Best Banks in Colorado
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
Most Colorado residents live along the relatively small swath of land that runs from Fort Collins to Pueblo, where they have many banks to choose from. Banks become fewer and farther between outside that area, which might make digital banking more important. Wherever you live within the Centennial State, GOBankingRates has you covered with this guide to the best banks in Colorado.
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TOP COLORADO BANKS AT A GLANCE
Bank/Institution
Savings APY
Notable Features
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Detailed Reviews of the Best Banks in Colorado
Here’s a rundown of the main features, benefits and pros and cons of GOBankingRates’ picks for top banks in Colorado.
Gold Winner: U.S. Bank
U.S. Bank is a “superregional” bank with physical branch locations in 26 states, including Colorado. Although it’s a traditional bank, its strong focus on digital banking gives customers the online and mobile functionality that online-only banks offer, plus the account selection and customer service you expect from a large bank.
The Better Business Bureau rates U.S. Bank an A. The bank has a five-star “superior” rating for financial health from Bauer Financial.
Best For
Investment Management
Personal Loans
Corporate and Commercial Banking
Home Loans
National Banks
$25 Minimum Deposit for Checking Accounts
U.S. Bank provides services for everyday banking and specialty services like loans, investments and commercial banking. The U.S. Bank app is user friendly and there are approximately 2,200 ATMs across 26 states.
Total Branch Locations
Over 2,200
Mobile App Rating
4.8 on the Apple App Store and 4.7 on Google Play
Other Products Offered
Everyday banking, investment management, corporate and commercial banking, home, vehicle and personal loans
Pros
- Diverse product offerings
- Extensive branch and ATM network
- 24/7 customer service
Cons
- Low interest rates on savings accounts
- Monthly maintenance fees
- High overdraft fees
Why We Like U.S. Bank
U.S. Bank offers a wide range of banking products, including checking, savings, loans and investment services, making it a one-stop solution for financial needs. It has an extensive branch and ATM network and a user-friendly app.
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Silver Winner: TBK Bank
TBK is a smaller bank with branches in Colorado and a handful of other states. Although headquartered in Texas, the highest concentration of physical branches is in Colorado, where it has an especially strong presence between Denver and Fort Collins.
True to its local focus, TBK plays an active role in supporting the communities it serves while providing a well-rounded selection of deposit accounts, including a fee-free checking account and low-fee savings.
The BBB rates TBK Bank an A-, and Bauer Financial rates it a five-star “superior” bank.
Best For
Auto Loans
Low Monthly Fees
Investment Services
Mobile Banking
Personal Loans
Fee-Free Checking With ATM Fee Rates
Despite its small size, TBK Bank offers a selection of feature-rich accounts, including checking accounts with ATM fee rebates. TBK’s Colorado savings account has a low $3 monthly fee, which drops to $0 if you maintain a balance of $50.
Total Branch Locations
Over 60
Mobile App Rating
4.7 on the Apple App Store and 4.5 on Google Play
Other Products Offered
Checking, savings, money market, CD and home, personal, RV/boat and auto loans
Pros
- Useful account features
- Highly transparent website with side-by-side account comparisons
- Opportunity to earn relationship rewards
- Unlimited transfers and withdrawals from savings and money market accounts
Cons
- Low annual percentage yields (APYs) on interest-bearing accounts
- Interest compounded monthly
- Limited customer service hours
- Savings interest compounded and credited quarterly
Why We Like TBK Bank
TBK Bank made GOBankingRates’ list of top Colorado banks for its savings rates, which, while low overall, are higher than rates at other Colorado banks GOBankingRates considered. Other notable features in TBK’s Colorado savings accounts include a debit card and unlimited withdrawals. Checking accounts stand out for generous ATM fee rebates.
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Bronze Winner: KeyBank
KeyBank is a regional bank that falls between U.S. Bank and TBK Bank in terms of physical presence. With branches in Denver, Colorado Springs, Littleton and other cities, KeyBank has a varied selection of Colorado checking and savings accounts. In addition, they offer a money market account that earns high yields for relationship customers.
KeyBank gets an A+ rating from the BBB and is a Bauer Financial recommended bank with a four-star “excellent” rating.
Best For
Mobile Banking
Low Monthly Fees
Personal Loans
Credit Cards
Interest Checking
Low-Fee Savings and No-Fee Checking Accounts
KeyBank stands out for its impressive selection of checking and savings accounts with benefits smaller banks rarely offer. Key Select checking customers enjoy a APY plus a $100 annual bonus with qualifying direct deposits.
Total Branch Locations
Over 1,000
Mobile App Rating
4.7 on the Apple App Store and 4.6 on Google Play
Other Products Offered
Checking, savings, CDs, credit cards, personal loans and lines of credit
Pros
- Comprehensive selection of accounts
- Bonus and rewards programs
- Low- and no-fee options
- Large network of ATMs
Cons
- High fees on some accounts
- Only one interest-bearing checking account
- Branch access is limited
- High overdraft fee
Why We Like KeyBank
KeyBank offers a well-rounded selection of checking and savings accounts with perks like automatic savings, early pay and overdraft forgiveness for overdrafts of $20 or less. Customer service for online and mobile banking is available by phone seven days per week, and you can make an appointment at your local branch to meet face-to-face with a representative.
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Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Research Methodology
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 6, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
How To Choose the Right Bank in Colorado
Keep the following considerations in mind when choosing the best Colorado bank for you.
- Local vs. regional: Local community banks may offer more personalized service and play a more active role in the community. But they usually have fewer account benefits and might have less robust mobile and digital platforms.
- Account selection: Look for accounts that suit your priorities, such as no monthly fees, high yields or options for seniors or kids. Also, look for relationship benefits that earn you higher APYs and rate discounts on the bank’s loans.
- Fees: Few Colorado banks are completely fee-free, but many have no monthly fees or give you easy ways to have them waived. One other fee to watch out for is overdraft charges.
- Digital platforms: Full-featured online and mobile banking, digital wallet compatibility and advanced security features improve your banking experience.
Conclusion
You have many banks to choose from in central Colorado, but fewer in outlying areas. Picking out the best can be tricky in either case. List your must-have features before exploring GOBankingRates’ best banks in Colorado, then apply for the account that checks those boxes.
FAQs About Banking in Colorado
Here’s more information to help you find the best Colorado bank for your needs.- What is the best bank for high-yield savings in Colorado?
- U.S. Bank's Bank Smartly account has high relationship rates.
- Which banks have the most ATMs in Colorado?
- The banks don't disclose their ATM numbers by state, but KeyBank and U.S. Bank have large ATM networks.
- Are there any banks in Colorado with no monthly fees?
- No bank reviewed by GOBankingRates is completely without fees, but each of the top Colorado banks above has certain accounts with no fees or fees that are easily waived.
More Resources for Banking
Best Banks
Checking Accounts
Savings Accounts
CD Account Rates
Money Market Accounts
Daria Uhlig contributed to the reporting for this article.
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