-
Financial Rates:
3.0
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Customer Service:
2.5
-
Website Experience:
2.0
-
Bank Fees:
5.0
Pros:
- Can open all accounts online
- No monthly fees or required balances
- Competitive interest rates
- Savings has a low opening amount
Cons:
- Limited accounts offered
- Must link external bank account
- Premier account requires large amount
- CDs require a large opening deposit
What You Need to Know
Colorado Federal Savings Bank is an online bank. Opening an account is completed online. You do not have to mail information in or wait for the bank to send you information. All the information you need to open an account is on their website.
Colorado Federal Savings Bank accounts do not have monthly maintenance fees. The accounts are completely free. There are no fees to transfer money into the account with electronic transfers.
The interest rates for CFSB are competitive. Their rates are much higher than your typical brick-and-mortar rates. They are competitive with other online-only accounts. CFSB rates are not tiered. Any amount over the required opening deposit earns the competitive rates offered.
The high yield savings account only requires $1.00 to open the account and keep in the account. The interest rates are competitive. The only fee is if you withdraw more than six times each billing cycle.
CFSB offers limited accounts. Only an online savings account and CDs are available. No checking or money market account is available. There are no business accounts available. Only those few personal deposit accounts are available through CFSB.
To fund your CFSB accounts, you must link an external bank account. Once you link the accounts, you can make transfers between the two accounts. Electronic transfers between linked accounts are how you access your CFSB money.
CFSB has a Premier Savings account offering competitive interest rates. The minimum account balance is $50,000. To open the Premier Savings account, you must be a new customer. This means you have not maintained a CD or savings account with CFSB in the previous 60 days.
To open a CD through CFSB requires $5,000. There are six CD terms. They range from six-months to five-year terms. The only fee is if you withdraw your money before it reaches the maturity date. The interest rates for each of the terms are competitive.
Digital or Mobile Banking
CFSB does not currently offer a mobile app. They do offer online banking on their website. With online banking, you can:
- Open CFSB accounts
- View account statements
- See account balances
- Transfer money to your linked external account
Cool Things
Mortgage Calculator
The Colorado Federal Savings Bank website offers a mortgage calculator. Enter the purchase price, down payment percentage, interest rate, and term. It will then calculate your monthly mortgage rate. This helps you see the actual monthly payment before you purchase a home.
History
Colorado Federal Savings Bank has headquarters in Greenwood Village, Colorado. They serve the communities of Colorado and other individuals across the United States. CFSB is an online only bank. It started in 1990 and became under new management in 2008. Along with savings accounts and CDs, CFSB offers commercial, construction, and residential lending.
Giving Back
Colorado Federal Savings Bank supports the Colorado communities. They help charities and organizations supporting affordable housing initiatives. They support those who work to revitalize the communities. They also support financial literacy education programs. Some organizations include Habitat for Humanity and the Salvation Army. They also support the Midwest Housing Equity Group, Denver Rescue Mission, and Junior Achievement.
List of Common Bank Fees
- ATM Fees in the United States: No ATM card offered
- ATM fees international: No ATM card offered
- Bill Pay: Not offered
- CD Early Withdrawal Fees: One to six-months of interest
- Excessive Withdrawal Fees: $25
- Monthly Service Fees: $0
- Overdraft Service Fees: $25
- Paper Bank Statements: Not offered
- Wire Transfers (Domestic): Not accepted
- Wire Transfers (International): Not accepted
Frequently Asked Questions
- Are all the accounts FDIC insured?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
Yes. CFSB 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.
Through electronic transfers to linked accounts.
No. Deposits into CFSB accounts are all made through electronic transfers. CFSB does not accept checks or wire transfers.
Electronic transfers into your linked account take two to three business days. The CFSB savings account deposits must stay in the account for four business days. After those four days, you can then withdraw the money.
Deposit money into CFSB accounts by electronic transfers from linked accounts.
CFSB does not offer ATM cards for their accounts.
CFSB does not offer ATM cards for their accounts.
The website does not list a mobile app. Colorado Federal Savings Bank is entirely online. Make deposits through electronic transfers from a linked bank account.
No. CFSB does not offer checking accounts, so no bill pay is available. Personal deposit savings accounts and CDs are the only accounts offered.
Yes. CFSB offers competitive interest rates. The rates are much higher than typical brick-and-mortar bank rates. Their rates are competitive with other online accounts.
CFSB does not offer checking accounts. The only accounts offered are savings accounts and CDs. No business accounts are available.
The high yield savings account and CDs are popular. The Premier savings account is popular if you qualify.
CFSB online savings account and CDs do not have monthly fees.
The account interest rates are competitive. There are no monthly fees or required balances to avoid the fees. CFSB only offers a personal deposit savings account and CDs. No business accounts are available.
Customers fill out a security feature to help detect unusual account behavior. CFSB will notify you if they do detect unusual behavior. Accounts are password protected and have security questions. CFSB encrypts your personal information.
No. CFSB does not offer business accounts. They offer a personal deposit online savings account and CDs.
There are no branch locations. The interest rates are much higher than your typical bank rates. Everything for your account is online.
By phone, email, or mail. Customer service is open from 7 a.m. to 6 p.m. MST on business days. You can follow CFSB on Facebook and LinkedIn.
Bank Contact Information
Colorado Federal Savings Bank8400 E. Prentice Ave, Suite 840
Greenwood Village, CO 80111
877-484-2372
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.