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MagnetBank Salary

MagnetBank Salary

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As of September 2026, the average annual salary for employees at MagnetBank in the United States is $87,949. This translates to an approximate hourly wage of $42. Salaries at MagnetBank typically range from $77,120 to $99,697 annually, reflecting the diverse roles and experience levels within the company.
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Is MagnetBank’s Pay Competitive? Salary Benchmarking Analysis

How does MagnetBank's compensation stack up against the industry and its key competitors? Our salary benchmarking analysis provides a clear comparison. The chart below visualizes this comparison alongside select peer companies.
Competitor / Benchmark Avg. Salary Variance Primary Market Influence Factor & Explanation
Contact Lepore Financial Services LLC $102,231
+16.2%
Supported by Contact Lepore Financial Services LLC's high-margin contracts allowing higher overhead.
Holdings Brokerage Firm LLC $92,706
+5.4%
Influenced by prevailing union wage agreements specific to Holdings Brokerage Firm LLC's sector.
Az C W Holdings LLC $89,531
+1.8%
Suggests Az C W Holdings LLC utilizes a highly similar base-plus-benefits compensation model.
Banks.com Inc $115,258
+31.0%
Reflects a supply-demand imbalance for the specific talent Banks.com Inc targets.
Financial Services Industry $121,514
+38.2%
Pay variances are driven by organizational scale, specialized skill requirements, or geographic cost-of-living factors.
Need More Granular Data? The analysis above provides a high-level market overview. To benchmark specific job codes, adjust for real-time cost-of-living changes, or access verified HR-reported datasets, upgrade to Salary.com for Business. Precision matters when building your compensation strategy.

How MagnetBank's Salaries Compare to Similar Companies?

Explore companies in the same industry to compare average salaries, benefits, and career opportunities with those at MagnetBank. Click a company name to learn more.

Employee Reviews: Working at MagnetBank

Considering a career at MagnetBank? Explore authentic employee reviews to learn about the work environment, career growth opportunities, pay transparency and benefits. These first-hand insights can help you set realistic compensation expectations and make informed career decisions.
It's reassuring to work for a financial institution that not only focuses on profitability but also actively contributes to community development and environmental stewardship. The environment is inclusive and professional. Mentorship programs connect generations of employees. The culture is formal and process-oriented, which can restrict creativity and adaptability.
Commented in April 06, 2025
10
3
Communication tends to be top-down, with little room for grassroots innovation. From team-building to consistent communication, they truly care about culture. Managers trust employees to deliver regardless of location. Well-organized and process-driven. Leaders invest in employee growth. Vendor partnerships are high-quality and stable.
Commented in July 31, 2024
10
1
Colleagues share knowledge freely, creating a culture of transparency and teamwork. Feedback is specific and actionable. Strong corporate values and ethics.
Commented in February 08, 2024
43
3

MagnetBank Overview

Website
www.magnetbank.net
Founded In
2005
Employees
25 - 50 employees
Industry
Financial Services
Headquarter Address
2825 E Cottonwood Pkwy Salt Lake City Utah UT 84121
Revenue
<$5 Million
Phone Number
+1 8017332626
Social Media
About MagnetBank
MagnetBank is an independently owned and operated Utah commercial bank focused exclusively on lending. We provide loans for a wide variety of business uses via strategically located loan production offices, utilizing brokered deposits as a primary funding source. Our Commercial Lending group provides loans for a variety of business uses including land acquisition and development, construction and

What Benefits Does MagnetBank Offer Beyond Salary?

A competitive compensation package is more than just a salary. MagnetBank offers a comprehensive benefits package designed to support your health, financial future, and overall well-being. Below are the most common key benefits:
Social Security
401(K)
Disability
Healthcare
Pension
Time Off (days)
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What Is the Cost of Living Near Salt Lake City?

Understanding the cost of living near Salt Lake City is key to truly evaluating a salary offer or your current compensation at MagnetBank.
Salt Lake City's Cost of Living Index is approximately 104.3 (4.3% more expensive than US average; 2.8% more than UT average). State capital, growing tech scene, housing costs above US avg. UTA bus/TRAX/FrontRunner. When planning your budget based on a salary from MagnetBank, consider these typical monthly expenses:
Expense Category Estimated Monthly Cost Key Considerations / Notes
Housing (1-BR Apt Rent) $1,300 - $1,900+ A significant portion of MagnetBank salary. Location choices impact this heavily.
Utilities (Basic) $100 - $180 Electricity, Heating, Cooling, Water etc.
Public Transportation $85 (UTA monthly pass) Essential for most commuters; car ownership is costly.
Groceries (Single Person) $410 - $600 Can be higher with more dining out or specialty stores.
Personal & Leisure $400 - $750+ Dining out, entertainment, shopping. Highly variable.
Healthcare (Individual) $380 - $700+ Varies significantly by plan & employer contribution.
Subtotal (Excluding Taxes) $2,675 - $4,135+ This subtotal does not include income taxes (federal, state, local), which can significantly impact your take-home pay.

FAQs of MagnetBank

1. What is the typical salary range (low to high) for most roles at MagnetBank?

The typical annual salary range for most roles at MagnetBank is approximately from $77,120 to $99,697. It's important to remember that these are overall averages, actual salaries vary significantly based on specific job titles, years of experience, skills, and location.

2. How much does MagnetBank pay compared to Contact Lepore Financial Services LLC?

The average annual salary at MagnetBank is $87,949, or an hourly wage of $42, in comparison to Contact Lepore Financial Services LLC which pays $102,231 per year or $49 per hour.

3. How does experience level affect salary at MagnetBank?

Experience level is a significant factor in determining salary at MagnetBank, as it is with most employers. Generally, employees with more years of relevant experience and a proven track record can command higher salaries. For example, a senior-level role will typically have a higher pay band than an entry-level or mid-career position within the same job family.

4. How can I determine if a salary offer from MagnetBank in Salt Lake City is fair given the local cost of living?

To determine if a salary offer from MagnetBank in Salt Lake City is fair, first compare the gross salary to our data for similar roles at MagnetBank and its competitors (see our similar company salaries section) . Then, critically, use our "Cost of Living Insights for Salt Lake City" to understand its purchasing power.

5. Why might an individual's actual salary at MagnetBank differ from the ranges shown here?

An individual's actual salary at MagnetBank can differ from our estimated ranges due to various factors. These include their specific years of experience in the role, unique skills or certifications, educational background, performance record, the specific team or department they join, negotiation outcomes, and even the precise timing of when they were hired relative to market fluctuations. Our ranges represent typical compensation.

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