Savings Account National Average Rate: 0.45%
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Branch |
Street |
City |
State |
Sunflower Bank, National Association
Canon City Royal Gorge Branch
|
831 Royal Gorge Boulevard |
Canon City |
CO |
Alpine Bank
Ouray Branch
|
917 Main Street |
Ouray |
CO |
Alpine Bank
Ouray Branch
|
917 Main Street |
Ouray |
CO |
Sunflower Bank, National Association
Canon City Royal Gorge Branch
|
831 Royal Gorge Boulevard |
Canon City |
CO |
Beal Bank USA
Denver Branch
|
154 Steele Street |
Denver |
CO |
Beal Bank USA
Denver Branch
|
154 Steele Street |
Denver |
CO |
U.S. Bank National Association
Denver Federal Center Branch
|
One Denver Federal Center Building 41 Lobby |
Denver |
CO |
Alpine Bank
Ouray Branch
|
917 Main Street |
Ouray |
CO |
Bank of Colorado
Surfacecreekbank Branch
|
945 S. Grand Mesa Drive |
Cedaredge |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
Bank of Colorado
Surfacecreekbank Branch
|
945 S. Grand Mesa Drive |
Cedaredge |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
FirstBank
Frisco Branch
|
960 N.Ten Mile Drive |
Frisco |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Wells Fargo Bank, National Association
Aurora - City Center Branch
|
999 South Sable Boulevard |
Aurora |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Bank of Colorado
Surfacecreekbank Branch
|
945 S. Grand Mesa Drive |
Cedaredge |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
Bank of Colorado
Surfacecreekbank Branch
|
945 S. Grand Mesa Drive |
Cedaredge |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
FirstBank
Frisco Branch
|
960 N.Ten Mile Drive |
Frisco |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Champion Bank
Champion Bank Branch
|
16790 Centre Court |
Parker |
CO |
American Bank of Commerce
Colorado Springs Branch
|
434 S. Tejon |
Colorado Springs |
CO |
Farmers State Bank of Calhan
Falcon Branch
|
Meridian Road & Sthy 24 |
Peyton |
CO |
The State Bank
Falcon Branch
|
7495 Mclaughlin Road |
Peyton |
CO |
5Star Bank
5star Bank Branch
|
Peterson Air Force Base, 455 W. Paine St., Bldg. 1485 |
Colorado Springs |
CO |
First National Bank Colorado
Monument Branch
|
581 Highway 105 |
Monument |
CO |
GNBank, National Association
Valley State Bank Branch
|
204 South Fourth St |
Lamar |
CO |
The First National Bank in Trinidad
Wal-Mart Branch
|
2921 Toupal Drive |
Trinidad |
CO |
Champion Bank
Champion Bank Branch
|
16790 Centre Court |
Parker |
CO |
FlatIrons Bank
Longmont Branch
|
522 4th Avenue |
Longmont |
CO |
Century Savings and Loan Association
Century Savings And Loan Association Branch
|
233 East Main St |
Trinidad |
CO |
Frontier Bank
Springfield Branch
|
808 Main Street |
Springfield |
CO |
Gunnison Savings and Loan Association
Crested Butte Branch
|
501 Elk Ave |
Crested Butte |
CO |
Rocky Mountain Bank & Trust
Cheyenne Meadows Branch
|
755 Cheyenne Meadows |
Colorado Springs |
CO |
Home Loan State Bank
Home Loan State Bank Branch
|
205 N. 4th Street |
Grand Junction |
CO |
FirstBank
Frisco Branch
|
960 N.Ten Mile Drive |
Frisco |
CO |
The Eastern Colorado Bank
Limon Branch
|
580 V Avenue |
Limon |
CO |
The First National Bank in Trinidad
Wal-Mart Branch
|
2921 Toupal Drive |
Trinidad |
CO |
Farmers State Bank of Calhan
Falcon Branch
|
Meridian Road & Sthy 24 |
Peyton |
CO |
CoreFirst Bank & Trust
Corefirst - Vallagio Branch
|
10130 E. Dry Creek Road |
Englewood |
CO |
KeyBank National Association
Governor's Plaza Branch
|
9900 West Belleview Avenue |
Littleton |
CO |
U.S. Bank National Association
Denver Federal Center Branch
|
One Denver Federal Center Building 41 Lobby |
Denver |
CO |
Frontier Bank
Springfield Branch
|
808 Main Street |
Springfield |
CO |
American Bank of Commerce
Colorado Springs Branch
|
434 S. Tejon |
Colorado Springs |
CO |
GNBank, National Association
Valley State Bank Branch
|
204 South Fourth St |
Lamar |
CO |
Yampa Valley Bank
Yampa Valley Bank Branch
|
600 South Lincoln Avenue |
Steamboat Springs |
CO |
The Eastern Colorado Bank
Limon Branch
|
580 V Avenue |
Limon |
CO |
Grand Valley Bank
925 N. 7th Street Branch
|
925 North 7th Street |
Grand Junction |
CO |
Century Savings and Loan Association
Century Savings And Loan Association Branch
|
233 East Main St |
Trinidad |
CO |
Del Norte Bank
Del Norte Bank Branch
|
705 Grand Avenue |
Del Norte |
CO |
MidFirst Bank
Kent Denver Br Branch
|
4000 E. Quincy Ave |
Englewood |
CO |
Mountain Valley Bank
Mountain Valley Bank Branch
|
461 Main |
Walden |
CO |
Points West Community Bank
Good Samaritan Branch
|
805 Compassion Drive |
Windsor |
CO |
FlatIrons Bank
Longmont Branch
|
522 4th Avenue |
Longmont |
CO |
RNB STATE BANK
Rawlins National Bank - Longmont Bra Branch
|
2001 North Main Street |
Longmont |
CO |
NBH Bank
Nbh Bank Branch
|
Wapiti Ave |
Rifle |
CO |
Home Loan State Bank
Home Loan State Bank Branch
|
205 N. 4th Street |
Grand Junction |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
Yampa Valley Bank
Yampa Valley Bank Branch
|
600 South Lincoln Avenue |
Steamboat Springs |
CO |
First National Bank Colorado
Monument Branch
|
581 Highway 105 |
Monument |
CO |
Zions Bank
Durango Downtown Branch
|
890 Camino Del Rio |
Durango |
CO |
The First National Bank of Hugo
Limon Branch
|
981 2nd Street |
Limon |
CO |
RNB STATE BANK
Rawlins National Bank - Longmont Bra Branch
|
2001 North Main Street |
Longmont |
CO |
Fortis Bank
Alton Way Branch
|
7006 South Alton Way, Building B |
Centennial |
CO |
High Plains Bank
Longmont Branch
|
600 Kimbark Street |
Longmont |
CO |
Park State Bank & Trust
Park State Bank & Trust Branch
|
710 W Hwy 24 |
Woodland Park |
CO |
The State Bank
Falcon Branch
|
7495 Mclaughlin Road |
Peyton |
CO |
The First National Bank of Hugo
Limon Branch
|
981 2nd Street |
Limon |
CO |
MNB BANK
Burlington Colorado Branch
|
17999 Us Highway 385 |
Burlington |
CO |
Glacier Bank
Hot Springs Boulevard Branch
|
305 Hot Springs Boulevard |
Pagosa Springs |
CO |
CoreFirst Bank & Trust
Corefirst - Vallagio Branch
|
10130 E. Dry Creek Road |
Englewood |
CO |
Armed Forces Bank, National Association
Fort Carson Facility Branch
|
6384 Wetzel Avenue, Building 1512 |
Fort Carson |
CO |
Integrity Bank & Trust
Powers Center Point Branch
|
5550 Powers Center Point |
Colorado Springs |
CO |
Grand Valley Bank
925 N. 7th Street Branch
|
925 North 7th Street |
Grand Junction |
CO |
Farmers State Bank of Calhan
Falcon Branch
|
Meridian Road & Sthy 24 |
Peyton |
CO |
The First National Bank in Trinidad
Wal-Mart Branch
|
2921 Toupal Drive |
Trinidad |
CO |
American Bank of Commerce
Colorado Springs Branch
|
434 S. Tejon |
Colorado Springs |
CO |
5Star Bank
5star Bank Branch
|
Peterson Air Force Base, 455 W. Paine St., Bldg. 1485 |
Colorado Springs |
CO |
Alamosa State Bank
Alamosa Main Street Branch
|
601 Main Street |
Alamosa |
CO |
Redstone Bank
Redstone Bank Branch
|
15765 East Arapahoe Road |
Centennial |
CO |
Stockmens Bank
Stockmens Bank Branch
|
25 N. Cascade Avenue |
Colorado Springs |
CO |
MidFirst Bank
Kent Denver Br Branch
|
4000 E. Quincy Ave |
Englewood |
CO |
UMB Bank, National Association
Highlands Banking Center Branch
|
8190 South University Boulevard |
Littleton |
CO |
Mountain Valley Bank
Mountain Valley Bank Branch
|
461 Main |
Walden |
CO |
Points West Community Bank
Good Samaritan Branch
|
805 Compassion Drive |
Windsor |
CO |
FMS Bank
Fms Bank Branch
|
520 Sherman Street |
Fort Morgan |
CO |
Farmers Bank
Farmers Bank Branch
|
119 First Street |
Ault |
CO |
AMG National Trust Bank
Greenwood Village Branch
|
6295 Greenwood Plaza Blvd |
Greenwood Village |
CO |
The Gunnison Bank and Trust Company
Crested Butte Branch
|
6th And Gothic |
Crested Butte |
CO |
Academy Bank, National Association
Downtown Colo Sprs Main Branch
|
One South Tejon Street |
Colorado Springs |
CO |
First National Bank
Arapahoe Bank And Trust Branch
|
7777 East Arapahoe Road |
Englewood |
CO |
San Luis Valley Federal Bank
San Luis Valley Federal Bank Branch
|
401 Edison Avenue |
Alamosa |
CO |
San Luis Valley Federal Bank
San Luis Valley Federal Bank Branch
|
401 Edison Avenue |
Alamosa |
CO |
The Eastern Colorado Bank
Limon Branch
|
580 V Avenue |
Limon |
CO |
TBK BANK, SSB
6171 North Washington Branch
|
6171 North Washington |
Denver |
CO |
FMS Bank
Fms Bank Branch
|
520 Sherman Street |
Fort Morgan |
CO |
Herring Bank
Colorado National Bank Branch
|
3110 North Nevada Avenue |
Colorado Springs |
CO |
Equitable Savings and Loan Association
Limon Branch
|
888 Main Street |
Limon |
CO |
MNB BANK
Burlington Colorado Branch
|
17999 Us Highway 385 |
Burlington |
CO |
First FarmBank
Yuma Colorado Branch
|
501 E. 8th Avenue |
Yuma |
CO |
Redstone Bank
Redstone Bank Branch
|
15765 East Arapahoe Road |
Centennial |
CO |
First National Bank, Cortez
First National Bank, Cortez Branch
|
2258 E. Main Street |
Cortez |
CO |
First-Citizens Bank & Trust Company
Fort Collins Branch
|
2420 E Harmony Rd |
Fort Collins |
CO |
Native American Bank, National Association
Native American Bank, National Association Branch
|
999 18th Street |
Denver |
CO |
The Gunnison Bank and Trust Company
Crested Butte Branch
|
6th And Gothic |
Crested Butte |
CO |
High Plains Bank
Longmont Branch
|
600 Kimbark Street |
Longmont |
CO |
First Southwest Bank
First Southwest Bank Branch
|
720 Main Street |
Alamosa |
CO |
Stockmens Bank
Stockmens Bank Branch
|
25 N. Cascade Avenue |
Colorado Springs |
CO |
Del Norte Bank
Del Norte Bank Branch
|
705 Grand Avenue |
Del Norte |
CO |
First National Bank
Arapahoe Bank And Trust Branch
|
7777 East Arapahoe Road |
Englewood |
CO |
RG Bank, A Savings and Loan Association
Rio Grande Savings And Loan Associat Branch
|
901 1st Avenue |
Monte Vista |
CO |
Champion Bank
Champion Bank Branch
|
16790 Centre Court |
Parker |
CO |
MidFirst Bank
Kent Denver Br Branch
|
4000 E. Quincy Ave |
Englewood |
CO |
BOKF, National Association
Highlands Ranch Branch
|
9561 S. University Blvd |
Highlands Ranch |
CO |
Glacier Bank
Hot Springs Boulevard Branch
|
305 Hot Springs Boulevard |
Pagosa Springs |
CO |
Integrity Bank & Trust
Powers Center Point Branch
|
5550 Powers Center Point |
Colorado Springs |
CO |
CoreFirst Bank & Trust
Corefirst - Vallagio Branch
|
10130 E. Dry Creek Road |
Englewood |
CO |
Armed Forces Bank, National Association
Fort Carson Facility Branch
|
6384 Wetzel Avenue, Building 1512 |
Fort Carson |
CO |
Grand Valley Bank
925 N. 7th Street Branch
|
925 North 7th Street |
Grand Junction |
CO |
Farmers State Bank of Calhan
Falcon Branch
|
Meridian Road & Sthy 24 |
Peyton |
CO |
The First National Bank in Trinidad
Wal-Mart Branch
|
2921 Toupal Drive |
Trinidad |
CO |
Alamosa State Bank
Alamosa Main Street Branch
|
601 Main Street |
Alamosa |
CO |
5Star Bank
5star Bank Branch
|
Peterson Air Force Base, 455 W. Paine St., Bldg. 1485 |
Colorado Springs |
CO |
UMB Bank, National Association
Highlands Banking Center Branch
|
8190 South University Boulevard |
Littleton |
CO |
FlatIrons Bank
Longmont Branch
|
522 4th Avenue |
Longmont |
CO |
Fortis Bank
Alton Way Branch
|
7006 South Alton Way, Building B |
Centennial |
CO |
Mountain Valley Bank
Mountain Valley Bank Branch
|
461 Main |
Walden |
CO |
Rocky Mountain Bank & Trust
Cheyenne Meadows Branch
|
755 Cheyenne Meadows |
Colorado Springs |
CO |
First Pioneer National Bank
Holyoke Branch
|
150 South Interocean Street |
Holyoke |
CO |
The Farmers State Bank of Brush
Drive-In Facility Branch
|
205 Carson Street |
Brush |
CO |
Farmers Bank
Farmers Bank Branch
|
119 First Street |
Ault |
CO |
Academy Bank, National Association
Downtown Colo Sprs Main Branch
|
One South Tejon Street |
Colorado Springs |
CO |
Points West Community Bank
Good Samaritan Branch
|
805 Compassion Drive |
Windsor |
CO |
North Valley Bank
North Valley Bank Branch
|
9001 North Washington Street |
Thornton |
CO |
The Dolores State Bank
Mancos Valley Bank - Cortez Location Branch
|
27780 Hwy 160 |
Cortez |
CO |
Waypoint Bank
Mountain View Branch
|
24 South Weber Street Suite 151 |
Colorado Springs |
CO |
Adams Bank & Trust
Firestone Branch
|
8308 Colorado Blvd |
Firestone |
CO |
UMB Bank, National Association
Highlands Banking Center Branch
|
8190 South University Boulevard |
Littleton |
CO |
First-Citizens Bank & Trust Company
Fort Collins Branch
|
2420 E Harmony Rd |
Fort Collins |
CO |
The Pueblo Bank and Trust Company
Drive-In Facility Branch
|
Sixth Street And Grand Avenue |
Pueblo |
CO |
NBH Bank
Nbh Bank Branch
|
Wapiti Ave |
Rifle |
CO |
ANB Bank
Fort Collins Branch
|
2108 Milestone Drive |
Fort Collins |
CO |
Points West Community Bank
Good Samaritan Branch
|
805 Compassion Drive |
Windsor |
CO |
RG Bank, A Savings and Loan Association
Rio Grande Savings And Loan Associat Branch
|
901 1st Avenue |
Monte Vista |
CO |
Equitable Savings and Loan Association
Limon Branch
|
888 Main Street |
Limon |
CO |
InBank
North Convent Branch
|
320 North Convent St |
Trinidad |
CO |
Rocky Mountain Bank & Trust
Cheyenne Meadows Branch
|
755 Cheyenne Meadows |
Colorado Springs |
CO |
NBH Bank
Nbh Bank Branch
|
Wapiti Ave |
Rifle |
CO |
First National Bank, Cortez
First National Bank, Cortez Branch
|
2258 E. Main Street |
Cortez |
CO |
The State Bank
Falcon Branch
|
7495 Mclaughlin Road |
Peyton |
CO |
First National Bank
Arapahoe Bank And Trust Branch
|
7777 East Arapahoe Road |
Englewood |
CO |
Integrity Bank & Trust
Powers Center Point Branch
|
5550 Powers Center Point |
Colorado Springs |
CO |
Timberline Bank
Montrose Branch
|
Oxbow Drive |
Montrose |
CO |
First National Bank of Omaha
Csu Branch
|
1101 Central Avenue Mall |
Fort Collins |
CO |
The Colorado Bank and Trust Company of La Junta
The Colorado Bank And Trust Company Branch
|
301 Colorado Avenue |
La Junta |
CO |
TBK BANK, SSB
6171 North Washington Branch
|
6171 North Washington |
Denver |
CO |
Glacier Bank
Hot Springs Boulevard Branch
|
305 Hot Springs Boulevard |
Pagosa Springs |
CO |
The Farmers State Bank of Brush
Drive-In Facility Branch
|
205 Carson Street |
Brush |
CO |
Four Corners Community Bank
Cortez Branch
|
343 E. Main St. |
Cortez |
CO |
Armed Forces Bank, National Association
Fort Carson Facility Branch
|
6384 Wetzel Avenue, Building 1512 |
Fort Carson |
CO |
ANB Bank
Fort Collins Branch
|
2108 Milestone Drive |
Fort Collins |
CO |
FirstOak Bank
Firstoak Bank-Pueblo Branch
|
1419 W Us Highway 50 |
Pueblo |
CO |
Mountain Valley Bank
Mountain Valley Bank Branch
|
461 Main |
Walden |
CO |
Del Norte Bank
Del Norte Bank Branch
|
705 Grand Avenue |
Del Norte |
CO |
UMB Bank, National Association
Highlands Banking Center Branch
|
8190 South University Boulevard |
Littleton |
CO |
Fortis Bank
Alton Way Branch
|
7006 South Alton Way, Building B |
Centennial |
CO |
Stockmens Bank
Stockmens Bank Branch
|
25 N. Cascade Avenue |
Colorado Springs |
CO |
The Pueblo Bank and Trust Company
Drive-In Facility Branch
|
Sixth Street And Grand Avenue |
Pueblo |
CO |
First Pioneer National Bank
Holyoke Branch
