Top 5 Banks and Credit Unions in Colorado – August 2023

Top 5 Banks and Credit Unions in Colorado - August 2023

The Best Banks and Credit Unions in Colorado: Unearthing Hidden Gems

Are you tired of high bank fees and lackluster features? Look no further! We have carefully selected the best banks and credit unions in Colorado that will make your banking experience a delight. But before we dive into our top picks, let’s take a closer look at what makes them stand out.

In our quest to determine the best banks in Colorado, we left no stone unturned. We reviewed the 15 largest banks and credit unions in the state, as well as community development financial institutions and online banks for our top pick for savings accounts. Our experts consulted banking and financial planning experts from various backgrounds to ensure we provide you with trusted advice and recommendations.

Meet Our Experts

• Tania Brown, a certified financial planner at SaverLife, brings her expertise in budgeting and saving to the table.
• Roger Ma, a certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life,” offers his insights on choosing the right financial institution.
• Sophia Acevedo, a certified educator in personal finance and banking reporter at Personal Finance Insider, brings her expertise in banking products and services.
• Mykail James, an MBA and certified financial education instructor at BoujieBudgets.com, provides advice on managing your money wisely.

Now that you know we have a dream team of experts backing our choices, let’s reveal the winners!

Our Top Picks

Ally Bank: Best for Opening a Savings Account

Ally Bank takes the crown for offering the best savings account in Colorado. With competitive interest rates and no monthly service fees or overdraft fees, Ally Bank proves that online banking can be a game-changer. The account even comes with budgeting tools that help you separate your money into different savings goals.

There is one caveat, though. As an online-only institution, you won’t be able to deposit cash directly into your Ally Savings Account. But don’t worry, you can easily deposit cash into an account with another bank and then transfer funds to your Ally account.

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KeyBank: Best for Opening a Checking Account

When it comes to checking accounts, KeyBank steals the show. With a low minimum deposit and zero monthly service fees, their KeyBank Smart Checking Account is a straightforward and reliable choice. What sets KeyBank apart is its overdraft fee policy. You can set up alerts to avoid overdrawing your account, or link your checking account to a savings account and make free transfers to cover a negative balance.

Just be mindful of the $3 fee for using an out-of-network ATM and the $33 overdraft fee if you don’t have overdraft protection.

FirstBank: Best for Opening a Checking and Savings Account

For those who prefer the traditional banking experience, FirstBank is here to meet your needs. As the fourth-largest bank in Colorado, FirstBank offers low fee bank accounts that are hard to resist. Their Anywhere Checking Account has no opening deposit requirement, and you’ll have access to over 200 ATMs in Arizona, California, and Colorado. Pair this with their Personal Savings Account, which offers a low $5 quarterly service fee that’s easy to waive, and you’ve got a winning combination.

Just remember to be cautious of overdraft fees if you accidentally overdraw from your checking account. FirstBank offers overdraft protection, but there is an annual fee of $20 or a daily fee of $10 for this service.

Premier Members Credit Union: Best Local Financial Institution (Tied)

If you’re looking for a credit union experience, Premier Members Credit Union is an excellent choice. Featured in our guides for best money market accounts and best CD rates, Premier Members Credit Union offers a Money Market Account that can earn you a whopping 5.00% APY on balances up to $2,000. They also offer a Share Certificate with a minimum opening deposit of only $500.

To become a member at Premier Members Credit Union, you’ll need to fulfill certain eligibility requirements, such as living or working in specific counties or being affiliated with partner organizations.

NuVista Federal Credit Union: Best Local Financial Institution (Tied)

For those who value a mission-driven financial institution deeply connected to the community, NuVista Federal Credit Union is the answer. As a community development financial institution (CDFI), NuVista Federal Credit Union offers a second chance bank account, allowing you to open a checking account even if you have a negative banking history. They also provide a Membership Share Savings account with no monthly service fees and a low $25 opening deposit.

To become a member of NuVista Federal Credit Union, you’ll need to live or work in specific counties in Colorado.

Other Institutions That Didn’t Make the Cut

While our top picks surpass the competition, let’s take a quick look at some other institutions that didn’t make our list and why:

• Wells Fargo: Despite having the most branches in the state, Wells Fargo’s accounts fall short compared to our top picks. The bank has also received a poor rating from the Better Business Bureau.
• US Bank: With a large network of branches and ATMs in Colorado, US Bank’s monthly service fees and low interest rates on savings accounts didn’t impress us.
• Chase: Although Chase offers various accounts and an extensive branch network, their fees and minimum balance requirements didn’t match up to our top picks.
• Bank of the West: If sustainability is your priority, Bank of the West might be a choice, but our top institutions make it easier to waive monthly service fees.
• Community Banks of Colorado: Despite having a significant branch and ATM network, their bank accounts have higher monthly service fees than our top picks.

Bank Trustworthiness and BBB Ratings

We understand that trust is crucial when choosing a financial institution. To evaluate how banks address customer issues and handle transparency, we look to the Better Business Bureau (BBB). Rest assured, all our top picks have at least an A rating from the BBB. However, a great BBB rating doesn’t guarantee a seamless banking experience. We recommend reaching out to current customers or reading online reviews for a well-rounded perspective.

Only KeyBank on our list has been involved in a public controversy. In 2021, KeyBank reached a settlement with the State of New York Mortgage Agency for deceptive advertising practices regarding their “KeyBank Plus” program.

Savings Rates at the Largest Banks in Colorado

If our top picks don’t tickle your fancy, here are the savings rates from the biggest banks in Colorado. However, none of these large banks offer high interest rates on savings accounts. The national average for savings accounts interest rates in August 2023 stands at 0.42% APY, according to the FDIC.

Now armed with this comprehensive guide, you can confidently choose the best banking option in Colorado that suits your needs. Remember to consider factors such as fees, security, interest rates, and customer service availability in your decision-making process. Happy banking!

Ratings and rates are accurate as of the time of writing.

• banks
• Colorado
• Personal Finance Insider