Colorado Federal Savings Bank 12-Month CD Rate On The Move Again

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Deal Summary: 12-month CD, 5.55% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

For the last year, the Colorado Federal Savings Bank (CFSB) 12-month CD APY has been flirting with the rate-leading nationally available 1-year CDs, but never quite secured a top rate for any length of time. Following a 15-bps rate increase this week, the CFSB 12-month CD is once again a bridesmaid with a new 5.55% APY. The 12-month CD can be opened with a minimum $5k deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.30%$5k-Colorado Federal Savings Bank12 Month CD
Rates as of April 20, 2024.

Early Withdrawal Penalty

As stated on the Savings & CDs page, the Early Withdrawal Penalty reads as follows.

An early withdrawal penalty may invade principal.

Early Withdrawal Penalty for withdrawals prior to maturity date equals 1 month of interest on Certificate Term of less than 6 months, 3 months’ worth of interest on Certificate Term of 6 months and one year, and 6 months’ worth of interest for a certificate term over one year.

As stated in the Disclosure of Account Terms PDF (link at the bottom of CDs drop-down on the Savings & CDs page),

All currently accrued but unposted interest will also be forfeited. Any penalty will be assessed first against posted interest, and any penalty in excess of posted interest will be deducted from the remaining account balance. The interest rate we will use to calculate the interest forfeiture will be the interest rate the account is currently earning.

Availability

As a “pure” internet bank, CFSB offers its CDs and Savings accounts to all US citizens (18 years or older) who have a valid Social Security number. Trust accounts are not available and business accounts cannot be opened online. “For inquiries about business accounts, please contact our treasury and Cash Management department at [email protected].”

While the CFSB headquarters in Greenwood Village (15 miles south of Denver) previously provided a brick-and-mortar location for local customers, this service no longer exists. Opening any type of account and all subsequent transactions must be done online.

As stated on the FAQs page,

You will receive an e-mail with important information once your application has been processed or if additional information is needed to complete your application.

Account Opening

Funding and Other Details

Much of the following information can be found on the CFSB FAQs page and the Savings & CDs page.

  • Funding – ACH or internal transfer.
  • Ownership – Individual or joint; no trust accounts available.
  • Interest – Compounded daily/credited monthly and can be withdrawn penalty-free.
  • Maturing Funds – ACH to original external account used to open the CD. If that external account has been closed, verification of a new account must be completed before an ACH to the new account can occur. A check will not be issued.
  • Beneficiaries – Up to five beneficiaries, equal shares, Social Security numbers required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – ChexSystems

Bank Overview

Colorado Federal Savings Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 0.24% (excellent), based on March 31, 2023 data. In the past year, CFSB’s total non-brokered deposit have decreased by -$180.32 million, a poor annual growth rate of -16.3%. Please refer to our financial overview of Colorado Federal Savings Bank (FDIC Certificate # 33111) for more details.

Established in 1990 as a savings institution, Colorado Federal Savings Bank was acquired by new ownership in 2008. The new owners contributed more than $100 million in assets and $10 million of capital “to put the bank on solid footing.” Currently operating as a non-branch direct banking platform, CFSB is Colorado’s ninth largest bank, with assets in excess of $2 billion and nearly 156,000 customer accounts.

How the 12-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and have minimum deposit requirements of $10k or less, one bank and two credit unions have higher rates than currently offered on the CFSB 12-Month CD. The following table compares the 12-Month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions. FYI – the banks and credit unions in this comp table (other than CFSB) are completely different than those featured in the July 2023 CFSB blog post comp table.

The above information and rates are accurate as of 8/24/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: 1-year CD rates, nationwide deals, Internet banks

Comments
Colorado Federal Savings Bank Boosts 12-Month CD Rate
Deal Summary: 12-month CD, 5.40% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

The Colorado Federal Savings Bank (CFSB) 12-month CD joined the “5% Club” in March, when its rate jumped up to 5.15% APY. Following a 25 bps increase last week, the 12-month CD now offers 5.40% APY, placing it near the 1-year CD rate leaders. The 12-month CD can be opened with a minimum $5k deposit, with no stated balance cap.

Early Withdrawal Penalty

As stated on the Savings & CDs page, the Early Withdrawal Penalty...

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CFSB 12-Month CD Joins The One-Year CD 5% Club
Deal Summary: 12-month CD, 5.15% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

It’s been more than two months since any of the CDs in the Colorado Federal Savings Bank (CFSB) product line offered a really competitive rate. At the beginning of the year, the 12-month CD was the most competitive, earning 4.75% APY. The 12-month CD added 40 bps this week and the new 5.15% APY is comfortably positioned near the 1-year CD rate leaders. All CFSB CDs require a minimum $5k opening deposit, with...

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CFSB Nationally Available 12-Month CD Rate Edges Toward The Top
Deal Summary: 12-month CD, 4.75% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

Since early December, there hasn’t been any rate activity on the Colorado Federal Savings Bank (CFSB) CDs, with the exception of the 12-month CD. Following a recent gain of 25 bps, the 12-month CD currently earns 4.75% APY. The minimum opening deposit is $5k, with no stated balance cap. FYI – The 4.75% APY should place the 12-month near the top of the nationally available 1-year CD category in this week’s CD Deals...

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Colorado Federal Savings Bank CDs Had Been Rate Leaders (Update 6/21)
Update 6/21/22: CD rates have fallen – 12-month (1.95% APY), 18-month (2.07% APY), 24-month (2.30% APY), 36-month (2.65% APY), 60-month (2.97% APY).

Deal Summary: CDs – 12-month (2.41% APY), 18-month (2.40% APY), 24-month (3.00% APY), 36-month (3.20% APY), 60-month (3.35% APY), $5k minimum deposit

Availability: Nationwide (internet bank)

As DA reader, rockies, noted in a Forum post on Saturday,

With rates increases of between 65 and 81 bps, Colorado Federal Savings Bank (CFSB) CDs will probably be at the top of several national available rate categories in this week’s upcoming...

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Colorado Federal Savings Bank 12-Month CD Is New Rate Leader
Deal Summary: 12-month CD, 1.35% APY, $5k minimum deposit

Availability: Nationwide (internet bank)

In a series of four rate increases in as many months, Colorado Federal Savings Bank (CFSB) has added a total of 62 bps to its 12-month CD. With the largest increase (30 bps) occurring this week, the 12-month CD earns 1.35% APY, which is the highest rate currently available on nationally available 1-year CDs (minimum deposit of $10k or less). The minimum opening deposit is $5k, with no stated balance cap.

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.