Best Banks in Colorado

Colorado State Capitol Building, home of the General Assembly, Denver, Colorado.
Robert Cicchetti / Shutterstock.com

There are 73 FDIC-insured banks in Colorado with a nearly equal representation of credit unions, with 77 available. Most of the financial institutions in the state have branches to conveniently serve you wherever you may roam. Finding the best one for you can be overwhelming if you have to evaluate the 150 options available. This guide on the best banks in Colorado narrows down the list to bring you the top choices in the state.

How These Banks In Colorado Made the List

To navigate the long list of possible banking options, GOBankingRates created a bank rating system based on branch availability, services, account options, fees, interest rates, market share, digital presence and more. The top-rated banks nationwide made the annual Top 100 Banks list if you’re local to the area and wondering are the “best banks near me.” Furthermore, financial institutions with a presence in Colorado were selected from the top 100 to bring you the following best banks in Colorado.

8 Best Banks in Colorado

The following banks and credit unions made the list for market share and availability in Colorado. 

A Better Way to Bank

Chase Bank

Why it stands out: Chase Bank tops the best-of list in many states due to the widespread branch availability, online presence and breadth of financial services. It's a one-stop shop for everything from car and home loans to wealth management and investing. The more you bank with Chase, the better the savings on interest rates and fees. Chase Bank offers account holders accounts for all life stages. You can start with a low-fee, basic Secure Checking account. As your savings increase, so do your account service options with Premiere savings and checking and Chase Private Client banking.

Pros:

  • Waivable monthly maintenance fees
  • Fast mobile deposits (usually available the next business day)
  • Relationship rates
  • DIY and advisory investing available
Cons: What to look for: Besides all the account options, Chase Bank offers some of the top rewards credit cards, such as the Sapphire Reserve and Sapphire Preferred for travel and the Freedom Flex and Freedom Unlimited for cash back. READ OUR FULL REVIEW

Navy Federal Credit Union

Why it stands out: Colorado has the tenth-highest concentration of active military in the country, with nearly 50,000 service personnel. Navy Federal Credit Union is available to this population, as well as to retired military, veterans and family members.

Is it worth joining a credit union for your banking needs? In the case of NFCU, yes. Accounts are generally free or come with easily-waivable monthly maintenance fees. Most accounts can earn a dividend of 0.05% to 0.50%. And if you can park your money for some time without needing it, you can earn rates as high as 1.00% on a 5-Year CD if you have less than $20,000 in your account.

Pros:
  • Branches overseas in Guam, Korea, Spain, Italy, Japan and more.
  • Four monthly service fee-free checking accounts
  • Access to 30,000+ free ATMs available in the U.S.
  • Receive up to $240 per year in rebates for out-of-network ATM withdrawals

Cons:

  • Limited to military personnel and relatives
  • Lack of physical branches in the state

What to look for: You won't find as many dedicated branches as you would with some of the other best banks in Colorado that made the list. However, there are plenty of alternatives to the traditional branch such as shared Co-Op locations, online banking, a digital mobile app, live chat and phone support.

READ OUR FULL REVIEW
A Better Way to Bank

Bank of America

Why it stands out: Bank of America has structured its accounts differently for more flexibility. Checking accounts are available in tiers that can be switched without the need to close the previous account first, saving you the time it takes to order new checks and debit cards.

You can start with the no-frills Safe Balance checking account. There are no checks with the account but you can set up bill pay, make ATM withdrawals and use the mobile app to make mobile check deposits. Advantage Plus and Advantage Relationship are more traditional checking accounts, paying interest, offering free checks and more.

Pros

  • Monthly maintenance fees can be waived
  • Switchable checking account bundles
  • Relationship rates available through Bank of America Preferred Rewards
  • Merrill Edge offers low-cost, self-directed investing to account holders  

Cons:

  • No money market account available
  • Low APYs on Advantage Savings and Advantage Relationship Banking

What to look for: Merrill Edge is Bank of America's low-cost trading platform for unlimited, commission-free trades. You can also work with an advisor for a customized portfolio if you're willing to pay a monthly commission of 0.45% to 0.85% of your balance.

READ OUR FULL REVIEW

A Better Way to Bank

Wells Fargo

Why it stands out: Wells Fargo is well-known nationwide for its wide availability of bank branches and Colorado is no exception. You'll find nearly 130 branches and 323 ATMs in the state.

Opening an account is accessible to all including youth and students. Most accounts have low opening deposit minimums of $25. Everyday Checking is one of Wells Fargo's best checking accounts. Although there is a monthly maintenance fee of $10 per month, it's waivable for young adults between 17 and 24 or with a minimum balance/monthly direct deposit of $500.  

Pros:

  • Waivable monthly maintenance fees
  • Low opening deposit minimums of $25
  • Highly-rated mobile app earned an average of 4.8 out of 5 stars 
  • Clear Access checking doesn't charge overdraft fees

Cons:

What to look for: Although there are plenty of ATMs and branches around, the Wells Fargo mobile app is worth downloading. You'll be able to bank 24/7 to monitor your accounts, set up alerts, control Wells Fargo cards and make mobile deposits.   

