Colorado Federal Savings Bank has now reached new “peaks” with their online savings accounts. To open one of these bank accounts, you must first have a deposit of $2,500. Then, once that part is done, the rest is simple. Sit back and watch your money transform into towering mounds…If only!  Truthfully, you will be earning a rate of 1.10% APY (1.30%APY in 15 Jul 2010) on that deposit. And of course, if you wish to put more money into your savings account, then, you will be earning more. You can use their user-friendly calculator on their site to see just how much you can earn with their high savings rates. There is a “single deposit” calculator, as well as a “monthly deposit” calculator. Just choose the one which will help fulfill your quest for saving money, choose the best savings account for you.

As all online banks have different terms and conditions, there are a few things you should know about Colorado Federal Savings Bank. First, they will only allow transfers between their account and your originally linked account. Once that account is open, they will not allow you to change that “original account.” Also, like most banks, the withdrawal limit is drawn at 6 transactions per monthly statement cycle. And finally, Colorado  Federal Savings Bank is FDIC insured up to $250,000 per depositor. Let Colorado Federal Savings Bank take your money to new limits.