Colorado Federal Savings Bank Review 2025
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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
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 = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 = 4.1/5
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.
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.
Overall
Colorado Federal Savings Bank focuses exclusively on savings products, offering certificates of deposits and two savings accounts with competitive APYs. However, high minimum balance requirements may deter some customers. Banking is conducted solely through their website, with notably limited digital features — no ATM access, no Android app, and fewer online banking functions compared to typical online banks.
Pros
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CD and savings account yields are competitive.
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You can open a high-yield savings account with just $1.
Cons
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Despite being an online-only bank, CFSB's digital banking experience lacks common features like peer-to-peer transfers and depositing checks via app.
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There are high minimum balance requirements to open a CD.
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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.
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Colorado Federal Savings Bank banking products
Colorado Federal High Yield Savings account
Pros
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$1 minimum deposit.
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No monthly maintenance fees.
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Highly competitive APY.
Cons
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Six-per-month withdrawal limit; $25 fee for subsequent withdrawals.
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No paper statements.
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No way to deposit checks.
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Can only withdraw money by transfers.
Colorado Federal certificates of deposit
Pros
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Highly competitive APYs.
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Terms from three months to five years.
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No-penalty CD is available.
Cons
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$5,000 minimum deposit to open a CD.
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 |
Customer experience
Customer service. 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. While an iOS app is available, there's no Android app. Common features found at most online banks — including bill pay and Zelle transfers — are not offered. The stripped-down platform focuses solely on basic account management.
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.
