5Star Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.5 Star Icon


  • Variety of personal accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • Savings account offers good rates


  • Money market account has tiered rates
  • Accounts have monthly fees
  • Daily debit card limits
  • Cannot open accounts completely online

What You Need to Know

5Star Bank offers a variety of accounts. They offer personal deposit and business accounts. These include:

  • 5Star checking account
  • E-Checking account
  • Basic savings account
  • Money market account
  • CD terms from six-months to five-years
  • IRA CDs from 18-months to five-years
  • Lending options
  • Credit cards
  • Business checking and money market accounts
  • Business CDs from six-months to five-years
  • Business lending and credit options

5Star Bank has low amounts required to open their accounts. The E-Checking requires $50. The 5Star checking and the basic savings account require $100 to open. Both the money market account and the different CD terms require $1,000 to open.

The 5Star checking account refunds up to five ATM transactions fees per month. You must keep at least $1,000 in the checking account to have ATM transactions refunded. The E-Checking account does not offer ATM reimbursement.

The basic 5Star savings account offers competitive rates. The rates are higher than typical brick-and-mortar rates. This account only requires $100 to open and keep in the account to waive the monthly fee. Any amount in the account earns the competitive rate. These rates are not tiered.

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

Most 5Star Bank accounts have monthly maintenance fees. The savings account fee is $2. The money market fee is $5, and the checking account fee is $7. Waive each of these fees by keeping a set amount in the accounts. Those balances range from $100 to $1,000, depending on the account.

5Star has daily limits for your debit card. The limit for point of sale purchases is $1,000 per day. The daily limit for ATM withdrawals is $300.

Accounts through 5Star Bank are not available to open entirely online. To open the accounts, you need to visit a branch location. You may be able to open the accounts through the mail. Contact customer service for more information.

Digital or Mobile Banking

5Star Bank offers online banking, along with a mobile app. Through these tools, you can:

  • Transfer money between accounts
  • Pay bills
  • View account balances and history
  • Deposit checks

Cool Things

Financial Calculators

The 5Star Bank website offers financial calculators. These calculators help you get answers to common questions. A CD and a savings goal calculator are available. With the calculators you can see what your invested money will do over time.


In 2015, bank management and a local group of investors acquired 5Star Bank. The leadership of the bank became local Colorado Springs citizens.

5Star offers personal deposit accounts, as well as business accounts. These include personal accounts, lending options, and credit cards. They also offer business accounts and loans.

5Star Bank has combined assets totaling over $271 million. Their deposits are more than $230 million, with almost $235 million in loans. There are four branch locations in Colorado.

Awards and Recognition

  • A+ rating from the Better Business Bureau in 2020
  • Five-star rating from Bauer Financial Reports in 2019

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.

List of Common Bank Fees

  • ATM fees in the United States: $0
  • ATM fees internationally: Not listed
  • Bill pay: $0
  • CD early withdrawal fees: 90-180 days of interest
  • Excessive withdrawal fees: Not listed
  • Monthly service fees: $2-7
  • Overdraft service fees: Not listed
  • Paper bank statements: $0
  • Wire transfers (Domestic): $0-20
  • Wire transfers (International): $0-40

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. 5Star Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The 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.

Can I deposit cash?

Yes, at a local branch location.

How long do transfers take?

The website does not list specific transfer times.

Can I sign up for direct deposit?

Yes. You can have money directly deposited into 5Star accounts.

Are ATM transactions free?

Some 5Star accounts offer free ATM transactions.

Are ATM transaction fees reimbursed?

The 5Star checking account offers up to five refunds of ATM fees per month. You must keep at least $1,000 in the account to qualify for ATM fee refunds.

Is mobile banking or a mobile app available?

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

Is bill pay offered?

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

Do the accounts offer competitive interest rates?

The basic savings account and the five-year CD offer competitive interest rates.

Do checking accounts earn interest?

Yes. The 5Star checking account earns interest. You must have at least $1,000 in the account to earn interest.

What are the most popular accounts?

The basic savings account is popular. This account earns the most competitive interest rates at 5Star Bank.

What are the monthly maintenance fees?

Most 5Star accounts have a monthly fee. The fees range from $2-7. Waive fees by keeping an account balance from $100-1,000.

Is this one of the best banks?

The basic savings account offers competitive interest rates. You cannot open 5Star accounts entirely online.

How are my money and personal information protected?

5Star Bank has security measures that comply with federal laws. Their computers have safeguards; buildings and files are secure.

Are any business accounts offered?

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.

What makes these accounts different?

The basic 5Star savings account offers higher rates than brick-and-mortar accounts.

How do I reach customer service?

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

Bank Contact Information

5Star Bank

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