Altabank Review: A Comprehensive Guide

Altabank is a community bank that offers a range of financial services to its customers.

Altabank was founded in 2009 in Idaho, USA.

Its headquarters is located in Idaho Falls, Idaho.

The bank has a strong focus on serving the local community.

Altabank has a network of branches and ATMs throughout Idaho.

Suggestion: CIBC Bank USA

If you're a small business owner, Altabank might be a good fit for you. They have benefits that cater specifically to entrepreneurs and small business owners.

You can get the most out of Altabank's options if you're looking for a bank that offers a range of financial products and services.

At Altabank, convenience is key, which is why they offer ALTA m-banking. With this service, you can access your bank account from anywhere.

You can download and use the m-banking application for free. This allows you to stay on top of your finances no matter where you are.

Altabank offers a range of checking account options to suit different needs. CheckSmart is the most basic option, requiring a $100 minimum to open and offering no monthly service charge if you enroll in eStatements.

You can also opt for CheckSmart Senior, which offers up to two boxes of free checks each year, or CheckSmart Senior Plus, which earns interest but charges a $10 monthly fee if your minimum daily balance falls below $1,500.

The most notable account offered by Altabank is MyRate Checking, which can earn up to a 0.10% APY on the first $25,000 in the account. To qualify for this rate, you'll need to sign up for eStatements, use your debit card for purchases of at least $3 at least 12 times a month, and have at least one direct deposit or ACH transfer a month.

Here are some key features of Altabank's checking accounts:

Note that some accounts may have additional requirements or fees, so be sure to review the details before opening an account.

Altabank offers a variety of checking accounts to suit different needs and preferences.

The most basic option is the CheckSmart account, which can be opened with a minimum deposit of $100. There's no monthly service charge if you enroll in eStatements, and no minimum daily balance is required.

CheckSmart Senior is a variation of this account, designed for customers 55 and older. It comes with up to two boxes of free checks per year.

Another option is the interest-earning MyRate Checking account, which can earn up to a 0.10% APY on the first $25,000 in the account. To qualify for this rate, you must sign up for eStatements, use your debit card for purchases of at least $3 at least 12 times a month, and have at least one direct deposit or ACH transfer a month.

Here are the requirements to qualify for the 0.10% APY on MyRate Checking:

It's worth noting that the average Altabank customer has 29 debit card transactions a month, so meeting these requirements shouldn't be a challenge for most people.

At Altabank, you can access a variety of different loan products to meet your financial needs.

One of the loan options available is a mortgage, which can help you purchase or refinance a home.

Consumer loans are another option, providing you with the flexibility to borrow money for personal expenses.

Construction loans are also available, allowing you to finance the construction of a new home or building project.

A home equity line of credit is a loan product that lets you borrow money using the equity in your home as collateral.

Altabank offers a KidSmart Savings account to help young people develop good financial habits. This account requires you to sign up with a parent.

One of the benefits of the KidSmart Savings account is that there are no minimum daily balance requirements. This makes it easy for kids to start saving without worrying about fees.

You can sign up for the KidSmart Savings account along with a parent, which can be a great way to teach kids about saving and financial responsibility.

On a similar theme: East Boston Savings Bank

You can sign up with Altabank by visiting any of their 26 branches to open your account with a representative. This is a straightforward process that gets you started with banking right away.

To open an account online, go to Altabank.com and follow the instructions in the "Personal Banking" section. You can select the type of account you're looking to open and click on the "open an account" button to proceed.

Once you're signed up, you'll have access to Altabank's mobile app, which allows you to manage your money on the go. The app is available for download from the Apple Store or Google Play.

Altabank has been named the 2020 Best of State winner in the community banking category, making it the top community bank in Utah.

This award is based on Altabank's unmatched service to its clients and the communities it serves, reflecting the bank's commitment to powering clients' financial success.

Related reading: National Bank of Kuwait

The bank takes great pride in representing its communities and helping clients solve their financial issues, and its commitment to helping clients has taken on even greater importance during the COVID-19 pandemic.

Altabank quickly put programs and protocols in place to ensure the safety and security of its associates and clients, shifting most banking activities to branch drive-through windows and appointment-only access to branch lobbies.

The majority of Altabank's staff is currently working from home, maintaining ongoing communication with clients and assisting with nearly all regular banking activities online.

Altabank is also actively supporting business clients by deferring loan payments and participating in programs established by the CARES Act.

With the financial strength of its parent company, People's Utah Bancorp, Altabank is well positioned to take extra steps to help its clients.

Altabank's parent company recently reported first quarter earnings with total assets of $2.477 billion and net income of $10.77 million, further cementing its position as the largest community bank in Utah.

The bank reported an 11% increase in deposits, demonstrating its stability and growth.

In times of uncertainty, people should not have to worry about the safety and stability of their bank, and Altabank is committed to providing that stability to its clients.

Consider reading: People's United Financial

Altabank was rebranded from the People's Intermountain Bank and its divisions in 2019.

The rebranding took place on November 13, 2019, marking a significant change for the bank.

Altabank was acquired by Glacier Bancorp in 2021, a move that likely brought new opportunities for the bank.

People's Utah Bancorp has rebranded its three banks as Altabank. The company, with a $2.3 billion asset, made this change to unify its different operating units and clarify its mission and market position.

The three banks that adopted the new brand are Bank of American Fork, Lewiston State Bank, and People’s Town and Country Bank. They will start using the Altabank name and logo next month.

The CEO of People’s Utah Bancorp, Len Williams, explained that having different names for each operating unit led to confusion among customers. He believes that bringing the units together under a single name will provide a clearer message to customers.

The company also plans to change its name to Altabancorp, pending approval at the 2020 shareholder meeting.

Explore further: Old National Bancorp First Midwest Merger

In 2019, the People's Intermountain Bank and its divisions underwent a significant rebranding effort, changing its name to Altabank on November 13 of that year.

The rebranding included the Bank of American Fork, Lewiston State Bank, and People's Town & Country Bank, all of which were now operating under the Altabank umbrella.

In 2021, Altabank was acquired by Glacier Bancorp, marking a new chapter in the bank's history.

Terry Grant took over as the next president of Altabank in December 2021, succeeding Len Williams who had been leading the bank.

If you're not located in Utah, you might find it difficult to be an Altabank customer, as most of its 26 branches are located in the state.

You'll also miss out on their excellent interest rates if you don't use your checking account in a way that qualifies you for them.

Altabank's savings interest rates are lower than what you can usually find with an online bank, so if you're looking for the best interest rates, you might want to consider another option.

If you're not using your checking account to meet specific criteria, you won't be able to access their 0.10% APY.

Altabank's footprint is limited to Utah and Southern Idaho, so if you're not in one of those areas, you might want to look elsewhere.

Here are some potential drawbacks to consider: