Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
We selected Ally, KeyBank, FirstBank, Premier Members Credit Union, and NuVista Federal Credit Union as the best banks and credit unions in Colorado.
Our favorite financial institutions are federally insured by the NCUA and FDIC, which means your money is safe even in the rare event that a bank shuts down. These banks also stand out because they have low bank fees and offer appealing features.
Savings rates at the largest banks in Colorado
Below, you’ll find the savings rates from the biggest banks in Colorado. In August 2022, the national average for interest rates on savings accounts is 0.10% APY, according to the FDIC.
Financial institutionSavings APYNumber of Colorado branchesNext stepsWells FargoWells Fargo Way2Save® Savings Account128Wells Fargo Way2Save® Savings AccountUS BankUS Bank Standard Savings Account104US Bank Standard Savings AccountChaseChase Savings℠104Chase Savings℠FirstBankFirstBank Personal Savings96FirstBank Personal SavingsBank of the WestBank of the West Classic Savings Account72Bank of the West Classic Savings AccountKeyBankKeyBank Active Saver Account58KeyBank Active Saver AccountCommunity Banks of ColoradoCommunity Bank of Colorado Smarter Savings50Community Bank of Colorado Smarter SavingsENT Credit UnionENT Credit Union Personal Savings45ENT Credit Union Personal SavingsBank of ColoradoBank of Colorado Savings42Bank of Colorado SavingsVectra BankVectra Bank Personal Savings36Vectra Bank Personal Savings
None of these financial institutions paid a high interest rate, so we didn’t end up choosing any of these large banks for our best savings account category. However, you may still decide one of these banks is a good match for you.
Comparing our top picks in Colorado
Best bank for opening a savings account: Ally
Why it stands out: The biggest brick-and-mortar banks in Colorado pay low interest rates on savings accounts, so we’ve explored online banking options with high-yield savings accounts.
The Ally High Yield Savings Account might be a great choice if you are looking for a competitive interest rate. It also doesn’t charge typical bank fees like monthly service fees and overdraft fees.
You also might find Ally appealing if you’d like a bank account with budgeting tools. The account lets you separate money into individual savings goals through savings buckets.
What to look out for: As an online-only institution, you can’t deposit cash directly into this account. You’d have to deposit it into an account with a different bank, then transfer funds.
Best bank for opening a checking account: KeyBank
Why it stands out: KeyBank has a strong, straightforward checking account — it has a low minimum deposit and charges zero monthly services.
The KeyBank Smart Checking Account stands out because it includes several ways to waive overdraft fees. For example, you can set up alerts to avoid overdrawing your account. You may also link your checking account to a savings account and make free transfers to restore a negative account balance.
What to look out for: KeyBank charges a $3 fee for using an out-of-network ATM. If you don’t have overdraft protection set up, you’ll also need to be mindful of a $33 overdraft fee.
Best bank for opening a checking and savings account: FirstBank
Why it stands out: If you prefer traditional banking to online banking, FirstBank could be a solid option. It’s the fourth-largest bank in the state, and it has low fee bank accounts.
The FirstBank Anywhere Checking Account is a free checking account with a $0 opening deposit. You’ll also have access to over 200 ATMs in Arizona, California, and Colorado.
Meanwhile, the FirstBank Personal Savings Account has a $5 quarterly service fee that’s easy to waive — you won’t pay a service fee if you keep at least $100 in your account daily.
What to look out for: You might have to deal with overdraft fees if you accidentally overdraw from your checking account. FirstBank has overdraft protection, but you’ll have to pay a $20 annual overdraft protection fee or $10 daily overdraft protection fee.
Best credit union: Premier Members Credit Union
Why it stands out: Premier Members Credit Union may ideal if you prefer banking with credit union over a bank or want to open a rewards checking account.
The Premier Members Credit Union Membership Share Savings Account is a decent free savings account option, and it has a $5 opening deposit.
Meanwhile, The Premier Members Credit Union Earn Big Free Checking Account is the bank’s strongest product. You’ll earn the high interest rate on balances under $2,000, but even higher balances offer solid rates.
To earn interest on your account, you’ll need to meet the following requirements each month:
Enroll in e-statementsReceive $500 in direct depositsMake at least 25 debit card transactions
What to look out for: Credit unions required membership to open a bank account. You’ll need to meet one of the following requirements to be eligible for membership at Premiers Federal Credit Union:
Live or work in one of the following counties: Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or WeldBe a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public SchoolsBe an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or MedtronicBe an employee or member of one of 750 organizations the credit union serves (Contact customer service to ask whether your company is listed)Have a family member who already has accounts with Premier Members Credit UnionJoin Impact on Education, a charity of the Boulder Valley School District
Best local financial institution: NuVista Federal Credit Union
Why it stands out: NuVista Federal Credit Union is a community development financial institution (CDFI) with two branches in Colorado.
A CDFI might be worth exploring if you prioritize a financial institution that’s mission-driven and has close ties with its local community. The credit union has a second chance bank account, so you’ll be able open a checking account even if you have a negative bank history.
The NuVista Federal Credit Union Membership Share Savings is also a good savings option. There are no monthly service fees and a low $25 opening deposit.
What to look out for: You must open the NuVista Federal Credit Union Membership Share Savings with at least $25 to become a member. You’ll also need to live or work in Montrose, Delta, Gunnison, Ouray, and San Miguel counties.