|
150 South Interocean Street |
Holyoke |
CO |
FNB Bank
Kirk Branch
|
2988 County Road M |
Kirk |
CO |
Golden Belt Bank, FSA
Fort Morgan Br Branch
|
321 Ensign Street |
Fort Morgan |
CO |
Farmers Bank
Farmers Bank Branch
|
119 First Street |
Ault |
CO |
AMG National Trust Bank
Greenwood Village Branch
|
6295 Greenwood Plaza Blvd |
Greenwood Village |
CO |
The Dolores State Bank
Mancos Valley Bank - Cortez Location Branch
|
27780 Hwy 160 |
Cortez |
CO |
Waypoint Bank
Mountain View Branch
|
24 South Weber Street Suite 151 |
Colorado Springs |
CO |
Academy Bank, National Association
Downtown Colo Sprs Main Branch
|
One South Tejon Street |
Colorado Springs |
CO |
Adams Bank & Trust
Firestone Branch
|
8308 Colorado Blvd |
Firestone |
CO |
U.S. Bank National Association
Denver Federal Center Branch
|
One Denver Federal Center Building 41 Lobby |
Denver |
CO |
Bank of America, National Association
Cherry Creek Branch
|
100 Filmore Street, Suite 100 |
Denver |
CO |
FirstOak Bank
Firstoak Bank-Pueblo Branch
|
1419 W Us Highway 50 |
Pueblo |
CO |
Glacier Bank
Hot Springs Boulevard Branch
|
305 Hot Springs Boulevard |
Pagosa Springs |
CO |
Waypoint Bank
Mountain View Branch
|
24 South Weber Street Suite 151 |
Colorado Springs |
CO |
First Pioneer National Bank
Holyoke Branch
|
150 South Interocean Street |
Holyoke |
CO |
Equitable Savings and Loan Association
Limon Branch
|
888 Main Street |
Limon |
CO |
FirstBank
Frisco Branch
|
960 N.Ten Mile Drive |
Frisco |
CO |
First National Bank of Omaha
Csu Branch
|
1101 Central Avenue Mall |
Fort Collins |
CO |
Glacier Bank
Hot Springs Boulevard Branch
|
305 Hot Springs Boulevard |
Pagosa Springs |
CO |
InBank
North Convent Branch
|
320 North Convent St |
Trinidad |
CO |
High Country Bank
High Country Bank Branch
|
7360 West Us Highway 50 |
Salida |
CO |
Waypoint Bank
Mountain View Branch
|
24 South Weber Street Suite 151 |
Colorado Springs |
CO |
The Farmers State Bank of Brush
Drive-In Facility Branch
|
205 Carson Street |
Brush |
CO |
JPMorgan Chase Bank, National Association
Coal Mine & Kipling Banking Center B Branch
|
9859 West Coal Mine Avenue |
Littleton |
CO |
Wells Fargo Bank, National Association
Aurora - City Center Branch
|
999 South Sable Boulevard |
Aurora |
CO |
Evergreen National Bank
Georgetown Branch
|
502 Sixth Street |
Georgetown |
CO |
TBK BANK, SSB
6171 North Washington Branch
|
6171 North Washington |
Denver |
CO |
Bank of Estes Park
Niwot Branch
|
7980 Niwot Road |
Niwot |
CO |
KeyBank National Association
Governor's Plaza Branch
|
9900 West Belleview Avenue |
Littleton |
CO |
First Western Trust Bank
Dtc Cherry Hills Branch
|
6501 East Belleview Avenue, Suite 200 |
Englewood |
CO |
The Colorado Bank and Trust Company of La Junta
The Colorado Bank And Trust Company Branch
|
301 Colorado Avenue |
La Junta |
CO |
Timberline Bank
Montrose Branch
|
Oxbow Drive |
Montrose |
CO |
Liberty Savings Bank, F.S.B.
Granby Branch
|
91 E. Agate |
Granby |
CO |
High Country Bank
High Country Bank Branch
|
7360 West Us Highway 50 |
Salida |
CO |
Golden Belt Bank, FSA
Fort Morgan Br Branch
|
321 Ensign Street |
Fort Morgan |
CO |
BestCashCow strives to maintain the most accurate rates.
If you believe a rate is not accurate, please let us know.
COLORADO SAVINGS ACCOUNT ENVIRONMENT
The banking system in Colorado operates similarly to that of other states in the United States. There are various banks, credit unions, and financial institutions that provide a wide range of banking services to individuals, businesses, and organizations.
