On this page12 sections
Colorado Federal Savings Bank suits savers who want a simple high-yield account or a CD and are fine moving money only by ACH. It is a legitimate, FDIC insured federal savings bank, chartered in 1990 and supervised by the OCC, with about $2.3 billion in assets. The tradeoffs are real: no debit card, checks or wires, a $25 fee for each savings withdrawal over six a month, a $5,000 CD minimum, and posted rates that were dated July and September 2026 when we checked. Confirm the current rate before you fund an account.
- Bank
- Colorado Federal Savings Bank, Greenwood Village, CO (FDIC certificate 33111); federal savings bank supervised by the OCC; insured since June 29, 19903
- High Yield Savings
- 3.85% APY, $1 minimum balance; rate dated July 16, 20261
- Premier Savings
- 3.90% APY with a $50,000 minimum, new customers only1
- CDs
- 3.65% to 4.25% APY, 3 to 60 months, $5,000 minimum; top rate 4.25% on 12 months (rates dated September 8, 2026)1
- No-penalty CD
- 11 months at 3.95% APY, $5,000 minimum; full withdrawal allowed after 7 days1
- Fees
- No monthly, ACH or online fees; $25 per savings withdrawal over 6 per monthly cycle1
- Access
- Online only; money moves by ACH only, with no debit card, checks or wires2
- Size
- About $2.31 billion in assets and 1 office as of June 30, 20263
Pros
- 3.85% APY savings with a $1 minimum
- Penalties for every CD term posted clearly
- 11 month no-penalty CD
- No monthly, ACH or online fees
- No complaints at the BBB or CFPB
Cons
- ACH only: no debit card, checks, wires or branches
- $25 fee for each savings withdrawal over 6 per cycle
- $5,000 minimum on every CD
- No IRAs, trust, business or nonprofit accounts
- Posted rates can be weeks or months old
Best for: Savers who want a plain, insured online savings account or a fixed-term CD with $5,000 or more, and who rarely need to move money.
Skip it if: You need an ATM card, frequent transfers, an IRA or trust account, or a CD under $5,000.
Colorado Federal Savings Bank vs. competitors
| Company | Savings APY (Oct 2026) | Savings minimum | CD minimum | Top CD APY | Next step |
|---|---|---|---|---|---|
| Colorado Federal Savings Bank | 3.85% (3.90% Premier) | $1 | $5,000 | 4.25% (12 months) | |
| Popular Direct | 3.90% | $100 | $10,000 | 5.00% (60 months) | Read review |
| Bask Bank | 3.90% | $0 | $1,000 | 4.35% (12 months) | Read review |
| Marcus by Goldman Sachs | 3.50% | $0 | $500 | 4.40% (12 months to 2 years) | Read review |
High-yield savings accounts we reviewed
-
Colorado Federal Savings Bank This review BestGuide rating: 4.3 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a plain, insured online savings account or a fixed-term CD with $5,000 or more, and who rarely need to move money. -
CIT Bank Platinum Savings BestGuide rating: 4.6 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who will keep at least $5,000 in the account at all times and want a no-fee online account backed by a large bank. -
Openbank High Yield Savings BestGuide rating: 4.5 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a high, fee free rate on cash they move in and out by transfer, and who are comfortable banking only through an app. -
Bask Bank BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Online savers who want fee-free savings and interest-bearing checking, or American Airlines flyers who value miles over interest. -
Marcus by Goldman Sachs BestGuide rating: 4.1 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers who want a simple, fee-free place for an emergency fund or CD ladder at a large FDIC-insured bank. -
Popular Direct BestGuide rating: 4.3 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner. Best for: Savers with $10,000 or more who want to lock a fixed CD rate, or a simple savings account, at an FDIC-insured bank.
