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Colorado Federal Savings Bank Review 2024

Updated January 24, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.5 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

Colorado Federal Savings Bank is best for savers who are comfortable with an online-only experience and don’t need to touch their money soon after depositing it. Yields are competitive, but high minimum balances are often required to open an account at this bank.

Highlights

  • No Monthly Fees
  • High APY
Sponsored offers
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Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/23/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 5/23/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Colorado Federal Savings Bank has a small range of deposit products to choose from; only certificates of deposits and two savings accounts are available. The APYs offered for these accounts are competitive, but high minimum balance requirements may be a deal breaker for some customers. Moreover, without an Android mobile app, access to ATMs or common online banking functionalities available at other institutions, savers must be comfortable with banking solely through Colorado Federal Savings’ website.

Pros

  • Checkmark

    CD and savings account yields are competitive.

  • Checkmark

    You can open a high-yield savings account with just $1.

Cons

  • Colorado Federal Savings doesn’t offer checking or money market accounts.

  • There isn’t an Android mobile app.

  • There are high minimum balance requirements to open a CD.

  • Colorado Federal Savings doesn’t have an ATM network where you can pull your money.

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Colorado Federal Savings Bank banking products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Colorado Federal Savings Bank savings overview

Colorado Federal Savings has two savings accounts: High Yield Savings and Premier Savings. Although both accounts offer similar competitive APYs, you only need $1 to open the High Yield Savings account, but you’ll need a whopping $50,000 to open the Premier Savings account. Moreover, you must be a new customer (defined as a customer who hasn’t maintained an account with the bank within the last 60 days) to open the Premier Savings account.

Both accounts come without monthly maintenance fees, but there’s a $25 fee each time you surpass the limit of six free withdrawals per month.

Pros

  • Checkmark

    You only need $1 to open the High Yield Savings account.

  • Checkmark

    There are no monthly maintenance fees.

  • Checkmark

    Both savings accounts offer a competitive APY.

Cons

  • A minimum of $50,000 is required to open the Premier Savings account.

  • There’s a $25 each time you withdraw after surpassing your six free withdrawals per month.

  • Mailed statements are not available. Customers must access e-statements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Colorado Federal Savings Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/23/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee N/A
Non-sufficient funds fee $25
Monthly maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee $25

About Colorado Federal Savings Bank

Founded in 1990, Colorado Federal Savings Bank is an FDIC-insured bank headquartered in Greenwood Village, Colorado. The bank is an online-only institution; all banking activity takes place on its secure website. Colorado Federal Savings offers certificates of deposits and savings accounts in addition to residential construction lending and treasury and cash management.

Customer experience

Customer service. Representatives on the phone are available Monday through Friday, from 7 a.m. to 5 p.m. Mountain time. Customers can also reach out by email. 

Digital experience. Colorado Federal Savings is largely missing online banking functionalities available at many other institutions: it has an iOS app, but not an Android app. Also, there’s no access to BillPay and you can’t make person-to-person transactions through popular platforms like Zelle.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.