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

CD Rates Have Gone Up - 9/1/2022

Colorado Federal raised their CD rates this morning.

Colorado Federal Savings Bank CDs Had Been Rate Leaders (Update 6/21) - 6/20/2022

Following across-the-board rate increases, Colorado Federal Savings Bank CDs are currently nationally available rate-leaders. $5k minimum opening deposit.

Colorado Federal Savings Bank Takes Nationwide Rate Lead For CD Durations Of 3, 12, 18, 24, 36, And 60 Months - 6/18/2022

Colorado Federal Savings Bank (CFSB) today made a very aggressive move on CD rates across its product line. In many key CD durations, CFSB is now the rate leader among banks and credit unions that offer their products nationwide. For most of these durations, Merrick Bank was the national rate leader until today's moves by CFSB. Given the likelihood of rate increases at other banks and credit unions, who knows how long the CFSB lead will last? But, for now, here are the durations and rates for those that I view as most significant 3-months 1.15% APY 12-months 2.41% APY 18-months 2.40% APY 24-months 3.00% APY 36-months 3.20% APY 60-months 3.35% APY Details can be found here

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Pleasant Account Opening Experience

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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.

CD Application Denied

After spending all the time to complete a CD application, Colorado Federal denied it via email with no reason specified. When I called they said the reason was because I answered the identity verification questions wrong. In fact, I answered the questions correctly. THEY (actually the 3rd-party they sub this to) had the answers wrong. I'm pretty familiar with my life, having lived it myself.
The only recourse was to have a form notarized "proving" who I am, as if that couldn't be fudged. Well I know who I am, and I'm not driving an hour to a notary for them.
Having wasted a couple hours, I certainly can't recommend Colorado Federal. It's beyond me why a bank would be reluctant to accept my money.



Health Grade Components

FDIC Certificate #33111
Year Established1990
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.97%
Return on Equity - YTD25.08%
Annual Interest Income$28.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$2.14B$1.83B
LoansQ2 2022vs Q2 2021$1.61B$1.23B
DepositsQ2 2022vs Q2 2021$1.23B$1.40B
Equity CapitalQ2 2022vs Q2 2021$256.0MM$241.0MM
Loan Loss AllowanceQ2 2022vs Q2 2021$13.4MM$11.6MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$434.00K$6.6MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Colorado Federal Savings Bank Savings Account Rates

2.20%$50k-Premier Savings - New Customers Only
2.15%$1-High Yield Savings

Colorado Federal Savings Bank CD Rates

3.35%$5k-60 Month CD
3.30%$5k-36 Month CD
3.25%$5k-24 Month CD
3.20%$5k-18 Month CD
3.10%$5k-12 Month CD
2.30%$5k-6 Month CD
1.40%$5k-11 Month No Penalty CD
1.15%$5k-3 Month CD
0.35%$5k-1 Month CD
0.35%$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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