Deciding on a bank account can seem challenging with the many financial institutions and account options. If you’re a resident of Colorado searching for a bank that fits your banking preferences, you’re in the right place.
We have made a list of the best banks in Colorado; Whether you are an entrepreneur looking to open a business checking account or a student trying to save up for your educational needs, you can also count on these top financial institutions.
Table of contents
What are the Best Banks in Colorado?
All banks deal with numbers, but a good bank provides quality financial services to help its customers meet their financial goals. For banks in Pittsburgh, high annual percentage yield, reasonable interest rates, various account types, and few charges make a few banks stand out from the hundreds of banks in the city.
According to the most recent J.D. Power U.S. Banking Satisfaction study. To rank the banks correctly, the study considered “product offerings” and “fees.” These factors also led to the ranking of the best banks in Colorado as seen in the list below.
Other key selection criteria include:
Interest Rate
This is the proportion of the loan amount the bank charges as interest to the customer or the rate a bank pays its customers for keeping money in an account, usually expressed as an annual percentage.
Minimum Deposit
Also known as the initial deposit, a Minimum Deposit is the min amount of money required to open an account with a bank.
List of Banks In Colorado
- Wells Fargo
- FirstBank
- CIT Bank
- Integrity Bank
- Chase Bank
- Independent Bank
- Armed Forces Bank
#1. Wells Fargo
Citizens Financial Group, Inc. is listed as one of the best banks in Colorado. It is a national bank offering some of the best rates on the market, especially regarding savings accounts.
Wells Fargo has almost 20 branch locations in Colorado Springs and branches in 40 states plus Washington, D.C, with a wide range of banking options.
If you’re looking for a standard checking or savings account, Wells Fargo has multiple options you can choose from. You can also access a mobile bank and online services.
#2. FirstBank
If you prefer to bank locally, FirstBank is a good option. This Bank is committed to providing excellent banking services to individuals and businesses.
The Bank serves only the three states of Colorado, Arizona, and California but still has about 110 locations. It also has a strong presence in Colorado Springs with eight branches.
FirstBank features 12 different checking, savings, and CD accounts with low monthly and high-interest rates. The eSave feature incorporates the advantages of both a checking and savings account and can earn you an annual percentage yield (APY) between 0.01% and 0.05%, depending on your balance.
#3. CIT Bank
CIT will offer you a safe haven if you want to save money. CIT is an online bank that supports features like digital account statements, updated transaction histories, mobile check deposit, and inter-account money transfers.
CIT Bank offers one of the best APYs on the market; with 0.29% APY as its standard rate, but you can easily upgrade to a 0.45% APY. You can kick start with the following account types and grow your income:
- Money market account
- Premier High-Yield Savings account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- No-Penalty/11-Month CD
- 1-year to 4-year “RampUp” CDs
#4. Integrity Bank
Integrity Bank offers highly competitive wealth management and investment services to Local customers.
Savings accounts come with an interest rate of 0.05% which is higher than the rate you’ll get with large national banks. The money market account comes with interest rates starting at 0.05%. You earn higher rates if you have a balance of at least $25,000. The Bank offers one of the best APYs on the market; with 0.05% on the Savings account.
#5. Chase Bank
Chase is one of the country’s top banks and has a large presence in Colorado Springs. It has the third-most branches of the banks in the city, making it accessible to local residents.
Chase features a wide range of financial products, including savings and checking accounts, credit cards, loan products, and financial advising services. With Chase’s 24/7 phone line, every customer is guaranteed satisfaction.
#6. Independent Bank
Independent Bank is based in Texas, has four branch locations in and around Colorado Springs. This Bank offers a low cost and high yield checking accounts for Customers who want to bank locally.
You can earn an interest rate starting at 1.49% for balances less than $10,000 and 0.15% APY for balances above $10,000, but if you do not meet specific qualifications, you will only earn 0.01% APY.
In addition to checking and savings accounts, Independent Bank provides customers access to mortgages, auto loans, and multiple retirement accounts.
#7. Armed Forces Bank
Armed Forces is among the list of banks in Colorado offering incredible services to students and young savers. This Bank features a student savings account that does not require a minimum deposit and waves all monthly fees for customers up to age 23.
There is an option for students to pair the savings account with the checking account to gain a free debit card, free checks and a $5 monthly fee that they can easily waive.
You can upgrade to a money market account and earn a starting rate of 0.40% once you’ve built some savings. You can also move on to higher-level checking accounts, which make interest at 0.05%.
Frequently Asked Questions
The best banks in Colorado in 2023 will depend on your individual needs and preferences. Generally speaking, some of the top-rated banks in the state include Vectra Bank, FirstBank, and Alpine Bank. All three of these banks have excellent customer service, a wide variety of services, and competitive rates.
Vectra Bank is known for its commitment to community banking and has branches throughout Colorado. They offer a variety of products including personal checking and savings accounts, business banking solutions, home loans, and more. They also provide online banking services with secure encryption technology.
FirstBank is another popular choice among Coloradoans due to its extensive network of locations across the state. They offer various products, including credit cards, personal loans, mortgages, investment services, and more. Plus, they offer 24/7 customer support and online and mobile banking options.
The types of accounts available at banks vary from institution to institution. Generally, there are three main types of bank accounts: checking, savings, and money market accounts.
Checking accounts allow you to make purchases and withdraw cash easily, while savings accounts typically offer higher interest rates but require a minimum balance. Money market accounts are similar to savings in that they offer higher interest rates but require a minimum balance and limit the number of withdrawals you can make monthly.
In addition to these three main types of bank accounts, some banks may offer other specialized products such as certificates of deposit (CDs), individual retirement accounts (IRAs), or student-specific banking services. It’s best to contact your local bank for more information on the specific account types offered.
Conclusion
The table below will serve as a reference point whenever you’re researching the best banks in Colorado that are right for you.
| Bank | Account Type | Interest Rate | Min Deposit |
|---|---|---|---|
| Wells Fargo | Checking and Money Market Accounts | 0.01% | $25 |
| First Bank | Checking and Savings | 0.01% | $0.00 |
| CIT Bank | Checking and Savings | 0.45% | $100 |
| Integrity Bank | Checking and Money Market Accounts | 0.45% | $100.00 |
| Chase Bank | Checking and Savings | 0.01% | $25 |
| Independent Bank | Checking Accounts | 1.50% | $100 |
| Armed Forces Bank | Checking Accounts | 0.05% | $0.00 |
References
- https://smartasset.com/checking-account/best-banks-colorado-springs-co
- https://www.advisoryhq.com/articles/top-banks-in-colorado/
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