Colorado Federal Savings bank review 2026
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Overview
Colorado Federal Savings Bank focuses exclusively on savings products, offering certificates of deposits (CDs) and two savings accounts with competitive APYs. However, high minimum balance requirements may deter some customers. Banking is conducted solely through their website and app, with notably limited digital features — no ATM access and fewer online banking functions compared to typical online banks.
Highlights:
High APY No Monthly FeesHighlights:
CDs
Savings
Customer Experience
Bankrate's take
CFSB offers great rates, and for customers who rarely touch their deposit accounts except to add money, that could be enough. But the best online banks offer not just great rates but also a digital-first experience that makes managing your money more convenient. For example, you might find "buckets" so you can save for particular goals, automatic transfers to your savings account and access to tens of thousands of ATMs through shared networks such as Allpoint. With no ATMs and a basic app, CFSB not only lags its online competitors, it offers fewer ways to manage your money than most big brick-and-mortar banks.
Pippin Wilbers
Deposits editor at Bankrate
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.8/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Colorado Federal Savings Bank pros and cons
Pros
-
CD and savings account yields are competitive.
-
You can open a high-yield savings account with just $1.
Cons
-
Despite being an online-only bank, CFSB's digital banking experience lacks common features like peer-to-peer transfers and depositing checks via app.
-
There are high minimum balance requirements to open a CD.
-
Colorado Federal Savings doesn’t issue debit cards or checks or offer wire services — you can only withdraw money by transferring it to another account.
We want to know what you think about Colorado Federal Savings Bank
Do you have experience with Colorado Federal Savings Bank? Let us know your thoughts.
Colorado Federal Savings Bank banking products
Colorado Federal High Yield Savings account
Pros
-
$1 minimum deposit.
-
No monthly maintenance fees.
-
Highly competitive APY.
Cons
-
Six-per-month withdrawal limit; $25 fee for subsequent withdrawals.
-
No paper statements.
-
No way to deposit checks.
-
Can only withdraw money by transfers.
The High Yield Savings account is true to its name, offering a top-notch annual percentage yield (APY) and no monthly maintenance fees to eat into your earnings. It's a great option if you plan to let your funds grow untouched for long periods, but if you make frequent deposits or withdrawals, you may be frustrated. You cannot deposit checks — transfers are your only options for depositing money.
Unlike many competitors, CFSB doesn't issue debit cards or checks and is not part of any ATM network. You can only withdraw money by transferring it to another bank account via the online banking portal or app. And even then, you're limited to just six free withdrawals per month; past that, you're charged $25 for each withdrawal. Many competitors have no withdrawal limit.
CFSB also offers the Premier Savings Account with a slightly higher APY but a $50,000 minimum deposit. You must be a new CFSB customer to open this account.
Colorado Federal certificates of deposit
Pros
-
Highly competitive APYs.
-
Terms from three months to five years.
-
No-penalty CD is available.
Cons
-
$5,000 minimum deposit to open a CD.
APYs across all of CFSB's seven CD terms are highly competitive. That could make it a great option for building a CD ladder, but only if you're prepared to lock a large chunk of money away: There’s a $5,000 minimum balance to open an account. Among competitors, a $500 to $1,000 minimum is common and some have no requirement.
You also have the option to open an 11-month no-penalty CD with a minimum $5,000 deposit. This CD allows you to withdraw both the full principal and interest without paying a penalty. The only caveat is that you must wait seven days after funding your account before you can withdraw your money.
Customer experience
Customer support. Service representatives are available weekdays from 7 a.m. to 5 p.m. Mountain Time by phone, in addition to email support. These limited hours may pose challenges for customers in different time zones or those who need weekend assistance.
Digital experience. The bank's digital services are notably limited. You can bank through an online portal or via its apps, which are basic and sparsely reviewed. Common features found at most online banks — including bill pay and Zelle transfers — are unavailable. The stripped-down platform focuses solely on basic account management, and you can't even deposit checks.
But the simple website design is a plus for comparing accounts: It's easy to find rates, fees and features for all of CFSB's offerings.
How Colorado Federal Savings Bank compares to other banks
Compare different account types offered by Colorado Federal Savings Bank. Annual percentage yields (APYs) shown were updated between March 14, 2026 and March 20, 2026.
|
Selected bank
Colorado Federal Savings Bank savings account
Bankrate score
4.5
Bankrate Savings rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Marcus by Goldman Sachs savings account
Bankrate score
4.8
Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
No banks found
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
|---|---|---|
|
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between March 14, 2026 and March 20, 2026.
|
||
| 3.80% | 3.65% | |
|
Minimum balance for APY
|
||
| $1.00 | $0.00 | |
|
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
|
||
| $1,900 | $1,825 | |
| The High Yield Savings account offers a highly competitive yield with no fees and no frills. However, depositing and withdrawing your money can only be done via transfer. You're limited to six withdrawals per month, with a $25 fine for each subsequent withdrawal. | Marcus by Goldman Sachs offers a somewhat competitive yield on its savings account. With no fees and no minimum deposit, Marcus is a good option for savers who are comfortable with banking exclusively online. | |
|
|
N/A
|
|
|
N/A
|
|
APY offering:
3.80%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum deposit for APY:
$1.00
4/5
The minimum deposit amount a financial institution requires in order to open a savings account.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds:
Poor
2/5
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools:
0/5
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
|
APY offering:
3.65%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum deposit for APY:
$0.00
5/5
The minimum deposit amount a financial institution requires in order to open a savings account.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds:
Average
4/5
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools:
No
0/5
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The minimum deposit amount a financial institution requires in order to open a savings account.
A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met.
The lowest balance an account must maintain to avoid a monthly fee.
Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.
Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.
Bankrate does not currently track additional product details for this bank.
|
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