READ OUR FULL REVIEW


Keybank

Why it stands out: Keybank is a regional bank but provides as many account options as you'd find in a larger bank. There are six checking accounts available, two of which have $0 monthly fees. The remaining four earn interest and have waivable monthly maintenance fees. Most don't require an opening deposit amount or if so, $10 is enough.

The Hassle-Free checking account also waives overdraft fees, which can add up. Instead of approving a purchase, Key Bank will decline the transaction so you can avoid the non-sufficient funds charge.

Pros:

  • Branches in 26 Colorado cities
  • Over 40,000 free ATMs available nationwide 
  • Free basic accounts and premium accounts with waivable monthly maintenance fees
  • Unlimited ATM fee rebates with Key Privilege checking

Cons:

  • Less-than-stellar rates for balances under $25,000

What to look for: Key Bank has a wide range of CD terms. You'll find short-term CDs for just seven days, all the way up to 10 years in length. Relationship Rewards members can earn a promotional rate of 0.05% APY on 12-month CDs up to $99,999.

READ OUR FULL REVIEW

A Better Way to Bank

U.S. Bank

Why it stands out: U.S. Bank is one of the larger banks in the country with a good representation in Colorado. You'll find branches in nearly every major town or city in the state -- and then some. Full-service banking services include loans, credit cards and a wide breadth of accounts with waivable monthly maintenance fees.

For the best combination of high-yield savings and bill payments, U.S. Bank's money market accounts are among the best. The Elite Money Market Account ranks high in the GOBankingRates Best Money Market Accounts of 2022 report. 

Pros:

  • Lucrative new checking account bonuses up to $400 
  • Customizable debit cards
  • Earn up to 0.00% on your Platinum checking balance
  • Small opening balance requirements of $25 to $100

Cons:

  • Can charge up to four overdraft fees per day of $36 each
  • CD interest rates aren't any better than Platinum checking's APY

What to look for: The U.S. Bank app is worth downloading. It has the features you'd expect from mobile banking but adds other integrations such as credit score monitoring and transfers using Zelle. It can also be used as a digital file cabinet, storing your banking documents and notices for online reference.

READ OUR FULL REVIEW

A Better Way to Bank

First Tech Federal Credit Union

Why it stands out: There is a thriving tech startup community in Colorado. First Tech Federal Credit Union is designed for employees of new -- and major -- tech firms. Once you join the credit union, you'll receive competitive rates at a low cost. Accounts such as Dividend Rewards come with waivable monthly maintenance fees and dividends of 0.50% APY.

Even if you're not in the tech field, you may still be able to qualify by joining the Financial Fitness Association or Computer History Museum. It's worth the trouble. Another perk of being a member is getting approved for a First Tech credit card. You'll earn 0.5% cash back (up to $15 per month) on your monthly spending and receive a $10 rebate to use on the streaming subscriptions of your choice.

Pros

  • Dividends range from 0.05% to 4.89%, depending on account type and balance
  • Loans, insurance and investing also available
  • Credit card rates as low as 6.99% APR 
  • Robust mobile app

Cons:

  • No First Tech locations in Colorado

What to look for: Raymond James has partnered with First Tech as Addison Avenue to provide self-directed and advisor-based investing to account holders. It's another way to grow your money or plan for the future by setting up a Roth IRA investment account.

READ OUR FULL REVIEW

A Better Way to Bank

First Citizens Bank

Why it stands out: First Citizens Bank makes banking possible for nearly every financial life stage. You can open an account with as little as $50, with free and waivable-fee account options. Or access the bank's wealth management resources such as working with professionals to establish or manage a financial plan.

When you're ready to start saving and earning interest on your funds, you'll have the option of a money market account, savings account or CD. Minimum opening requirements are $500 and $50 for a savings account. You'll earn 0.03% on your savings balances and get two free withdrawals per month. CDs pay as much as 0.15% APY, depending on the term. 

Pros:

  • Make unlimited, penalty-free transfers and withdrawals from your money market at branches 
  • Free checking with a $50 minimum to open  
  • Low minimum of $500 for CD
  • Six branches in Colorado

Cons:

  • Low interest rate of 0.01% 0.01% on premium checking account balances

What to look for: If you have a long-term savings plan, a First Citizen CD of four to five years could earn 0.15% APY. A shorter-term commitment of one year will earn you a 0.10% APY for $5,000 or more.

READ OUR FULL REVIEW

Final Take

The best banks in Colorado are a mix of banks and credit unions. You’ll find that most have branches throughout the state. If branches aren’t conveniently located near you, all the banks on the best-of list also provide a full-featured mobile banking app that makes it possible to handle your everyday finances anytime and anywhere.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 16, 2022.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

To discover the Top 100 Best Banks, GOBankingRates looked at all institutions with available published data (National, Regional, Local, and Online) from the 2022 Best Banks categories as well as all Credit Unions with over $1 billion in total assets and accessible to a wide audience. GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC and NCUA; (2) number of branch locations as sourced from the FDIC and NCUA; (3) checking account annual fee; (4) savings account APY rate; (5) 12-month CD APY rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (9) the average mobile app rating between the android and apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (4) were weighted 1.5 times in final scoring, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times, and factor (8) was weighted 2.5 times. For all Savings and Checking Account data only the basic accounts/products offered at each institution was analyzed. Rates and fees subject to change.

Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

Best Bank Accounts of May 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.