Colorado Federal Savings Bank Review

How does your bank stack up?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 2.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • Can open all accounts online
  • No monthly fees or required balances
  • Competitive interest rates
  • Savings has a low opening amount


  • 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.


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?

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.

How do I access my money?

Through electronic transfers to linked accounts.

Can I deposit cash?

No. Deposits into CFSB accounts are all made through electronic transfers. CFSB does not accept checks or wire transfers.

How long do transfers take?

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.

Can I sign up for direct deposit?

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

Are ATM transactions free?

CFSB does not offer ATM cards for their accounts.

Are ATM transaction fees reimbursed?

CFSB does not offer ATM cards for their accounts.

Is mobile banking or a mobile app available?

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 bill pay offered?

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

Do the accounts 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.

Do checking accounts earn interest?

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

What are the most popular accounts?

The high yield savings account and CDs are popular. The Premier savings account is popular if you qualify.

What are the monthly maintenance fees?

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

Is this one of the best banks?

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.

How are my money and information protected?

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.

Are any business accounts offered?

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

What makes these accounts different?

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

How do I reach customer service?

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

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