Greenwood Village, CO 80111
Colorado Federal Savings Bank is an online, savings-focused institution that makes limited banking options available to customers and potential customers. It offers savings accounts and certificates of deposit on its depository banking side, and mortgage loans on its lending side. Its deposit accounts typically offer interest rates that are higher than the national average because the bank exists solely online and does not have expenses related to branch operations. The savings account offering has a minimum initial deposit requirement and ensures FDIC insurance of up to $250,000 per depositor. The certificates of deposit range in term lengths from 6 months to 5 years and have initial minimum deposit requirements.
Since Colorado Federal Savings Bank online banking is the exclusive medium for account openings and management, the bank employs the industry standard security protocols for its web-based platform.
Colorado Federal Savings Bank was originally established in 1990 and is headquartered in Greenwood Village, Colorado. Its headquarters also function as a full-service brick and mortar office for customers banking locally.
Related Posts
7/10 - Colorado Federal Savings Bank Boosts 12-Month CD Rate
3/23 - CFSB 12-Month CD Joins The One-Year CD 5% Club
1/16 - CFSB Nationally Available 12-Month CD Rate Edges Toward The Top
1/15 - 12 Month CD 4.75 Percent
6/20 - Colorado Federal Savings Bank CDs Had Been Rate Leaders (Update 6/21)
6/18 - Colorado Federal Savings Bank Takes Nationwide Rate Lead For CD Durations Of 3, 12, 18, 24, 36, And 60 Months
4/28 - Colorado Federal Savings Bank 12-Month CD Is New Rate Leader
3/11 - Colorado Federal Savings Bank 12-Month CD Attains Top Rate
3/1 - Colorado Federal Savings Bank 12-Month CD Nears Top Rate
2/21 - Colorado Federal Savings Bank No Penalty CD Is A Rate Leader
3/20/19 - Colorado Federal Savings Bank Boosts 12-Month CD Rate (2.86% APY)
7/13/18 - Colorado Fed Savings Bank Boosts 12-Month CD
5/12/18 - Colorado Fed Savings Bank Pushes 12-Month CD APY Up
5/11/18 - 12 Month CD - 2.30% APY
4/13/18 - Colorado Fed Savings Bank 12-Month CD Nears The Top
3/12/18 - Colorado Fed Savings Bank 1-Year CD Has Top Rate
12/6/17 - Colorado Federal Savings Bank Boosts Premier Savings
11/20/17 - Colorado Federal Savings Bank Boosts Premier Savings APY
11/18/17 - Premier Savings Now 1.45% APY
2/17/17 - Colorado Federal Savings Bank Has Top Internet Bank 1-Year CD
11/6/15 - Colorado Federal Savings Bank Offers Top-Rate 1-Year Online CD
11/6/15 - 1 Year CD 1.35% APY
4/29/15 - Colorado Federal Savings Bank Has Top-Rate 1-Year Online CD
4/27/15 - 1.35% APY 1 Year CD, Colorado Federal. Quick Look.
7/29/14 - Colorado Federal Savings Bank Raises Online CD Rates
11/5/10 - Colorado Federal Savings Drops Rate
2/18/10 - Colorado Federal Savings Bank Cuts Savings Account Rate - Second Cut within a Week
11/13/09 - New Internet Bank with Competitive Rates: Colorado Federal Savings Bank - Available Nationwide
Pleasant Account Opening Experience
Applied for a 1 year CD online on a Thursday afternoon. Friday morning, the two test deposits had been made to my linked external account. I verified the amounts and by Friday evening, the ACH transfer had been made and the account was funded.
That is a pretty fast turnaround, and not always the case in my experience with some other banks.
All in all, a pleasant account opening experience.
CD Disclosures
If you are thinking about taking out a Certificate of Deposit with Colorado Federal Savings Bank, here are two things to consider:
1. Positive--the interest rate locks in with the submission of the online application.
2. Negative--they do not accept POD (Payable On Death) accounts; therefore, no beneficiaries can be assigned to the account.
Since number 2 was a deal breaker for me, I did not ask any further questions. None of the information above was listed in the disclosures on the website; I had to call and ask.
Maturing CD
I had a 18 mo CD maturing this month and called the bank to confirm their policy on redemption. I was told that the proceeds must be transferred to the same external bank account that was used to set up the initial funding. If the account is closed or you wish to use another bank you must fax a form to them stating that the account was closed which they then must confirm with that bank themselves which I thought was odd. Since my account was still open I instructed them by email and confirmed by telephone that I wanted the funds returned to the original account. Today being Friday I received notice that the CD was renewed at the same rate and term. I won't be able to speak to them until Monday and assume that I will be in for some more hoop jumping and lost interest. My advice would be to avoid doing business with this bank.
CD Application Denied
After spending all the time to complete a CD application, Colorado Federal denied it via email with no reason specified. When I called they said the reason was because I answered the identity verification questions wrong. In fact, I answered the questions correctly. THEY (actually the 3rd-party they sub this to) had the answers wrong. I'm pretty familiar with my life, having lived it myself.
The only recourse was to have a form notarized "proving" who I am, as if that couldn't be fudged. Well I know who I am, and I'm not driving an hour to a notary for them.
Having wasted a couple hours, I certainly can't recommend Colorado Federal. It's beyond me why a bank would be reluctant to accept my money.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33111 |
| Year Established | 1990 |
| Employees | 69 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.56% |
| Return on Equity - YTD | 4.54% |
| Annual Interest Income | $17.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $2.02B$2.06B |
| Loans | Q1 2023vs Q1 2022 | $1.54B$1.60B |
| Deposits | Q1 2023vs Q1 2022 | $1.09B$1.21B |
| Equity Capital | Q1 2023vs Q1 2022 | $251.1MM$246.0MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $13.5MM$13.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $625.00K$542.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |