Tuesday, 24 November 2020

Colorado Federal Savings Bank Review of Savings and CD Rates

Colorado Federal Savings Bank Review of Savings and CD Rates
01 Nov
8:39

Colorado Federal Savings Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.25%

Savings

Colorado Federal Savings Bank High Yield Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.51%

CD Rates

Colorado Federal Savings Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.63%

CD Rates

Colorado Federal Savings Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.90%

CD Rates

Colorado Federal Savings Bank 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Colorado Federal Savings Bank’s savings account options

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How Colorado Federal Savings Bank’s savings accounts compare

To be sure, Colorado Federal Savings Bank’s savings accounts don’t hold a candle to the best savings accounts on the market — especially considering it’s an internet-only financial institution. Free of the overhead costs of brick-and-mortar locations, online banks tend to offer higher interest rates to consumers. Not here.

The High Yield Savings simply doesn’t have a high enough APY to be competitive. While the APY on Premier Savings is attractive, the $50,000 minimum opening deposit and required minimum balance are so high that the account is not useful for most consumers.

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How Colorado Federal Savings Bank’s CD rates compare

Compared to other CDs on the market, Colorado Federal Savings Bank’s options fall in the middle of the pack. Rates are high enough to be competitive, but they don’t beat the top CD contenders. The opening deposit amount is fairly standard, though you will be able to find some CDs with higher interest rates and lower minimum deposits.

Shopping around for the best rate is still smart, but if you’re suffering from decision fatigue and just can’t shop anymore, you can rest a bit easier knowing that a CD from Colorado Federal Savings Bank isn’t the worst product around. It’s just not the best.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy

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Source: https://www.magnifymoney.com/blog/reviews/colorado-federal-savings-bank/

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