Ogden, UT — Bank of Utah, a leading provider of financial services, announces an innovative savings program designed to help prospective homebuyers save for a down payment. This program comes as part of the bank’s ongoing commitment to addressing the growing issue of home affordability and helping individuals and families achieve their dream of homeownership. The program includes Bank of Utah’s Super Saver CD, which allows for flexible contributions with penalty-free access to funds for a down payment when it is used for a Bank of Utah home loan. Included in the program is a free home appraisal valued up to $500 when using the funds with a Bank of Utah mortgage.

Here are a few other benefits to the Super Saver CD:

  • Grow Savings Faster: Earn competitive interest on savings.
  • A low minimum deposit of $500 starts the process.
  • The CD will automatically renew at the end of the 1-year term at the current rate, so the savings continue to grow uninterrupted.

The dream of owning a home seems to be slipping further away from millennials and Gen Zer’s, as national news outlets paint a grim picture with reports of skyrocketing home prices. Here in Utah, the situation is compounded by a significant housing shortage. According to the University of Utah’s Kem C. Gardner Policy Institute, Utah faces a projected deficit of 37,000+ housing units this year. This lack of available homes intensifies competition, making it even harder for those just starting out to find properties within their budget.

“Addressing the housing challenges in Utah will take all of us doing what we can. We hope our Super Saver CD can be one tool of many to help locals in Utah attain the dream of homeownership within our beautiful state,” said Bank of Utah President Branden Hansen.

Bank of Utah’s Super Saver Mortgage Program also includes a lineup of local experts willing to provide advice and guidance, whether the process of home ownership takes 3 months or 3 years.

In addition to the Super Saver CD, customers with low-to-moderate income may also qualify for a mortgage rate relief program. Funds for this program are limited, so don’t delay to look into this option soon.

More information on efforts to address housing challenges in Utah can be found here https://www.bankofutah.com/news/own-your-dream-bank-of-utah-super-saver-mortgage-program-makes-saving-for-a-home-easier

About Bank of Utah

Whatever your Utah is, Bank of Utah provides all the financial tools and guidance you need to achieve your business and personal financial goals. Celebrating its 70th year in 2022, Bank of Utah was established in 1952 in Ogden, Utah, by the Frank M. Browning family. Bank of Utah has since grown to approximately 400 employees and nearly $3 billion in assets. Bank of Utah is one of the top banks in the U.S., ranking in the top 11% for total assets, the top 7% for net income, and the top 2% for Return on Assets (RoA). With the personal touch of a community bank, Bank of Utah answers your calls, greets you in person and offers the most up-to-date online and mobile banking innovations. The Bank has 18 full-service branches throughout Utah, trust teams in Ogden and Salt Lake City, and mortgage offices in Logan, Price and St. George. Offering business and personal banking, mortgage and commercial lending, and trust services, Bank of Utah is dedicated to helping our neighbors and local businesses thrive, now and for years to come. Together, we are Utah. For more information call 801-409-5000 or visit bankofutah.com.