Other institutions that didn’t make our list and why
Wells Fargo Way2Save® Savings Account: Wells Fargo has the most branches in the state, but its accounts aren’t as strong as our top picks. It’s also received a poor rating from the Better Business Bureau and has been involved in several public settlements. Read the full review of Wells Fargo here.US Bank Standard Savings Account: US Bank has a substantial branch and ATM network in Colorado, but our top picks have lower monthly service fees. Its savings accounts also pay low interest rates. Read the full review of US Bank here.Chase Savings℠: Chase has a variety of accounts and a large branch and ATM network. However, its monthly services are a bit higher than our top picks if you don’t meet the minimum balance requirements. Read the full review of Chase here.Bank of the West Any Deposit Checking Account: Bank of the West might be worth exploring if you want to bank with a financial institution that supports sustainability. However, our favorite institutions may make it easier to waive monthly service fees. Read the full review of Bank of the West here.Community Bank of Colorado Smarter Savings: Community Banks of Colorado has a sizable branch and ATM network, but its bank account has higher monthly service fees than our top picks. ENT Credit Union Personal Savings: ENT Credit Union has free checking and savings accounts. It pays a pretty low interest rate on the savings account, though.Bank of Colorado Savings: Bank of Colorado has a decent-sized branch and ATM network, but its bank accounts require higher minimum opening deposits than most of our top picks.Vectra Bank Personal Savings: Vectra Bank has a variety of bank accounts, but other banks might make it easier to waive monthly service fees.First Southwest Bank Savings: First Southwest is a community development financial institution (CDFI), so it might be a good fit if you’re searching for an institution that closely serves its community. Its bank accounts require relatively high minimum opening deposits, though.Native American Bank Personal Savings: Native American Bank is a CDFI with a free checking account. Its savings account has a minimum balance requirement, though. Columbine Federal Credit Union Share Savings Account: Columbine Federal Credit Union has a free checking account, but our top picks offer more competitive interest rates and unique bank accounts. Community Choice Credit Union NewBeginnings Account: This CDFI might be worth considering if you are looking for a local institution with second chance banking. Other credit unions may have lower minimum opening deposits or higher interest rates on savings accounts.Bellco Credit Union Savings Account: Bellco Credit Union offers a great high-yield checking account, but you’ll need to have an account balance of over $25,000 to earn a notable interest rate. Canvas Credit Union Membership Savings Account : Canvas Credit Union has a free checking account, but its savings account isn’t as strong.
Are these banks and credit unions trustworthy?
We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency. See each institution’s rating below:
Financial institution BBB ratingAllyC-KeyBankA+FirstBank of ColoradoA+Premier Members Credit UnionA+NuVista Federal Credit Union A+
All of our top picks have at least an A rating from the BBB, with the exception of Ally. Ally has a C- rating because the BBB has received a high volume of customer complaints about the bank, and there are two unresolved complaints.
A great BBB rating doesn’t necessarily mean you’ll have a smooth relationship with a bank. Reach out to current customers or read online customer reviews to get a well-rounded perspective of a bank.
KeyBank is the only institution on our list that’s been involved in a public controversy.
In 2021, the bank paid the State of New York Mortgage Agency $5 million in a settlement that claimed KeyBank had deceptive advertising regarding its “KeyBank Plus” program. The advertisements in the program said KeyBank would help New York residents who didn’t have a bank account by helping them cash checks for low fees. However, the State of New York Mortgage Agency conducted an investigation and found the program wasn’t being executed properly.
How did we choose the best banks in Colorado?
First, we reviewed the 15 biggest banks and credit unions in the state. Then we looked at CDFIs in the state.
We compared bank account features and fees until we narrowed down our top picks. Our top picks stood out from competitors for a variety of reasons. Some offered a competitive interest rate or had budgeting tools in addition to minimal bank fees. For our best credit union and best local bank, we selected financial institutions with easy membership requirements, low minimum opening deposits, and unique bank accounts.
Frequently asked questions
Why trust our recommendations?
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
What is the No. 1 bank in America?
It depends on what you’re looking for. Wells Fargo has the most branches in the US, followed closely by Chase and Bank of America. If you’re looking for high savings rates and low fees, then you’ll probably want to go with an online bank. (See our picks for the best online banks here.)
What’s the safest bank to put your money in?
As long as an institution has federal insurance, your money should be safe. Banks need to be insured by the Federal Deposit Insurance Corporation (FDIC). Credit unions need to be insured by the National Credit Union Administration (NCUA).
An individual account is insured for up to $250,000, and a joint account is insured for up to $500,000. This means you won’t lose all of your money should the bank go under.
Experts’ advice on choosing the best financial institution
To learn more about what makes a good bank or credit union and how to choose the best fit, four experts weighed in:
Insider
Tania Brown, certified financial planner at SaverLifeRoger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life“Mykail James, MBA, certified financial education instructor, BoujieBudgets.comLaura Grace Tarpley, editor of banking, Personal Finance Insider
We’re focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here’s what they had to say about finding a bank. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Mykail James, CFEI:
“The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don’t think about that, because there are places that don’t accept MasterCard or don’t accept an Amex.”
Laura Grace Tarpley, Personal Finance Insider:
“I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you never overdraw from your account, then a bank’s overdraft fees won’t matter much to you. But if you occasionally overdraw, then I’d look at the fees or overdraft protection options.”
What should someone look for in a brick-and-mortar bank?
Tania Brown, CFP:
“How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that’s going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser.”
Mykail James, CFEI:
“How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?”
What should someone look for in an online bank?
Tania Brown, CFP:
“With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?”
Roger Ma, CFP:
“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”
Mykail James, CFEI:
“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing, because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average. What type of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”