Colorado Federal Savings Bank pricing at a glance
Colorado Federal Savings Bank rates, as posted October 12, 20261
| Account | APY | Minimum | Early withdrawal penalty |
|---|---|---|---|
| High Yield Savings | 3.85% | $1 | None; $25 per withdrawal over 6 a cycle |
| Premier Savings (new customers) | 3.90% | $50,000 | None; $25 per withdrawal over 6 a cycle |
| 3 month CD | 3.65% | $5,000 | 1 month of interest |
| 6 month CD | 4.15% | $5,000 | 3 months of interest |
| 12 month CD | 4.25% | $5,000 | 3 months of interest |
| 18 month CD | 4.20% | $5,000 | 6 months of interest |
| 24 month CD | 4.10% | $5,000 | 6 months of interest |
| 36 month CD | 4.05% | $5,000 | 6 months of interest |
| 60 month CD | 3.95% | $5,000 | 6 months of interest |
| 11 month no-penalty CD | 3.95% | $5,000 | None after 7 days |
Savings APYs are dated July 16, 2026, standard CD APYs September 8, 2026, and the no-penalty CD May 6, 2026, so they may have changed. Savings rates are variable. CD penalties can reduce principal.
Colorado Federal Savings Bank, step by step
Apply online
Apply on the bank's website with your Social Security number, ID and a funding account. Savings applicants upload a driver's license or state ID.
Fund by ACH
CDs are funded by ACH during the application; savings are funded after the account opens. The bank does not accept checks or wires.
Earn interest
CD interest starts the night the account is funded. ACH deposits to savings are held 4 business days.
Move money out
Schedule ACH transfers to a verified outside account in online banking. Transfers can take 2 to 3 business days.
Close or change
Close accounts or change a CD by secure message in online banking; closing funds go only to your linked outside account.
Colorado Federal Savings Bank legitimacy and licensing
Yes. Colorado Federal Savings Bank is a federally chartered savings bank in Greenwood Village, Colorado, FDIC insured since June 29, 1990 under certificate 33111 and supervised by the Office of the Comptroller of the Currency. It had about $2.31 billion in assets as of June 30, 2026. Deposits are insured up to $250,000 per depositor, per ownership category.
The bank is under common ownership with Provident Funding Associates and Provident Mortgage Trust, though it says they are separate companies. Besides consumer savings and CDs, it does residential construction lending and treasury services. It has no complaints listed at the BBB or the CFPB.
Colorado Federal Savings Bank rates
As posted on October 12, 2026, High Yield Savings paid 3.85% APY (annual percentage yield). The yearly return on a deposit including compounding, the standard number for comparing savings accounts. Compare high-yield savings accounts with a $1 minimum balance, and Premier Savings paid 3.90% APY on $50,000 or more for new customers. Standard CDs paid 3.65% to 4.25% APY, with the best rate on the 12 month term, and the 11 month no-penalty CD paid 3.95%.
Check the dates. The savings rates were dated July 16, 2026, CD rates September 8, 2026, and the no-penalty CD May 6, 2026. Savings rates are variable and can change after you open. Confirm the live rate at application.
How accounts work
- Online only. No branches, no in-person deposits or withdrawals, and no international account access.
- ACH only. You fund and withdraw by ACH to a verified outside account. The bank does not accept checks or wires and does not issue debit cards or checks.
- Pulls are blocked. For security, the bank blocks outside ACH debits, so you cannot pull money from another bank’s site; you push it from CFSB’s online banking.
- Holds. ACH deposits into savings are held 4 business days, longer for your first deposit.
- Who can open. Individuals only, up to four joint owners and five payable-on-death beneficiaries. No IRA, trust, business or nonprofit accounts.
Fees and CD penalties
There is no monthly maintenance, ACH or online banking fee. Savings accounts allow six withdrawals per monthly statement cycle; each one after that costs $25, and the bank says exceeding the limit can lead to account closure.
Breaking a CD early costs 1 month of interest on terms under 6 months, 3 months on 6 and 12 month terms, and 6 months on longer terms. The penalty can cut into principal. Partial withdrawals are allowed on standard CDs, with the penalty charged only on the amount removed. The no-penalty CD allows only full withdrawal, starting 7 days after funding.
