|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.35%||1-year CD||1 Year CD|
1.65% - Ally Bank High Yield 12-Month CD
|0.85%||Savings||High Yield Savings|
|1.35%||3-year CD||3 Year CD|
1.85% - Synchrony Bank 36 Month 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.
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.
*EDIT* Some new ACH info: Don't try to pull money from Colorado Federal: "It is Colorado Federal Savings Bank policy to allow funds transfers only if they are initiated in our online banking system. In accordance with this policy we have returned the following transfers..." This policy is offset, somewhat, by its high limit transfers, but might inconvenience some folks who would prefer to initiate ACH elsewhere.
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.
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.
|FDIC Certificate #||33111|
|Return on Assets - YTD||0.83%|
|Return on Equity - YTD||7.35%|
|Annual Interest Income||$22.3MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$1.74B$1.79B|
|Loans||Q2 2017vs Q2 2016||$679.5MM$494.5MM|
|Deposits||Q2 2017vs Q2 2016||$1.23B$1.38B|
|Equity Capital||Q2 2017vs Q2 2016||$198.4MM$195.5MM|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$5.6MM$2.8MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$1.2MM$1.6MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$110.00K$59.00K|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
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||-||High Yield Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.80%||$5k||-||5 Year CD|
|1.40%||$5k||-||18 Month CD|
|1.35%||$5k||-||1 Year CD|
|1.35%||$5k||-||3 Year CD|
|1.30%||$5k||-||2 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