|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
|1.35%||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.
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.
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).
|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|
|1.80%||$5k||-||5 Year CD|
|1.35%||$5k||-||3 Year CD|
|1.30%||$5k||-||2 Year CD|
|1.25%||$5k||-||1 Year CD|
|1.20%||$5k||-||18 Month 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