Complaints and reviews
We found no complaints about Colorado Federal Savings Bank in the CFPB database, and the BBB lists none in three years (the bank is rated A+ but not accredited). There are also very few public customer reviews, so the best checks are its FDIC record and its posted account terms. Read the Disclosure of Account Terms and Fee Schedule on the bank’s FAQ page before you open.
Who should skip it
Look elsewhere if you need to move money often, want a debit card or ATM access, need an IRA or trust account, or have less than $5,000 for a CD. Banks such as Marcus ($500) and Bask ($1,000) take smaller CD deposits.
Alternatives to Colorado Federal Savings Bank
-
Treasury bills through TreasuryDirect
Backed by the U.S. government, free to buy, and the interest is exempt from state and local income tax.
-
Bask Bank
Similar savings rate with no minimum and a $1,000 CD minimum instead of $5,000.
-
Marcus by Goldman Sachs
Lower savings rate but a $500 CD minimum and same-day transfers up to $100,000.
-
Popular Direct
Higher long-term CD rates if you can lock up $10,000 for several years.
Colorado Federal Savings Bank reviews
Written by readers, read by our moderators, never edited by the company.
No reader reviews yet. If you have used Colorado Federal Savings Bank, yours will be the first.
Write a reviewHow do I know I can trust these reviews about Colorado Federal Savings Bank?
- Every reviewer confirms an email address before a review can publish.
- Our moderators read every review before it publishes.
- Companies can respond publicly but can never edit, hide or remove a review.
- Paying BestGuide never changes the reader rating or which reviews publish.
Frequently asked questions
Is Colorado Federal Savings Bank FDIC insured?
Yes. It has been FDIC insured since June 29, 1990 under certificate 33111. Deposits are covered up to $250,000 per depositor, per ownership category.
What is Colorado Federal Savings Bank's savings rate?
As posted October 12, 2026, High Yield Savings paid 3.85% APY with a $1 minimum, and Premier Savings paid 3.90% on $50,000 or more for new customers. The posted rates were dated July 16, 2026.
What are Colorado Federal CD rates?
Standard CDs paid 3.65% to 4.25% APY for terms of 3 to 60 months with a $5,000 minimum, as of September 8, 2026. The 11 month no-penalty CD paid 3.95%.
Does Colorado Federal Savings Bank have branches?
No. It is an online-only bank with no locations for in-person service.
Can I get a debit card or checks?
No. Money moves only by ACH transfer through online banking. The bank does not issue debit cards or checks or send wires.
How many withdrawals can I make from savings?
Six per monthly statement cycle. Each withdrawal after six costs $25, and repeated excess withdrawals can lead to closure.
Does Colorado Federal offer IRAs?
No. It does not offer IRA, trust, business or nonprofit accounts online.
What is the early withdrawal penalty on a CD?
1 month of interest for terms under 6 months, 3 months for 6 and 12 month terms, and 6 months for longer terms. The penalty can reduce principal.
How do I close my account?
Transfer the full balance by ACH to your linked outside account, then send a secure message asking to close it. The bank does not mail checks to close accounts.
Who owns Colorado Federal Savings Bank?
The bank says it is under common ownership with Provident Funding Associates, Provident Mortgage Trust and PointServ, which are separate companies.
Sources (5)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- Colorado Federal Savings Bank: Savings and CDs (accessed October 12, 2026)
- Colorado Federal Savings Bank: FAQ (accessed October 12, 2026)
- FDIC BankFind: Colorado Federal Savings Bank (certificate 33111) (accessed October 12, 2026)
- BBB: Colorado Federal Savings Bank (accessed October 12, 2026)
- CFPB: Consumer complaint database search (accessed October 12, 2026)
BestGuide is free to use. Some companies we review pay us when you visit their site or contact them through us. Compensation may influence which companies we feature and their order. It doesn't change what our reviews say. Advertising disclosure