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Alpine Bank Review

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by Javier Simon Updated
Alpine Bank

Ever since opening its doors in 1973, Alpine Bank has been serving communities throughout Colorado with services ranging from personal banking to wealth management. Today, the bank operates 38 full-service branches with the intention of expanding even more. Alpine Bank prides itself on its strong ties to its local communities and commitment to environmental responsibility in the Colorado region. You can find everything from checking and savings accounts to certificates of deposit (CD) and individual retirement accounts (IRAs) at Alpine Bank.

Several accounts either charge a low monthly service fee. However, the bank also offers several opportunities to waive the fee. With Alpine Bank, you have several full-service branches throughout the state. 

Savings Account

Key Features Details
Minimum Deposit None
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates 0.01% APY

With its low current interest rate, Alpine Bank’s standard savings option can’t compete with the best savings accounts on the market. However, the bank requires no minimum deposit to open this account. It also charges a low $10 monthly maintenance fee. You can even waive this fee by maintaining a minimum balance of $100.

Because this account is so easy to open and manage, it may be the right option for newbie investors who want to develop a solid savings routine before moving their money to an account with a stronger interest rate. However, it may not be the best place to park a large sum of money if you expect it to generate a powerful return.  

But as with all savings and money market accounts, federal law limits withdrawals and transfers to six per statement cycle. In-person withdrawals, however, are unlimited.

Youth Savings

Key Features Details
Minimum Deposit None
Access to Your Savings Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service fee
Current Terms and Rates 0.01% APY

The Youth Savers account from Alpine Bank is designed for savers who are 18 years old or younger. It requires no minimum opening deposit, but it earns interest on balances of at least $20. The account also offers free quarterly paper statements and free digital banking services. 

However, its low APY of 0.01% may not generate much growth. You can explore the best savings accounts for kids to find better rates.

Certificates of Deposit (CDs) 

Key Features Details
Minimum Deposit $1,000
Access to Your CD Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None, but early withdrawal penalties will apply
Current Terms and Rates
  • 30 Days: 0.01% APY
  • 90 Days: 0.05% APY
  • 180 Days: 0.05% APY
  • 1 Year: 0.25% APY 
  • 18 Months: 0.30% APY
  • 2 Years: 0.40% APY
  • 3 Years: 0.50% APY
  • 4 Years: 0.60% APY
  • 5 Years: 1.1% APY

Through Alpine Bank, you can open certificate of deposit (CD) accounts with terms ranging from 30 days to five years. When you invest in a CD with Alpine Bank, you agree to lock in your deposit for the length of your term for a fixed interest rate that’s guaranteed for that time frame. 

But like any bank, Alpine will hit you with a penalty for withdrawing money from your CD before the end of your term. So it’s best to stick to a CD with a term you can commit to. 

Nonetheless, the interest rates on Alpine Bank CDs can’t overshadow the best CD rates in the country. You’d have to lock your money in for five years to earn the highest APY of 1.1%.

You can find CDs with better rates and more flexible terms by comparing CDs across the market. But if you’re committed to Alpine Bank, its variety of CD terms options should suit you. You can open multiple accounts to establish a CD ladder. This strategy gives you access to your funds plus interest at different intervals. It also helps you meet both short- and long-term savings goals. 

Saver’s Choice Money Market

Key Features Details
Minimum Deposit None
Access to Your Money Market Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates 0.05% APY

Alpine Bank’s Saver’s Choice Money Market account requires no minimum opening deposit. You also don’t need to maintain a minimum balance to keep your account open. Furthermore, you’d face no monthly service fee, which is a rare perk in the money market account world. However, it currently earns a low APY of 0.05%. So this option can’t compete with the best money market accounts (MMAs) across the industry. 

Still, the account is easy and inexpensive to manage. It may suit those who are new to saving and want no strings attached to their introductory money market account.

Investor's Choice Money Market

Key Features Details
Minimum Deposit None
Access to Your Money Market Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees None
Current Terms and Rates
  • For balances of $0 - $49,999.99: 0.00% APY
  • For balances of $50,000 - $99,999.99: 0.05% APY
  • For balances of $100,000 - $249,999.99: 0.10% APY
  • For balances of $250,000+: 0.15% APY

Alpine Bank markets its Investor’s Choice Money Market Account as its premium money market option. However, it doesn't pack quite a punch. In order to earn any interest at all, you’d need to maintain a minimum balance of $50,000 which will provide you with a low current APY of 0.05%. You can generate that interest rate on all balances if you open a Saver’s Choice Money Market account with Alpine Bank. The Investor’s Choice Money Market account peaks at a current APY of 0.15% with a large balance of at least $250,000. 

You can find higher interest rates with less restrictions by comparing money market accounts across the banking industry. 

But as with all of Alpine Bank’s savings and money market accounts, you get the following free services:

Liberty Checking Account

Key Features Details
Minimum Deposit None
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees
  • No monthly maintenance fee
  • $3 paper statement fee unless you opt for free electronic statements

Alpine Bank’s Liberty Checking account is a basic banking product that’s very easy to manage. It requires no minimum deposit, and you don’t need to meet any minimum balance requirements. 

