69% with an annual percentage yield of 3.75%.
2 Mobile fees and data rates may apply.
Opening an account is safe, easy, and can be done in as little as 5 minutes.
Here's a short glimpse of the process:
- Provide your personal information; just a few basics – no documentation needed.
- Make your initial deposit into the account. Using a combination of either an account number and routing number OR username and password from another institution, transfer funds easily within the digital application.
- Read and agree to the disclosures associated with the account.
- Check your email for confirmation or next steps.
- Get started with your new account by accessing your account number, signing up for online banking, adding a joint owner or beneficiary, and selecting features available for your specific account, such as checks, overdraft protection or eStatements. (Please note that some features may not be available with all accounts.)
When opening an account, you can be confident that our secure banking technology will protect you throughout the process. Learn more here.
Frequently Asked Questions
Q. What is a money market account?
A. A money market account is an enhanced savings account that allows you to earn interest on your money while providing easy access to your funds. With Bank of Utah's Elite Reserve Money Market account, you can use our convenient online and mobile tools to deposit, withdraw or transfer money if needed, or you have the option to order and use checks to make withdrawals.
Q: How does the Elite Reserve Money Market account work?
A. The Elite Reserve Money Market account offers a competitive, non-tiered interest rate, meaning the same rate applies to your entire balance, no matter how much you have in the account. It’s an ideal choice for those with higher savings balances, combining consistent growth potential with easy access to your funds for a secure and convenient way to manage your financial future.
While the rate itself is variable and can change with market conditions, you don’t need to worry about hitting balance thresholds to maximize your earnings.
Q: How many withdrawals or transfers can I make from the Elite Reserve Money Market account?
A. You can make up to six free debit transactions — including withdrawals, transfers, checks and ACH — per statement cycle, with a $25 fee for each additional withdrawal after that.
Q. Can I link this money market account to other accounts?
A. Yes, you can link your money market account to your checking or savings accounts, allowing easy transfers between them.
Q. How does the Elite Reserve Money Market account compare to a CD?
A. The Elite Reserve Money Market account offers more flexibility than a CD because you can access your funds if you need them, while still earning interest. CDs, on the other hand, require you to lock in your money for a set term with a fixed interest rate, and withdrawing early usually comes with a penalty.
If your CD is about to mature and you’re unsure about your next step, a money market account can be a great temporary solution. You’ll keep earning interest while your funds stay accessible, giving you time to decide what to do next.
For a more long-term option, the Elite Reserve Money Market account provides the benefit of earning a competitive, non-tiered rate, meaning the same rate applies to your balance regardless of the amount. This account combines the flexibility of a savings account with the ability to grow your savings over time, without the restrictions of a CD.