Best Banks In Colorado in 2022 | Rates, Account Types, Min. Deposit

Deciding on a bank account can seem a bit challenging with the many financial institutions and account options out there. If you’re resident in Colorado searching for a bank that fits your banking preferences, you’re at the right place

We have made a list of the best banks in Colorado; Whether you are entrepreneurs 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.

What are the Best Banks in Colorado?

All banks deal with numbers but, a good bank provides quality financial services helping its customers meet their financial goals. For banks in Pittsburgh, high annual percentage yield, good interest rates, a variety of account types, and few charges make a few banks stand out from among the hundreds of banks in the city.

According to the most recent J.D. Power U.S. Banking Satisfaction study. In order to rank the banks correctly, the study took into account factors such as “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:

Account Type

This is the ongoing series of cash inflows and outflows on behalf of a customer. The most common account type is the checking account.

Interest Rate

This is the proportion of an amount loaned which the bank charges as interest to the customer or the rate a bank pays its customers for keeping money in an account. normally 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.

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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 when it comes to savings accounts.

Wells Fargo has almost 20 branch locations in Colorado Springs and also has 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 for you. 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 overall. 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

If you’re looking to save money, CIT will offer you a safe haven. 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
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#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 top banks in the country and it also 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 the 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 offer a low cost and high yield checking accounts for Customers who want to bank locally.

You can earn an interest rates starting at 1.49% for balances less than $10,000 and 0.15% APY for balances above $10,000 but if you don not meet some certain qualifications, you will only earn 0.01% APY.

In addition to checking and savings accounts, Independent Bank provides customers with access to mortgages, auto loans and multiple types of retirement account.

#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 student savings account that does not require a minimum deposit and it waves all monthly fees for customers up to age 23.

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There is an option for students to pair the savings account with the checking account to gain a free debit card, free checks and $5 monthly fee that they can easily waive.

You can upgrade to a money market account an earn a starting rate of 0.40% once you’ve built some savings. You can also move onto higher-level checking accounts, which earn interest at a rate of 0.05%.

Conclusion

The table below will serve as a reference point whenever you’re researching the best banks in Colorado that is right for you.

BankAccount TypeInterest RateMin Deposit
Wells FargoChecking and Money Market Accounts0.01% $25
First BankChecking and Savings0.01%$0.00
CIT BankChecking and Savings0.45%$100
Integrity BankChecking and Money Market Accounts0.45%$100.00
Chase BankChecking and Savings0.01%$25
Independent BankChecking Accounts1.50%$100
Armed Forces BankChecking Accounts0.05%$0.00

References

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