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.

Read the full Colorado Federal Savings Bank review.

The interest rates for Sun Canyon are higher than typical bank rates, but lower than online accounts. The accounts do have tiered interest rates. But even the lowest tier rates are higher than typical bank rates.

Sun Canyon Bank offers online accounts. Those accounts include:

• Checking account
• Savings account
• Money market account
• Standard CDs in 6, 12, and 24-month terms

Sun Canyon allows for eight ATM transactions each month, or up to $25 per billing cycle, free of fees. The other banking institution may charge a fee. Sun Canyon will not charge a fee for those first ATM transactions.

Through the mobile app, you can make purchases and payments with Sun Canyon Digital Wallet. You load your debit card into the mobile app. You can then make purchases. Sun Canyon also supports Apple, Google, and Samsung Pay.

Most Sun Canyon accounts have fees. The money market fee is $10. To avoid fees, you must keep at least $2,500 in the account. The savings account has a fee of $5 per month. To avoid this fee, you must have a balance of at least $250. The checking account has a fee of $5 if you have less than $5,000 in your checking account. To waive the fees, you can also have set combined balances. The savings account requires $2,500 in combined accounts. The MMA requires $5,000, and the checking account requires $20,000 in combined accounts.

The opening required amounts for Sun Canyon accounts are high. The savings account requires $250 to open. The checking account requires $1,000 to open. The CDs all require $1,000 to open. The money market account requires $2,500. You must keep these amounts in the accounts to avoid the monthly fees.

Apply for an account with Sun Canyon by filling out an application online. Once your application is complete, customer service sends an email when the account activates. You can start using the account once you receive the email.

To earn the most competitive rates, you must have a high account balance. The checking account requires $50,000 for the best rates and the money market requires $100,000. The savings account requires $250,000. Balance over $250 for the savings account and over $2,500 for the MMA and checking accounts earn interest, just not the highest rate.

Read the full Sun Canyon Bank review.