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.

Pleasant Account Opening Experience

Posted by: |

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

Posted by: |

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.

Small Bank, Big Issues

Posted by: |

Bad experiences with this bank and maturing CD's. I wanted the funds returned to my external bank and not rolled over into another CD. After several phone calls, and messages sent through their secure message center giving them instructions, they still rolled over the CD's! And at a terrible rate! It took 5 days to finally get my funds returned, costing me a week of investment income! I requested they wire the funds to my external bank to cover their mistake and they refused, saying a (three day) ACH was the best they would do. Why was I paying for their mistake? Or, is the shell-game one in which they wait for the retiree to forget about a CD, allowing them to roll over at terrible rates? As a retiree, I live on these small investments, and the loss of a week's income is meaningful, and painful when it's lost.



Health Grade Components

FDIC Certificate #33111
Year Established1990
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.83%
Return on Equity - YTD6.64%
Annual Interest Income$25.4MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$1.83B$2.34B
LoansQ2 2021vs Q2 2020$1.23B$950.2MM
DepositsQ2 2021vs Q2 2020$1.40B$2.08B
Equity CapitalQ2 2021vs Q2 2020$241.0MM$235.7MM
Loan Loss AllowanceQ2 2021vs Q2 2020$11.6MM$14.3MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$6.6MM$918.00K
Real Estate OwnedQ2 2021vs Q2 2020$0$0
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Colorado Federal Savings Bank Savings Account Rates

0.50%$50k-Premier Savings - New Customers Only
0.40%$1-High Yield Savings

Colorado Federal Savings Bank CD Rates

0.75%$5k-60 Month CD
0.65%$5k-36 Month CD
0.60%$5k-24 Month CD
0.51%$5k-12 Month CD
0.50%$5k-18 Month CD
0.45%$5k-11 Month No Penalty CD
0.30%$5k-6 Month CD
0.20%$5k-3 Month CD
0.04%$5k-1 Month CD
0.04%$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

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