By opting for electronic statements, you avoid the $3 paper statement fee. You also get an array of free digital features including online banking and mobile banking with digital check deposit capabilities. 

In addition, you get a free Loyalty Visa Debit Card. You can use this card surcharge free at more than 55,000 ATMs in the AllPoint network throughout the country. In addition, you can choose a Loyalty Visa Card based on a philanthropic initiative that interests you such as protecting the environment or supporting educational programs. Alpine Bank will donate to programs focusing on such agendas based on the transactions you make. 

Furthermore, the Liberty Checking account comes with a $600 Overdraft Privilege limit. This means the bank will cover overdrafts up to that limit as long as your account is in good standing. However, the overdraft amount and the standard insufficient fund fee of $15 for overdraft items of $15 or less, and $38 for overdraft items exceeding $15 would be deducted from your limit.

Elite Checking

Key Features Details
Minimum Deposit None
Access to Your Checkng Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees $9 monthly service fee unless you meet certain requirements.
Current Terms and Rates 0.01% APY

Although the Elite Checking account from Alpine Bank doesn’t deliver a strong interest rate, it’s fairly easy to manage. For example, the account requires no minimum opening deposit or minimum balance commitments. You can also waive its $9 monthly service fee by maintaining a minimum daily balance of $1,500. You can also waive the $3 paper statement fee by choosing to receive electronic statements. 

In addition, you get the following benefits. 

  • Overdraft privilege limit of $1,200
  • Unlimited check writing
  • No fees on cashier’s checks or money orders
  • Digital banking
  • Loyalty Visa Debit Card with access to the AllPoint network

Nonetheless, you can find options with stronger interest rates by comparing the best checking accounts in the market. 

Golden Eagle Checking Account 

Key Features Details
Minimum Deposit None
Access to Your Checking Account Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service fee
Current Terms and Rates 0.01% APY

For clients who are at least 60-years-old, Alpine Bank offers the Golden Eagle Checking account. Although the account doesn’t soar too high with its current APY of 0.01%, it does offer a few benefits. For starters, you can open an account with as much or as little as you want. You also don’t need to stick to any minimum balance obligations as you would with other banks. The account also charges no monthly maintenance fee. You also get free paper statements and a $1,200 overdraft privilege limit. 

As with several other options offered by Alpine Bank, you get the following benefits: 

  • Free digital banking features
  • Unlimited check writing features
  • Loyalty Visa Debit Card

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $1,000
Access to Your IRA Online, mobile and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law.
Fees No monthly service fee, but the IRS may charge early withdrawal penalties. 
Current Terms and Rates
  • 1 Year: 0.25% APY
  • 18 Months: 0.30% APY
Jumbo IRAs (Minimum Deposit: $100,000) 
  • 1 Year: 0.25% APY
  • 18 Months: 0.30% APY

If you’re looking to start investing in your golden years nest egg or considering rolling over an employer-sponsored retirement plan, you may be interested in Alpine Bank’s retirement focused-options. 

The bank offers a traditional IRA and a Roth IRA

When you invest in a traditional IRA, the earnings on your contributions grow tax-deferred until you make qualified withdrawals. You’re eligible to make these upon reaching age 59.5. In addition, the IRS requires you to begin making required minimum distributions beginning at age 70.5. However, the IRS will impose early withdrawal penalties unless you meet very specific exceptions. 

You can invest in a Roth IRA with after-tax dollars, so qualified withdraws beginning at age 59.5 will be tax-free. You can continue contributing toward a Roth IRA as long as you have income and don’t breach annual limits set by the IRS. 

Nonetheless, Alpine Bank doesn’t offer the strongest interest rates on its IRA options. The APYs are also uniform even with jumbo traditional and Roth IRAs which require a large minimum deposit of $100,000. So, Alpine Bank’s IRAs may be suitable if you have a very low risk tolerance and you’ve been saving for a while, but you believe it’s time to give your nest egg a larger degree of protection from market swings. 

Still, you should seek a qualified a financial advisor whenever you’re considering major retirement planning decisions. You can use our free SmartAdvisor tool. It asks you simple questions to connect you with three local advisors based on your financial situation and goals. You can then review their qualifications and even set up interviews before making your decision.

 

Alpine Bank Interest Rate Comparison

Branch Locations

Alpine Bank currently runs 38 full-service branches throughout 28 Colorado communities. The bank can trace its roots back to to 1973, when a group of friends opened Roaring Fork Bank in Carbondale, Colorado. It eventually grew to what is Alpine Bank today. In 2018, this community-focused institution celebrated its 45th year in business.

Financial Statistics & Bank Health Rating

Alpine Bank has $3.48 billion in assets and $2.24 billion in loans, according to the FDIC. When opening an account with Alpine Bank, you’d be contributing to the more than $3.08 billion the bank currently holds in deposits. But if you’re hesitant to work with Alpine Bank, the Texas Ratio serves as a reliable indicator which helps you determine how risky a bank is. It’s calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Alpine Bank has a Texas Ratio of 3.30%. Banks with Texas Ratios less than 5% typically boast excellent reliability.

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study