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Colorado Federal Savings Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • Accounts are opened online
  • No monthly fees or required balances
  • Competitive interest rates
  • Savings account has low opening amount


  • Limited accounts offered
  • Must link an external bank account
  • Highest rates require a large amount
  • CDs require a large opening deposit

What You Need to Know

Opening an account is completed entirely online. You do not have to mail any information in or wait for the bank to mail you information. All the information you need to open an account is on their website.

Colorado Federal Savings Bank accounts do not have any 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 rate for this account is competitive. The only fee is if you withdraw more than six times each billing cycle.

CFSB offers limited accounts. Only online savings accounts 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 the account to an external bank account. Make deposits into your accounts by electronic transfers from your linked account. Money can only be withdrawn into the linked external bank account.

The CFSB premier savings account earns the highest rate offered. To open that account, you must have $50,000. There are no monthly maintenance fees for this account. However, you must keep $50,000 in the account to earn the competitive interest rate. Only new customers are eligible to open this account.

To open a CD through CFSB requires $5,000. There are six different 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 different terms are competitive.

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.


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 work to help charities and organizations that support affordable housing initiatives. They support those who work to revitalize the communities. They also support financial literacy education programs. Some of the specific organizations CFSB supports include Habitat for Humanity and The Salvation Army. They also support Midwest Housing Equity Group, Denver Rescue Mission, and Junior Achievement.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. CFSB 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?

Through electronic transfers. Money can be electronically transferred between external linked accounts.

Does this bank offer mobile banking?

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.

Is this a good bank?

The account interest rates are competitive. There are no monthly fees or required balances to avoid the fees. CFSB only offers personal deposit savings account and CDs. No business accounts are available.

Is this bank free?

Yes. CFSB online savings account and CDs do not have monthly fees.

Is this bank secure online?

Each customer fills out a security feature. This detects any unusual behavior to your account. CFSB will notify you if they detect unusual behavior. Accounts are password protected and have security questions. CFSB encrypts your personal information.

Does this bank offer competitive interest rates?

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.

Can I use this bank for my business accounts?

No. CFSB does not offer business accounts. They offer only personal deposit online savings accounts and CDs.

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

There are no branch locations. The interest rates are much higher than your typical bank rates. Everything for your account is online.

Do their checking accounts pay interest?

CFSB does not offer checking accounts. The only accounts offered are savings accounts and CDs. No business accounts are available.

How do I reach customer service?

By phone, email, or mail. Customer service is open from 7:00 a.m. to 6:00 p.m. MST on business days.

Does this bank offer bill pay?

Yes. Citizens Trust Bank offers bill pay for their checking accounts.

Can I deposit cash?

No. CFSB does not offer checking accounts, so no bill pay is available. Personal deposit savings accounts and CDs are the only accounts offered.

How long do transfers take?

Electronic transfers into your linked account take two to three business days. Money deposited into CFSB savings accounts are held for four business days. The money cannot be withdrawn during those four days.

Can I sign up for direct deposit to this account?

Deposit money into CFSB accounts by electronic transfers from linked accounts.

Bank Contact Information

Colorado Federal Savings Bank
8400 E. Prentice Ave, Suite 840
Greenwood Village, CO 80111

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