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Colorado Federal Savings Bank Cuts Savings Account Rate - Second Cut within a Week

Thursday, February 18, 2010 - 10:59 AMColorado Federal Savings Bank - Details
The savings account rate fell from 1.50% to 1.40% APY. Colorado Federal Savings just cut their savings account last week from 1.70% to 1.50% APY.

Refer to my Colorado Federal Savings review for more info.

Hat tip to the reader who mentioned this in the Open Discussion Thread.
1
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,675
1. Thursday, March 4, 2010 - 1:12 AM
I made the mistake of opening an online savings account with Colorado Federal Savings Bank in mid-February only to see their rate immediately drop.  I attempted to transfer some of my funds to a 3rd-party bank with a higher rate by initiating the transfer from the 3rd-party bank.  Colorado Federal Savings called and said they were going to disallow the transfer.  The woman I spoke to stated that I had to initiate transfers from Colorado Federal Savings Bank and that I could only transfer money to the bank account that I originally funded my account from.  I immediately closed the account (and, no doubt, I forfeited a couple of days' interest to do so but I say good riddance).

I regret opening an online savings account at Colorado Federal Savings Bank and I do not recommend them.
2
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,784
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