Colorado Federal Savings Bank Review 2023
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At a glance

CDs
Savings
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 4.7/5
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 = 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 = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 a 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
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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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Colorado Federal Savings doesn’t offer checking or money market accounts.
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There isn’t an iOS or Android mobile app.
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There are high minimum balance requirements to open a CD.
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Colorado Federal Savings doesn’t have an ATM network where you can pull your money.
Colorado Federal Savings Bank banking products
Colorado Federal Savings Bank savings overview
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
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You only need $1 to open the High Yield Savings account.
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There are no monthly maintenance fees.
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Both savings accounts offer a competitive APY.
Cons
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A minimum of $50,000 is required to open the Premier Savings account.
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There’s a $25 each time you withdraw after surpassing your six free withdrawals per month.
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Mailed statements are not available. Customers must access e-statements.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
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. Colorado Federal Savings is largely missing online banking functionalities available at many other institutions: It doesn’t have an iOS or Android app, there’s no access to BillPay and you can’t make person-to-person transactions through popular platforms like Zelle or Popmoney.
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.
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.