Bank of Colorado Review

Bank of Colorado Savings

1.51% APY

Bank of Colorado was founded in 1900 with headquarters located in Fort Collins, Colorado. It owns assets totaling $6.96 billion and deposits totaling $5.97 billion, making it a large bank. Bank of Colorado has top-notch customer service access, with multiple options of getting help from representatives, like live chat and all-day customer service. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. SmartAsset experts rated the bank 4.4 stars out of 5, suggesting Bank of Colorado is a solid pick to be your bank. 

Bank of Colorado provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Its savings account earns an average interest rate, making it a decent option if you need a place to put your money. Perfect for basic banking needs, the bank's most basic checking does not have a monthly fee. Keeping accounts in the same place can be perfect for getting the most return on your deposits while retaining convenient control over your funds.

Service Quality

Bank of Colorado is a brick-and-mortar bank, with 57 total branches in Colorado and New Mexico. It also offers access to mobile and web apps for simple access and banking on the go. It offers all-day access to representatives. Bank of Colorado also offers a live chat feature, something to consider if you work during the customer service hours.

Bank of Colorado receives fairly high praise from users for its mobile banking services: with 290 ratings on both Apple and Android platforms, the Bank of Colorado mobile app is scored at 3.5 out of 5 (compared to the national average of 3.8). Bank of Colorado's mobile app allows you to manage your accounts by checking account balances, sending and receiving money and reaching support representatives. Bank of Colorado gets an excellent consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Bank of Colorado has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Bank of Colorado does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Colorado's CD rates are competitive in comparison to other U.S. banks. 

Rates

With a savings rate of 1.51%, Bank of Colorado ranks below the mean in comparison to other U.S. banks. Its one-year and five-year term lengths CD's earn at a rate of 1.16% and 2.17%, respectively, while its highest-yielding money market account earns at a rate of 3.56%. Bank of Colorado has a fair savings rate compared to the average savings account. Think about higher-earning savings accounts with other banks.

Fees

On average, Bank of Colorado charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Bank of Colorado's checking account is perfect for those who need an easy banking experience. For those who frequently visit the ATM, it is good because it offers ATM fee of $1.50, which is good in comparison to other U.S. banks. Additionally, it has an overdraft fee of $32, which is lower than the national average, making it perfect for those who withdraw money in copious amounts. 

Financial Health

Bank of Colorado is currently a large bank owning $6.96 billion in assets as well as $5.97 billion in deposits. Bank of Colorado's Texas Ratio is 1.06%, indicating that Bank of Colorado is in fine financial shape and unlikely to fail. Additionally, Bank of Colorado is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of Colorado Near Me

Bank of Colorado has 57 branches in the U.S.