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Colorado Federal Savings Bank

Colorado Federal Savings Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.30%1-year CD1 Year CD
0.85%SavingsOnline Savings Account
1.60%3-year CD3 Year CD

Overview / Commentary
877-484-2372
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 Offers Top-Rate 1-Year Online CD - 11/6/2015

Colorado Federal Savings Bank (internet only) has raised the rates on its 1-Year CD (1.35% APY) and 18-Month CD (1.40% APY). Minimum deposit is $5K, with no balance cap.

1 Year CD 1.35% APY - 11/6/2015

It looks like Colorado Federal has returned its one year rate to 1.35%. 

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Reviews (6)

Odd CD Features

Posted by: thowellIII | May 5, 2016

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.

One Advice - Avoid

Posted by: Jarek Fol | Mar 25, 2016

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).

Cds Beware...Interest Held To Maturity...No Monthly ACH

Posted by: analog670 | Mar 8, 2016

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.

They Don't Support The Troops

Posted by: DocSligh | Feb 13, 2016

I live and work at a US air base overseas. This bank makes no provision for our troops or civilians serving at the locations. If you have an APO address, forget this bank. It won't accept your application.

Beware Of Poor Account Terms... No Interest Paid

Posted by: John78 | Feb 1, 2012

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.

 

Closed My Account And Stole Interest

Posted by: Anonymous | Nov 1, 2011

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.



Health
B+

Health Grade Components

Overall
FDIC Certificate #33111
Year Established1990
Employees54
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.48%
Return on Equity - YTD3.99%
Annual Interest Income$36.3MM
Assets and Liabilities
AssetsQ4 2015vs Q4 2014$1.68B$1.62B
LoansQ4 2015vs Q4 2014$485.8MM$518.3MM
DepositsQ4 2015vs Q4 2014$915.6MM$1.06B
Equity CapitalQ4 2015vs Q4 2014$189.0MM$188.6MM
Loan Loss AllowanceQ4 2015vs Q4 2014$3.2MM$2.6MM
Unbacked Noncurrent LoansQ4 2015vs Q4 2014$1.5MM$5.2MM
Real Estate OwnedQ4 2015vs Q4 2014$109.00K$794.00K
Rates
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Colorado Federal Savings Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%$2,500-Online Savings Account

Colorado Federal Savings Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$5k-5 Year CD
1.60%$5k-3 Year CD
1.45%$5k-2 Year CD
1.40%$5k-18 Month CD
1.30%$5k-1 Year CD
0.90%$5k-6 Month CD
Locations

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