Colorado Federal Savings Bank Review 2024
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At a glance
CDs
Savings
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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
- High APY
- No Monthly Fees
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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 = 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 Checking 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.
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.
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
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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 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.
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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.
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Colorado Federal Savings BankAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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
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.
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