Colorado Federal Savings Bank

Overview / Commentary
8400 E. Prentice Avenue, Suite 840
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

Colorado Federal Savings Bank 12-Month CD Rate On The Move Again - 8/24/2023

Colorado Federal Savings Bank (internet bank) has again raised its 12-month CD APY to a near rate-leading level. $5k min opening deposit, with no stated balance cap.

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Great Communication, Instructions, & 2 Biz Day Process

Highest Rate for 12 Month CD at this time with a bank, not a credit union. I read the reviews below, but still decided to move forward. After reaching out to a few of the higher rate credit unions on this site that couldn’t answer my questions or call back within 2 biz days, CFSB was a breath of fresh air!! I called customer service before applying online and got a human right away and he was well trained and effortlessly answered my questions and said call back if you have any issues or questions applying online. I didn’t need to call back as all their disclosures, application steps, and emailed instructions were easy to follow and covered any questions I had. The emails were very timely too. The application was started on Weds. morning and the CD was funded at CFSB by Thursday end of day!! I was also able to add a joint owner and beneficiaries during the application process.
1) Have your money AVAILABLE in the bank account you are transferring from BEFORE starting the online application. Once you confirm the verification deposits from CFSB in your bank account then the money will be requested by CFSB for transfer.
2) Keep it simple for yourself and leave that bank account open for transferring your basis and interest earned back after the term ends OR you will have to go through additional steps to verify a different bank account with CFSB which if not done ahead of the 10 day grace period will use up time in the 10 days grace period window to transfer the money.
3) The request to transfer money at the term end during the 10 day grace period needs to be done logged into your CFSB online account through secure message. If the maturity date is on the weekend (when bank is closed) remember these days count as part of the grace period, thus, be on top of getting the request in for 1st biz day in grace period for transfer. The CFSB disclosures said they will send a 45 days before maturity date email reminder and then on the day of maturity email reminder. So mark those dates and make sure the CFSB email address is on your safe email list and/or check junk email if the emails are not in your inbox.
4) Read ALL of the CFSB disclosures FIRST because the information is there to answer the many of the issues from the other negative reviews. If you can’t find an answer call their customer service M-F 7am - 5pm MTN 1.877.484.2372

I confirmed also on the FDIC website that they are FDIC insured.
This is an online only bank and it has been a great experience so far for a CD product. I can’t speak to working with them for their other financial products.

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

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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.

Online Access Can Not Be Established!

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I opened a CD and they could not establish online access. I spent lots of time on the phone with all 3 bank associates: Donna, Karen and Brandon.



Health Grade Components

FDIC Certificate #33111
Year Established1990
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.52%
Return on Equity - YTD5.02%
Annual Interest Income$27MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.33B$2.02B
LoansQ1 2024vs Q1 2023$1.56B$1.54B
DepositsQ1 2024vs Q1 2023$1.19B$1.09B
Equity CapitalQ1 2024vs Q1 2023$243.3MM$251.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$13.7MM$13.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$985K$625K
Real Estate OwnedQ1 2024vs Q1 2023$164K$0
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Colorado Federal Savings Bank Savings Account Rates

4.45%$50k-Premier Savings - New Customers Only
4.40%$1-High Yield Savings

Colorado Federal Savings Bank CD Rates

5.30%$5k-12 Month CD
5.25%$5k-6 Month CD
4.95%$5k-18 Month CD
4.80%$5k-24 Month CD
4.40%$5k-36 Month CD
4.35%$5k-60 Month CD
3.50%$5k-3 Month CD
3.50%$5k-11 Month No Penalty CD
1.00%$5k-1 Month CD
0.75%$5k-2 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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.