Colorado Federal Savings Bank Review(s) and CD Rates

Colorado Federal Savings Bank, based out of Greenwood Village, CO, was established in 1990. They still operate just one branch but can accept deposits online from customers throughout the country. They have 18 employees and they are federally insured by the FDIC (FDIC # 33111). They are the tenth largest bank in Colorado and the 636th largest in the United States. Colorado Federal Savings Bank claims to have one the highest capital ratios in the banking industry with a solid financial balance sheet.

Colorado Federal Savings Bank Health & Statistics:

Currently, Colorado Federal Savings Bank controls roughly $1.04 in assets – with $391.89 million in loans, $665 million in deposits and $102.24 million in equity capital.

Profit Margin Break Down – Net interest margin of 2.18%. Return on Assets 0.60%. Return on equity 5.5%, with $10.75 million in interest income.

CD Rates offered through Colorado Federal Savings Bank:

(Rates accurate as of September 2011. Visit our CD rates center for updated APY’s from around the country.)

- 6 month CD yielding 0.95% APY with a minimum deposit of $5000 required.

- 12 month CD yielding 1.15% APY with a minimum deposit of $5000 required.

- 18 month CD yielding 1.20% APY with a minimum deposit of $5000 required.

- 24 month CD yielding 1.30% APY with a minimum deposit of $5000 required.

- 3 year CD yielding 1.60% APY with a minimum deposit of $5000 required.

- 5 year CD yielding 2.15% APY with a minimum deposit of $5000 required.

Terms and Conditions:

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.

An Online Certificate of Deposit offers a higher fixed interest rate for a specific term, for this single deposit account. This is a great choice for the depositor wishing to lock in a higher interest rate in exchange for accessibility of funds during the chosen term of the investment.

These accounts offer a variety of terms to choose from. This will allow the investor to pick from several terms with different maturity dates. The funds are not accessible (without a penalty) until the term has expired.

The account will automatically renew at maturity upon the expiration of the redemption grace period.

The minimum opening deposit is $5,000.00.
No monthly service fees.
Each depositor is FDIC insured to at least $250,000.

To start earning, simply complete an application online, fund your account and watch your money grow.

Early Withdrawal Penalty for withdrawals prior to maturity date, 3 months penalty on Certificate Term is one year or less and 6 months penalty for a certificate term over one year.

Best CD Rates in Denver, Colorado: Top 3

Highest yielding money market account rates in Colorado

Below are the highest yielding money market account rates serving citizens of the state of Colorado.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Colorado, we have found that in most instances you will be able to lock in more competitive rates with national institutions rather than local ones. Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of money market account interest rates.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 MMA (money market account) rates in Colorado:

(click on the institution for more information)

• Denver Fire Department Federal Credit Union: Denver, CO. Money market account yielding 1.55% APY with a minimum balance of $5,000. They also have a 6 month CD yielding 1.40% APY and a 2 year CD yielding 2.50% APY. As I am sure you have already gathered, this credit union is fairly exclusive for average Colorado citizens. You will find it particularly hard to join if you are not employed by the city in some way, shape or form. Obviously you will have no problems if you happen to work for the fire department or police department. You may also be eligible if you have family members (even distant ones) whom fit the criteria. Denver Fire Department FCU has one location and it’s in Denver. Contact info: (303) 228-5300
• Colorado East Bank and Trust: Bueno Vista, CO. Money market account yielding 1.51% APY with a minimum deposit of $10,000. Although they do not list their rates on their website we have contacted them to confirm their money market rates. Colorado East Bank and Trust was first established in 1905 and currently serves 19 locations throughout Colorado and Kansas, controlling roughly $800 million in assets. They offer a very wide range of products outside convential community bank offerings. These products include strategic wealth management, personal insurance and various trust services. Contact: (719) 336-5200

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Colorado and know of a better money market rate offered through your local institution, please share by leaving a comment.

Best certificate of deposit rates in Colorado (Top 3)

Below are the top 3 CD (certificate of deposit) rates available to the residents of Colorado.  They come from a variety of financial institutions including local and regional banks and credit unions. In some cases there may be eligibility restrictions (especially with credit unions), so you may want to contact a representative within the institution to see if you are eligible. If do not live in Colorado you may still be able to take advantage of some of these products but it will most likely depend on your individual situation (place of work, residence, family relatives, etc).

Also, keep in mind deposit products are time-sensitive so refer to the date of this article for accuracy. Since there are a number of regional banks that cover the general area you may want to browse through Arizona’s best CD rates and/or California CD rates.

Top 3 CD rates (Colorado)

(clicking on the institution will bring you to their rates page)

Grand Junction Federal Credit Union: Grand Junction, CO. 12 month CD yielding 2.78% APY with a minimum deposit amount of $2,500. The national average for 1 year CD’s is currently 1.65% APY. BankVibe reported on this product last week. GJCU has some pretty strict eligibility requirements so you may not be able to join even if you live in Colorado. They opened in 1957 and are a not-for-profit member-owned institution. Along with the 1 year CD they also have a 2 year CD and 3 year CD yielding a 3.03% APY and a 3.14% APY, respectively. Contact a rep by following the link above, for a membership application or with any questions.

Core First Bank and Trust: Denver, CO. 24 month CD yielding 3.10% APY with a minimum deposit amount of $5000. Founded in Topeka, Kansas in 1959, Core First offered what was the “first” of many customer service products in the area. They were the first to offer 24 hour ATMs, grocery store branches and extended weekend hours. The bank grew to be the largest in the area and in 1995 was nationally recognized as the “Best Bank in Kansas” by Money Magazine. The Colorado branch came much later.

Yampa Valley Bank: Steamboat Springs, CO. 36 month CD yielding 3.05% APY with a minimum deposit amount of $1,000. Yampa Valley Bank is made up of 30 local investors with live in the area. They all seem to be owners or senior management of local businesses within the town. All of them have been residents of the area for over a decade. You may want to contact a representative to see if you are eligible for this product.

All of the institutions listed above are federally insured by either the FDIC or NCUA. If you live in Colorado and know of a better rate offered by your institution, please share by leaving a comment.

12 month CD yielding 2.78% through Grand Junction Federal Credit Union

Thanks to BankVibe reader Eric for tipping us off on a pretty decent 12 month CD rate offered through a Colorado based credit union called Grand Junction Federal Credit Union. Currently their 12 month deposits are available for IRA’s and as regular share certificates with a minimum balance of $2,500. With this product you will also earn a very lucrative APY of 2.78% (the current national average sits at roughly 1.65% APY).

This credit union is federally insure by the NCUA (FDIC equivalent) and was first opened in 1957. Like most credit unions they are a not-for-profit member-owned institution who pass their profits on to their members in the form of higher savings rates and lower mortgage rates.

We haven’t found a “membership eligiblity” checklist which most credit unions and community banks provide on-line, so we can’t provide a definitive answer as to who can join and take advantage of this product.

If you have any experience with Grand Junction Federal Credit Union or aware of their membership policies please share by leaving a comment. Also, some community banks and CU’s have allowed out of state funds by individual households with a “membership or inclusion fee.” We have seen these sorts of fees range between $5 and $500, so if you are planning on proceeding with this product I would suggest contacting a rep for further info and qualifications. Contact: (970) 243-1370

Grand Junction Federal Credit Union certificate of deposit rates:

(as seen on their rates page)