1. Commercial Banks: Colorado has a mix of large national banks, regional banks, and smaller community banks. Major national banks like Wells Fargo, JPMorgan Chase, and Bank of America have a significant presence in the state. These banks offer a comprehensive range of banking services, including checking and savings accounts, loans, credit cards, mortgages, and investment options.
2. Regional and Community Banks: Colorado is also home to several regional and community banks. These banks typically have a smaller footprint and focus on serving local communities. They offer similar banking services as national banks but tend to have more personalized customer service.
3. Credit Unions: Credit unions are nonprofit financial cooperatives that are owned and operated by their members. Colorado has a number of credit unions that offer various banking services, often with a focus on providing favorable interest rates, lower fees, and community involvement. Credit unions are known for their emphasis on member satisfaction and typically offer services such as checking and savings accounts, loans, and credit cards.
3. Online and Mobile Banking: Like in other parts of the country, online and mobile banking have become increasingly popular in Colorado. Most banks offer online banking platforms and mobile apps that allow customers to manage their accounts, make transactions, and access banking services at their convenience. This technology has made banking more accessible and efficient for Coloradans.
4. Regulatory Framework: The Colorado Division of Banking regulates and supervises the state-chartered banks, trust companies, and credit unions. It ensures that these institutions adhere to state and federal banking laws and regulations, maintain financial stability, protect consumers, and foster a competitive banking environment.
Overall, the banking system in Colorado provides a wide range of options and services to meet the diverse financial needs of individuals, businesses, and organizations in the state.
FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES
Why do savings rates vary so much?
Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices. Banks have different cost structures and they also have different needs for capital. This leads to different rates.
BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.
What is the difference between a savings account and a money market account?
The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.
What does annual percentage yield (APY) mean?
Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a Certificate of Deposit, your actual APY in a savings may vary if the rate changes.
How do I choose the right savings account and should I consider CDs?
Begin your search with the table here on BestCashCow.com that you have found.
In addition to checking online savings rates, you should also check local bank rates and local credit union rates.
If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs).
While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates.
Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings & CD Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.
8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK
- Find a bank with a location convenient to you. Location counts.
- Choose a bank with good rates. Rates are important to get continued growth of your capital.
- Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
- Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
- Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
- Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you receive. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
- Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
- Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.
SAVINGS & CD CALCULATOR
Find out how much extra money you can earn
by moving your bank money into an account that pays more.