Colorado Federal Savings Bank's Premier Savings Earns 1.45% APY


Deal Summary: Premier Savings, 1.45% APY, $50k minimum deposit, new customers only

Availability: Nationwide (internet bank)

About three months ago, Colorado Federal Savings Bank (CFSB) unveiled its Premier Savings, which intially earned a rather pedestrian 0.90% APY on balances of $50k+. Over the weekend, CFSB boosted that rate to an eye-catching 1.45% APY. The Premier Savings account is only available to new CFSB customers, who are defined as “a customer who has not maintained a CD or savings account with the bank in the prior 60 days.”

1.45%$50k-Colorado Federal Savings BankPremier Savings
Accounts mentioned in this post. Rates as of November 20, 2017.

The minimum opening deposit and the minimum balance required to earn the 1.45% APY is $50k. According to the Disclosure of Account document,

Colorado Federal Savings Bank reserves the right to convert your account to a High Yield Savings account on any account which falls below the posted minimum balance for a period of 30 days or more.

The High Yield Savings account currently earns 0.85% APY on balances of $2.5k+.

The standard six withdrawals per monthly statement cycle applies, with a $25 fee charged for each withdrawal over the allowed six. Access to the funds is only available through ACH. The fine print on the Savings Rates page states,

CFSB will only allow transfers to and from your original linked account. It is our policy not to change linked accounts. It is recommended you link a checking account that you intend to keep open.

In other words, make sure the checking account you link to the Premier Savings account when funding is a checking account you intend to keep open, as CFSB is not flexible on this point.

Two years ago, CSFB began offering PODs. According to the FAQ page:

The bank will only allow U.S. citizens and permanent resident aliens with a valid social security number to be added as a POD to an account. PODs can be added via the online application for new customers and secure message for existing customers. The bank will allow four joint owners to be designated on an account and up to five payable on death designations per account in equal percentages.

While CFSB’s position on PODs has changed, their stance on trust or business remains the same – “No, we do not offer trust or business accounts.”

While the FAQ page provides many answers, more detailed information can be found in the Terms and Conditions of Your Account document. Although it’s not the most exciting reading, thoroughly reading all the disclosures before making a commitment is necessary.

Thanks to DA reader, Carpline, for his Forum post about the Premier Savings account.


As an internet bank, Colorado Federal Savings Bank is able to offer all its Savings and CD products online to all US citizens (18 years or older). Although CFSB's headquarters in Greenwood Village used to serve as a brick-and-mortar branch for local customers, that is no longer the case. All transactions, including opening new accounts, must be done online.

Bank Overview

Colorado Federal Savings Bank has an overall health rating of "B+" at, with a Texas Ratio of 0.66% (excellent), based on June 30, 2017 data. CFSB has excellent capitalization level (11.75%), the result of hold $1.74 billion in assets with $204.01 million equity. Please refer to our financial overview of Colorado Federal Savings Bank (FDIC Certificate # 33111) for more details.

Established in 1990, Colorado Federal Savings Bank was originally a savings institution. Following new ownership in 2008, CFSB became a “non-branch direct banking platform” – in other words, an internet bank. CFSB is currently Colorado’s eighth largest bank, with assets in excess of $1.7 billion and more than 137,000 customer accounts.

How the Premier Savings Account Compares

When compared to the 207 Savings Accounts and 181 Money Market Accounts that are nationally available and aren't limited by small balance caps, Colorado Federal Savings Bank’s Premier Savings APY currently ranks second.

Interest RateAccount NameCredit Union/Bank
1.50% APYDollar Savings Account (no min)DollarSavingsDirect
1.50% APYeOne Savings - New Money Only ($100 min)Salem Five Direct
1.50% APYUltimate Money Market ($25k min)Northpointe Bank
1.45% APYPremier Savings ($50k min)Colorado Federal Savings Bank

The above rates are accurate as of 11/20/2017.

To review the top Savings and Money Market rates, both nationwide and state specific, please refer to our Savings Account rates table and Money Market Account rates table. To find the best accounts in your area, please refer to our new Rates Map page.

Related Pages: Denver savings accounts, savings accounts, nationwide deals, Internet banks

Colorado Federal Savings Bank Has Top Internet Bank 1-Year CD

Deal Summary: 1-Year CD, 1.35% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

Colorado Federal Savings Bank (CFSB) is ending the week with a new rate on its 1-year CD (1.35% APY). The minimum deposit for any CFSB CD is $5k, with no stated balance cap.

In its more than six-year history, the 1-year CD has offered the 1.35% APY five times (four of those in the last two years), with the rate only lasting about five or six weeks.

As stated on the Certificate Rates page,...

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