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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.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,632
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.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,950