|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.25%||1-year CD||1 Year CD|
1.05% - Ally Bank High Yield 12-Month CD
|0.85%||Savings||Online Savings Account|
1.00% - Ally Bank Online Savings Account
|1.60%||3-year CD||3 Year CD|
1.55% - Ally Bank High Yield 3 Year CD
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.
I was on my way to my favorite credit union when they unfortunately turned down my cash deposits from my local business. Luckily, I came across Colorado Federal Bank for online savings. The returns from funds with them was higher than my credit union, and they are super friendly and easy to work with. The website is simple to use, and I felt good after opening the account with them. Highly recommended.
Truth is that I love Colorado Federal Bank. They have been my bank for more than 20 years and over time have gone way above and beyond the call of duty in the way they have treated me. About a year and half ago I was seriously ill and not working, and my funds were very low. While I was in the hospital some software companies I had purchased subscriptions through submitted renewals, without my authorization, via my PayPal account linked to my checking account. I didn't have the funds to cover these charges and this resulted in a couple insufficient fund changes against my account. First thing I did was go to PayPal and have these charges reversed. I then sent an email to the bank explaining my situation and the bank reversed the insufficient fund charges to me. This made an enormous difference to me at a time when money was really tight. I really feel like I have received excellent service from Colorado Federal, and I am happy to say so.
When one opens a CD with Colorado Federal via ACH, the bank opens the CD prior to the funds being transferred and puts a de minimis amount of money in it for the ACH verification. It cuts the maturity of the CD by a week or two while also decreasing the total return. For instance, a $10,000 one year CD at 1.35% APY (1.34% compounded quarterly) $10,131.55 or so. (Yes, only a few dollars difference, but something to consider. Also, the maturity date will not be the anniversary of the balance transfer.) For a renewal CD, the above would not apply.
Second oddity: If one has an online savings account with Colorado Federal, one cannot fund a CD from the account, but must use an externally linked checking account.
After too long and complicated registration process - it was rejected (for no good reason, I opened another account at another bank just a moment earlier). I tried to get help by email, I was dismissed and asked to do registration again.
With that much help during registration, I wonder how much help I would get if I asked about real money (I wanted to open CD).
Only Ken's summary on Interest paid before maturity?, NO saved me. I live 45 miles from Colorado Federal and almost applied for the CD for the 2.12% rate. This is an old style interest held to maturity CD.
Beware, they totally failed to include this in their terms and disclosures. I never found any information on interest held to maturity on their site. They assume you do not want monthly interest ACH.
A real bummer as I was hoping to find an internet bank locally in Denver for CDs.
I opened an account with this bank when they were offering a substantial yield. The gradually lowered the yield over the next several months and now are a bankrate three star bank. When I decided to switch to another bank they would not credit me my last month’s interest! They cited a loophole in one of their disclosures that states if you close your account before interest is credited, you will not receive the accrued interest. I don't recall seeing that disclosure when I opened the account. What's worse, I didn't even close my account, they did it automatically when I transferred my balance away. This seems very unethical to me and definitely not something I have ever dealt with any other institution. I checked my new institutions disclosures and they happily pay accrued interest when an account is closed. When I asked to talk to a manager about this issue I was sent to voicemail. I missed his return call but he dismissed my complaints as invalid and did not return my second call. Seems like they would rather have an unhappy customer than do the ethical thing. They got the use of my money for 25 days and refuse to pay the stated interest. Other than that, their statements don't look very official and their interface to transfer money is very odd.
I made a withdrawal of most of my money to make a down payment. They closed my account automatically -- later I learned this is their policy whenever your balance drops below the minimum. They closed my account right before the end of the month, making it so I lost all the interest I was supposed to have earned for the month. Then they refused to do anything about it.
Watch out because they are trying to rip people off, and they might get you if your'e not careful.
|FDIC Certificate #||33111|
|Return on Assets - YTD||0.46%|
|Return on Equity - YTD||4.21%|
|Annual Interest Income||$10.3MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$1.83B$1.61B|
|Loans||Q1 2016vs Q1 2015||$490.1MM$573.1MM|
|Deposits||Q1 2016vs Q1 2015||$1.25B$1.16B|
|Equity Capital||Q1 2016vs Q1 2015||$195.0MM$191.3MM|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$3.4MM$3.0MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$1.3MM$5.2MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$109.00K$695.00K|
Always verify rates and promotions with the bank or credit union. We are not Colorado Federal Savings Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.85%||$2,500||-||Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.00%||$5k||-||5 Year CD|
|1.60%||$5k||-||3 Year CD|
|1.45%||$5k||-||2 Year CD|
|1.30%||$5k||-||18 Month CD|
|1.25%||$5k||-||1 Year CD|
|0.90%||$5k||-||6 Month CD|
Colorado Federal Savings Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 8400 E. Prentice Avenue, Suite 840 - Greenwood Village, CO 80111