Utah First Credit Union Review: Accounts, Loans, Membership

Utah First Credit Union Overview

Utah First Credit Union began in 1935 during the Great Depression, when German immigrants in Salt Lake City founded the Utah German American Federal Credit Union. In 1995, the credit union adopted the name Members First Credit Union, and later Utah C.V. Credit Union. The “C.V.” referenced Chemnitzer Vereinigung (Chemnitzer Association), reflecting its German roots.

By 1996, the credit union adopted its current name, Utah First Credit Union. The Chemnitzer Vereinigung later became Community Volunteers of Utah (CV) and continues to support community service across the state.

Utah First Credit Union is included in our list of Best Credit Unions in Utah.

Expansion

Since it was founded in 1935, Utah First Credit Union has grown through key milestones in membership, facilities, and service areas. A major part of that broader story comes from Members First Credit Union, which began in 1958 when employees of the Thiokol Corporation formed the Thiokol (Utah Division) Employees Credit Union. That credit union later became part of Utah First.

Early operations were modest—at one point, the credit union operated out of the basement of the first board president’s home—yet it quickly began building deposits and making loans to members. Physical growth followed in 1975, when the credit union built a new location at 20 West 700 North.

Expansion continued in 1986, when membership opened to the broader community rather than only Thiokol employees. Today, Utah First Credit Union’s headquarters is located on South Temple in downtown Salt Lake City.

Utah First Credit Union Products and Services

utahfirst.com | Products and Services

Utah First Credit Union offers a variety of financial products and services to its members, including one primary personal savings account, one primary personal checking account, and one primary consumer credit card. It also offers money market accounts, certificates, personal and business loans, mortgages, and online banking services.

Its Business Basic checking account is included in our list of Best Business Checking Accounts in Utah.

Utah First Checking Account

Personal Checking Account

Utah First offers one primary personal checking account designed for everyday spending, bill payments, debit card use, and online/mobile banking. The account also includes access to Utah First’s Orange Rewards program and checking dividends for qualifying balances.

• Monthly fee: The account has a $6.95 monthly maintenance fee, with ways to waive it.
• Fee waiver options: Members may be able to avoid the monthly fee through qualifying activity, direct deposit, account balances, student status, age, or active-duty military status.
• Rewards and dividends: Members can earn Orange Rewards points on qualifying debit card purchases and may earn dividends based on account balance.
• Everyday access: The account supports regular spending, payments, debit card use, digital banking, mobile alerts, and early direct deposit.

Utah First Savings Accounts

Utah First Credit Union offers multiple ways to save, including a standard savings account, a money market account for stronger earning potential, and certificates for longer-term savings goals. Deposits are insured by the NCUA up to $250,000.

Savings Account

Utah First offers one primary personal savings account for members. This account is used to hold funds, build savings over time, and maintain membership with the credit union.

• Minimum balance: Utah First lists a $5 minimum balance for its personal savings account.
• Best for: Members who want a simple place to keep money safe, accessible, and federally insured.
• Higher-balance option: Utah First lists a higher savings tier for balances of $2,000+.

Money Market Account (MMA)

Utah First also offers a money market account (MMA). This option is designed for members who want a savings-style account with stronger earning potential while still keeping access to their funds.

• Minimum balance: Utah First lists money market tiers starting at $0, with higher balances generally qualifying for higher APYs.
• Best for: Members who keep larger balances and want a higher-yield option than basic savings.
• Access: The account is designed to keep funds accessible, though certain withdrawals and transfers may be limited.

Certificates (Term Deposits)

Utah First offers certificates, also called term deposits, for members who prefer a fixed-term savings option. Certificates are built for goal-based saving where you commit funds for a set period in exchange for a predictable return.

• Minimum opening balance: Utah First lists a $2,000 minimum for regular and IRA certificate accounts.
• Terms: Certificate terms are available from 6 months to 60 months.
• Best for: Members who do not need immediate access to the money and want a fixed-term savings option.

Credit Cards

Utah First Credit Union keeps its credit card lineup simple with one primary consumer option, the Utah First Orange Platinum Visa. The card is tied to Utah First’s Orange Rewards program, which lets members earn points on qualifying purchases and redeem them for options like travel, gift cards, cash back, and charitable donations.

Utah First Orange Platinum Visa

Best for: Members who want a simple rewards card with no annual fee and everyday rewards.

• Annual fee: $0
• Welcome bonus: Not offered
• Intro offer: Not offered
• Rewards: Earn 1 point per $1 spent on qualifying purchases
• Other perks: Points can be redeemed for travel, gift cards, cash back, or charitable donations. Cardholders may also receive Fast Lane access for select shows at the Utah First Amphitheatre.

Loans

Utah First Credit Union offers several loan options for members, including personal loans, debt consolidation loans, auto loans, RV and boat loans, and payment protection options.

utahfirst.com | Personal Loans

Personal Loans

Utah First offers personal loans for flexible funding needs, including medical expenses, home repairs, education costs, and other personal expenses. These loans are designed for members who need access to funds without using collateral.

Debt Consolidation Loans

Utah First offers debt consolidation loans that let members combine multiple debts into one monthly payment. This can help simplify payments and make debt easier to manage.

Auto Loans

Utah First offers auto loans for new and used vehicles, including refinance options. The credit union also promotes auto loan options for different credit types.

RV and Boat Loans

Utah First offers recreational loans for members financing RVs, motorhomes, boats, and other eligible adventure vehicles.

Payment Protection

Utah First lists payment protection as an optional loan-related service that can help cover loan payments in certain unexpected situations, such as disability, job loss, or illness.

Mortgages

Utah First Credit Union offers several home lending options, including fixed-rate and adjustable-rate mortgages, FHA, VA, and USDA loans, refinance options, residential construction and lot loans, Clean Slate mortgages, and home equity solutions.

Fixed-Rate and Adjustable-Rate Mortgages

Utah First offers home mortgage options for members buying or refinancing a home. Fixed-rate mortgages can provide predictable payments, while adjustable-rate mortgages may appeal to borrowers who want a lower starting rate with the possibility of rate changes later.

FHA, VA, and USDA Loans

Utah First lists government-backed mortgage options, including FHA, VA, and USDA loans. These programs may be useful for first-time buyers, eligible military borrowers, rural buyers, and others who may not have a large down payment.

Refinance Options

Utah First offers mortgage refinancing for homeowners who want to adjust their rate, term, or loan structure.

Residential Construction and Lot Loans

Utah First offers residential construction and lot loans for members buying land or building a new home. The credit union also promotes a one-time-close option when construction and mortgage financing are bundled together.

Clean Slate Mortgages

Utah First offers Clean Slate mortgage options for borrowers with credit challenges, including bankruptcy or short sales.

Home Equity Loans and HELOCs

Utah First offers home equity options, including home equity loans and home equity lines of credit (HELOCs), which can help fund home improvements or other major expenses.

Business Checking

Utah First Credit Union offers business checking options designed to fit different organizations, from smaller businesses that want a simple setup to larger operations that want an interest-earning structure.

Business Basic

Business Basic is built for small businesses that average fewer than 300 monthly transactions, with a straightforward structure for day-to-day banking and minimal fees.

This account is also included in our guide to the Best Business Checking Accounts in Utah.

Read our full review of Utah First Business Basic Checking.

Business Dividend

Business Dividend is designed for larger businesses that want a business checking account with the ability to earn interest from day one.

Nonprofit

Nonprofit is available for qualifying nonprofit organizations. It combines the Business Basic structure with no monthly maintenance fees and unlimited monthly deposits.

Who Can Join Utah First Credit Union?

To become a member of Utah First Credit Union, you may qualify through one of the following paths:

• Immediate family member of a current member: If you have a close family member who already belongs to Utah First, you may be eligible to join.
• Join Community Volunteers of Utah: Joining this organization can make you eligible for membership.
• Call or visit a branch: You can contact Utah First directly at 1-800-234-0729 or visit a nearby branch to confirm eligibility and apply.

Conclusion

Founded in 1935, Utah First Credit Union began as the Utah German American Federal Credit Union and has grown over the decades into a community-based credit union serving members across Utah. Today, Utah First keeps its consumer lineup simple with one primary checking account, one primary personal savings account, and one primary credit card—a straightforward setup that can make its core products easier to compare and manage. Beyond everyday banking, it also offers money market accounts, certificates, personal and business loans, and a range of mortgage solutions.

Membership is available through a few clear paths, including being an immediate family member of a current member or qualifying through Community Volunteers of Utah (CV). If you’re unsure whether you qualify, Utah First can confirm eligibility and help you apply by phone or at a local branch.

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Disclaimer:
This page is not affiliated with, maintained by, or sponsored by Utah First Credit Union. Information may change after publication, so please verify details directly with the institution. UtahFi does not guarantee the accuracy of this content. The name and logo are trademarks of Utah First Credit Union.