Where The Find High Savings Account APYs In Colorado

Updated, Sept. 3, 2024: This post has been adjusted to clarify the source of the data methodology and amend the headline to meet Forbes’ guidelines on lists.

Now is a better time than ever to lock down a robust savings account. Compared to the 2010s, interest rates are high. Plus, the stock market has been notably volatile. Recent articles have been looking for the bank accounts with the best APYs, and here it is Colorado’s turn.

9 Savings Accounts Rates in Colorado You Don’t Want to Miss

Using data from the FDIC, you can rank all banks within each state by the size of their customer deposits. You can then zero-in on the banks that are headquartered in Colorado (as opposed to out-of-state big banks, like Wells Fargo or Bank of America), and investigate the savings account rates offered on their standard and high-yield savings accounts.

Colorado Federal Savings Bank

Headquartered in Greenwood Village, Colorado, Colorado Federal Savings Bank (CFSB) was originally founded in 1990, before new ownership acquired it in 2008. Since then, it’s been faithfully serving customers throughout the state. CFSB offers two of the savings accounts with the highest APY in Colorado: The High Yield Savings and Premier Savings accounts.

With the High Yield Savings account, you’ll get 4.40% APY, with a minimum balance requirement of just $1. There’s no monthly maintenance fee and a $25 fee for each withdrawal over the standard six withdrawals per month. CFSB’s Premier Savings offers 4.45% APY, but requires a minimum balance of $50,000 and that you be a new customer.

Yampa Valley Bank

With over $526 million in deposits in Colorado alone, Yampa Valley Bank is medium sized. But it still manages to have the second highest APY of local and regional banks in Colorado. The bank’s Prime Savings account sports a 2.69% APY, with no minimum to earn interest, but a $100 minimum to avoid the $5 monthly fee. It takes $100 to open this account. What’s more, with a balance of $3,000 or more, you’ll earn 2.99% APY.

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The Bank of Denver

The Bank of Denver, now part of MidWestOne Bank, comes in at No. 3 with the savings account with the highest APY. At this bank, you can get their Power Savings account, costing just $100 to open. There’s no monthly maintenance fee, and its $10 excessive withdrawal fee is cheaper than No. 1 CFSB’s fee. On balances between zero and $25,000, you’ll earn an excellent 2% APY. Above $25,000, you’ll earn only 0.10%.

Bank of Colorado

With 167 locations in eight states, Bank of Colorado is a staple of the western U.S. It made this list of some of the top savings accounts in Colorado thanks to its enviable interest rates, which far outclass the big banks. With their basic Savings Account, it will cost you $200 to open as well as a $200 minimum balance to avoid the monthly service charge. But for this, you’ll earn 1.51% APY, which is the fourth highest in the state.

Integrity Bank & Trust

Integrity Bank & Trust is an employee-owned community bank, focused on serving the Colorado Springs area. With just under $293 million in customer deposits, Integrity Bank & Trust is roughly the average size of the all the banks on this list. What’s impressive about this bank is its Regular Savings account. You can earn 1.26% and it won’t cost you much. It costs a minimum of $100 to open, $100 to avoid the $5 monthly fee, and only $1 per withdrawal over the maximum six per month.

5Star Bank

Primarily focused on the Denver metro and Colorado Springs areas, 5Star Bank holds more than $266 million in customer deposits, from just Colorado customers. This bank’s standard Personal Savings account costs just $100 to open and $100 minimum balance to avoid the $5 monthly fee. More importantly, you’ll earn 1% APY with this account, which is among the highest savings account rates in Colorado.

First Farmbank

First Farmbank has over $234 million in deposits and services customers in eastern Colorado, Nebraska, Kansas and Wyoming. With their Green Savings account, you’ll get a lot. The minimum deposit for this account is $100, but there’s no minimum balance requirements or monthly fees. For all this affordability, you’ll earn 0.50% APY.

North Valley Bank

With nearly $211 million in deposits in Colorado alone, North Valley Bank is a midsize bank with some great bank accounts. If you open a Statement Savings account, it’ll only cost $100 to get started. There is a $3 monthly service charge, but you can waive this with a minimum balance of $100. You’ll earn 0.50% APY, and even more — 0.75% APY — with a balance of $250,000 or more.

First Southwest Bank

First Southwest Bank has been around for quite some time, more than 100 years in fact. Serving the San Luis Valley and rural Colorado, First Southwest Bank rounds out this list of nine savings accounts with excellent APYs in Colorado. With their Eagle Savings account, you’ll earn 0.35% APY on any size balance. It takes a minimum opening deposit of $100 and a minimum balance of $100 to avoid the $2 monthly fee.