Business Checking & Savings

Running a business is all about connections. You build relationships with your customers, your vendors and your team. Every interaction, every deal and every handshake (or high-five!) contributes to the trust and collaboration that drives your success.

At Bank of Utah, we understand that your business is personal, and that's why we offer business accounts that prioritize you.

Our checking and savings accounts are designed to support and enhance these vital connections, providing you with the financial tools and services needed to manage your relationships effectively and grow your business with confidence.



Features to Fit Every Business Need

 

Bank Personally and Digitally

With a powerful combination of in-branch services, and intuitive online and mobile banking tools designed to simplify business banking

Build Relationships

With trustworthy, knowledgeable bankers who understand the unique landscape of Utah businesses and offer friendly guidance

Improve Cash Flow & Efficiency

With solutions such as remote deposit capture, mobile check deposit, wire transfers and more to streamline daily operational tasks

Protect Your Business

With specialized safeguards to keep your business and assets safe, and to mitigate the risk of fraud

Power Your Business

With hardware, software and secure processing for your business to accept credit cards, mobile wallets and more

Keep Your Capital in Motion

With customizable sweep accounts — solutions that let you earn interest, manage debt strategically and/or activate a safety net



Frequently Asked Questions


How do I open a business account?
We understand that businesses have different needs, so we offer several ways to open an account depending on the account type.

For some accounts, such as Free Business Checking, Business Savings, Insured Money Market and our featured CDs, you can enjoy the convenience of opening them entirely online —anytime, anywhere. Or, if you prefer, you can open them at your nearest Bank of Utah branch.

For accounts requiring more customization, such as Analyzed Checking, our structured business accounts (for sole proprietors, nonprofits or public entities), Premier Money Market and some CD terms, visit one of our branch locations.

Our friendly and knowledgeable banking specialists can answer your questions and provide personalized service you can trust, whether you apply online or in a branch.

What documents do I need to open a business banking account?
The specific requirements to open a business banking account can vary depending on your business type. To ensure you have everything you need, we've created a helpful checklist tailored to different business structures. Find it here.

Why do I need a separate business banking account from my personal account?
Having a separate business account offers several advantages:

  • Organization and clarity: Separating your business finances from your personal finances makes it easier to track income, expenses and overall business performance.
  • Liability protection: A separate business account can help shield your personal assets from potential business liabilities.
  • Easier tax filing: Keeping business and personal transactions separate simplifies taxes. It helps you avoid the need to sort through personal expenses to identify business-related deductions.
How can I switch my business banking to Bank of Utah?
Many businesses find themselves needing a new banking partner for various reasons. Here's a simplified guide to switching your business banking to Bank of Utah:

  • Gather your information: Visit our checklist webpage here to ensure you have all the required documents for your business type.
  • Visit a branch: Our friendly and knowledgeable branch managers will guide you through the process using our Switch Kit. This kit will help identify the best account for your business needs and ensure a smooth transition.
  • Bring all account signers: Everyone who will be authorized to sign on the new account will need to be present during the opening process.
  • Redirect payments and bills: We'll help you gather details about your current automatic payments and bills. This ensures a smooth transition by redirecting them to your new accounts with us.
  • Fund your account: You'll need to bring in funds to open your new business account or transfer funds using a routing and account number from a different institution. The minimum initial deposit amount will vary depending on the account type you choose.
  • Close your old account: Allow ample time for your automatic payments and bills to be redirected. Also, consider maintaining a small balance in your old account for a short period to cover any unexpected debits that may post after you close it.