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.
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.