8 Best Banks in Colorado
Written by
Cynthia Bowman
Edited by
Susan Kim
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There are 72 FDIC-insured banks in Colorado, with a nearly equal representation of credit unions. 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 all the checking and savings account options available.
This guide on the best banks in Colorado narrows down the list to bring you the top choices in the state. When it comes to national and regional banks, it’s good to know you have options.
8 Best Banks and Credit Unions in Colorado
To navigate the long list of possible banking options, GOBankingRates created a bank rating system based on the following considerations:
- Branch availability and ATM networks
- Online banking and digital presence
- Bank account options and other products and services
- Minimum account balances and monthly fees
- Interest rates
- Customer service
The following banks and credit unions made the list for market share and availability in Colorado, among other factors:
- Chase
- Navy Federal Credit Union
- Bank of America
- Wells Fargo
- KeyBank
- U.S. Bank
- First Tech Federal Credit Union
- First Citizens Bank
1. Chase
Chase tops the best-of list due to its 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 offers account holders accounts for all life stages. You can start with a low-fee, basic Secure BankingSM checking account. As your savings increase, so do your account service options with Premier SavingsSM and Premier Plus CheckingSM and Chase Private Client banking.
Pros:
- Most monthly maintenance fees are waivable
- Fast mobile deposits – usually available the next business day
- Relationship rates
- DIY and advisory investing available
- 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
Cons:
- Lower-than-average yields on most accounts
- Chase overdraft fees of $34
2. Navy Federal Credit Union
Navy Federal Credit Union is available to members of the U.S. military, as well as to retired military, veterans and family members. 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 mobile app, live chat and phone support.
Accounts are generally free or come with easily waivable monthly maintenance fees. Most accounts can earn dividends. And if you can park your money for some time without needing it, you can earn above-average rates on savings and CD accounts.
Pros:
- Branches overseas in Guam, Korea, Spain, Italy, Japan and more
- Four monthly service fee-free checking accounts
- Access to 30,000-plus 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
3. Bank of America
Bank of America, Member FDIC, has structured its accounts differently for more flexibility. Checking accounts are available in tiers that can be switched without the need to close your account, saving you the time it takes to order new checks and debit cards.
You can start with the no-frills Bank of America Advantage SafeBalance Banking® 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. Bank of America Advantage Plus Banking® and Advantage Relationship Banking® are more traditional checking accounts that offer the ability to write checks, and the latter also pays interest.
Pros:
- Monthly maintenance fees can be avoided
- 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 annual percentage yields on Bank of America Advantage Savings and Advantage Relationship Banking
4. Wells Fargo
Wells Fargo is well known nationwide for its wide availability of bank branches, and Colorado is no exception. You’ll find numerous branches and ATMs available throughout the state. The Wells Fargo mobile app is also worth downloading so you can monitor your accounts, set up alerts, control Wells Fargo cards and make mobile deposits.
Opening an account is accessible to all, including youth and students. Most accounts have low opening deposit minimums of $25. Wells Fargo was also ranked among GOBankingRates’ picks for the Best National Banks and Best Premium Checking Accounts for 2024.
Pros:
- Waivable monthly maintenance fees
- Low opening deposit minimums of $25
- Clear Access checking doesn’t charge overdraft fees
Cons:
- Low interest rate yields
- Overdraft fee of $35 per item
5. KeyBank
KeyBank is a regional bank but provides as many account options as you’d find in a larger bank. There are five checking accounts available, two of which have $0 monthly fees. The remaining three earn interest and have waivable monthly maintenance fees.
The Hassle-Free checking account also waives overdraft fees, which can add up. Instead of approving a purchase, KeyBank will decline the transaction so you can avoid the non-sufficient funds charge. KeyBank also offers a wide range of CD terms and rates.
Pros:
- Branches in 26 Colorado cities
- Over 40,000 free ATMs available nationwide
- Free basic accounts and premium accounts with waivable monthly maintenance fees
Cons:
- Less-than-stellar APYs
6. US Bank
U.S. Bank is one of the larger banks in the country with a good representation in Colorado. Full-service banking services include loans, credit cards and a wide breadth of accounts with waivable monthly maintenance fees.
U.S. Bank was rated among the Best National Banks by GOBankingRates in 2024. 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.
Pros:
- Customizable debit cards
- Small opening balance requirements of $25 to $100
Cons:
- Can charge up to four overdraft fees per day of $36 each
- Low CD interest rates
7. First Tech Federal Credit Union
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 Rewards Checking come with waivable monthly maintenance fees and above-average APYs.
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. Another perk of being a member is getting approved for a First Tech Mastercard.
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.
Pros:
- Loans, insurance and investing options are also available
- Low credit card APRs available
- Robust mobile app
Cons:
- Few locations in Colorado
8. First Citizens Bank
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 for a money market or CD and $50 for a savings account.
Pros:
- Make unlimited, penalty-free transfers and withdrawals from your money market at branches and First Citizens ATMs
- Free checking with a $50 minimum to open
- Low minimum requirements for CDs
Cons:
- Low interest rates on some products
Final Take To GO
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.
Caitlyn Moorhead contributed to the reporting for this article.
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Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
