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5 Star Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances


  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates

What You Need to Know

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Cool Things

Step-Up CDs

These CDs allow you to increase your interest rate during the term of the CD. Twenty-four, 36, 48, or 60-month CDs qualify as a Step-Up CD. You can deposit money into the CD when you increase the interest rate. The number of times you can increase your rate depends on the CD term. These CDs do not automatically renew at maturity. They require $1,000 to open.

Financial Calculators

The 5Star Bank website offers financial calculators. These calculators help you get answers to common questions. There is a checking, CD, and saving calculator. You can see what your invested money will do over time.


5Star Bank was acquired in 2015. Bank management and a local group of investors took over the leadership of the bank. The bank's branch locations are in Colorado Springs, Colorado. They have combined assets of $145 million. Their deposits total over $129 million, and there are almost $118 million in loans.

5Star Bank offers personal deposit accounts as well as business accounts. There are a variety of different types of account available for customers to choose from. They offer personal and business loans. 5Star Bank offers competitive interest rates if you meet the requirements.

Giving Back

5Star Bank supports, sponsors, and participates in a variety of community events. They sponsored the "Pikes Peak or Bust Rodeo." They help sponsor the "Honoring the Brave Breakfast" for military families. They participated in the MUDD volleyball tournament for March of Dimes.

In 2018, 5Star Bank donated money to three local nonprofits. The money helped a pet shelter, food bank, and an organization for military families. They donated $1,000 to help buy new bikes after a nonprofit was vandalized. In 2016, 5Star Bank donated 30 trees to their community. The trees went to help rebuild the burned areas of Black Forest.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. 5Star Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By debit or ATM cards, checks, or electronic transfers. You can access your money with bill pay or by visiting a branch location.

Does this bank offer mobile banking?

Yes. With the 5Star Bank app, you can view account balances, pay bills, and transfer money. You can upload and deposit checks.

Is this a good bank?

The interest rates are competitive. Some rates require large balances be in the account. Most accounts do not have a monthly fee. The amounts required to open the accounts are low.

Is this bank free?

The only account that is not free is the money market account. There is a $5 monthly fee if you do not have at least $1,000 in the account. The rest of 5Star Bank accounts do not have a monthly maintenance fee or required amounts to keep in the accounts.

Is this bank secure online?

5Star Bank protects their systems with secure technology. Their debit card comes with a zero-liability promise. You are not responsible for loss from an unauthorized transaction. Their accounts are password protected.

Does this bank offer competitive interest rates?

Most 5Star Bank accounts have competitive interest rates. A few of the accounts have requirements you must meet to earn those competitive rates. Their rates are much higher than brick and mortar bank rates.

Can I use this bank for my business accounts?

Yes. 5Star Bank offers checking and money market accounts and CDs for businesses. They offer lines of credit and loans. You can sign up for online banking, bill pay, and remote check deposits.

How is the online bank different from the online banking my bank offers?

The interest rates are higher if you meet all the requirements to earn the competitive rates.

Do their checking accounts pay interest?

Yes, one checking account earns interest if you meet the set requirements. You must sign up for online banking and eStatements. You must also make 12 debit card purchases each month to earn the competitive interest. The other two checking accounts earn cash back or refunds, but not interest. You must meet the same requirements to earn the other rewards.

How do I reach customer service?

By phone, email, or by visiting a local branch location. You can also follow them on Facebook or Twitter.

Does this bank offer bill pay?

Yes. Each 5Star Bank checking account comes with free bill pay.

Can I deposit cash?

At a local branch location.

How long do transfers take?

Specific times were not listed on the website.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into one account. Alternatively, you can split up your check and have it directly deposited into different accounts. You must contact a bank representative to set up direct deposit.

Bank Contact Information

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