Finding the Best Banks in Colorado Springs
As one of the largest cities in Colorado, Colorado Springs offers residents a number of banking options. However, not every bank will necessarily offer an account that aligns with your individual goals. To help you choose the best bank and account type for you, SmartAsset looked at all the banks in the city and created this list. Keep reading to find the banks with the top savings and checking accounts, as well as the most accessible banks in Colorado Springs.
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How We Determine the Best Banks in Colorado Springs
SmartAsset’s banking experts found the 15 most popular banks in Colorado Springs by number of branches available in the city. Among those, we then selected the best national and regional banks and chose the best savings and checking accounts based on their minimum balance requirements, annual percentage yields (APYs), fee structures and overall ease of accessibility.
Ally Bank: The Top Savings Account
Savings accounts at traditional banks are often centered around weak interest rates that fall below 0.50%. But if you can let go of branch-based banking, Ally, an entirely online/mobile bank, has the Online Savings Account that comes with a 0.50% APY. This rate is compounded daily, which helps your money grow as quickly as possible. Beyond this, prospective customers are not liable for any monthly fees or minimum deposits.
Current and former Ally customers have completed more than 20,000 reviews of its mobile app on the Apple and Android stores, but it continues to receive positive feedback. In fact, the app has maintained a 4.35-star rating out of 5. Account holders can take advantage of a multitude of features, such as digital account statements, free money transfers through Zelle®, mobile check deposit and an ATM locator tool. If you still have questions, Ally operates phone, chat and email support lines.
It’s rare for a banking customer to have a savings account, but not a checking account. If you want to keep all of your accounts in-house with Ally, its Interest Checking Account holds plenty of promise. Upon the opening of your account, you’ll receive a free debit card and standard checks. As an extra bonus, accounts with a minimum daily balance at or above $15,000 will unlock a 0.25% APY. Otherwise, all other accounts earn a 0.10% APY.
Best National Bank With Branches in Colorado Springs: Wells Fargo
Wells Fargo has almost 20 branch locations in Colorado Springs, just barely edging out U.S. Bank for the most branches by a national bank there. Because it is a national bank, you also have the ability to work with Wells Fargo if you need to travel outside of the Colorado Springs area. (The bank has branches in 40 states plus Washington, D.C.)
Beside numerous locations, the other advantage of working with such a big bank is that you have access to a variety of banking products. If you’re just looking for a standard checking or savings account, Wells Fargo has multiple. There are other savings options, such as the CDs from Wells Fargo and there are also accounts tailored to specific customers, such as teens. You can also go beyond basic banking with credit cards, loans and more comprehensive help with your finances through a financial advisor.
The bank’s mobile and online services are also robust. You can open accounts, find loans, search mortgages or just learn more about wealth management services all through the company’s website.
Runner-up: U.S. Bank
Best Regional Bank: FirstBank
FirstBank serves only the three states of Colorado, Arizona and California, but still has about 110 locations overall. It also has a strong presence in Colorado Springs with eight branches. (Just look out for the $2.50 out-of-network ATM fee if you leave the area).
The account options from FirstBank will surely appeal to many customers. There are 12 different checking, savings and CD accounts available. The minimums for opening accounts are low and there are no large monthly service fees. Some accounts have neither a minimum nor a fee. One such account that you should consider is a combination Anywhere Account with eSave, which incorporates the advantages of both a checking and savings account. It will earn you an annual percentage yield (APY) between 0.01% and 0.05%, depending on your balance. A feature that could help you save is also the ability to transfer up to $99.99 from your checking account to your savings account every time you utilize online bill pay or swipe your Visa debit card.
Best Savings Account Rate: CIT Bank Savings Builder Account
Prospective savings customers will want to take a long, hard look at the Savings Builder account from CIT Bank. The most impressive part of this account is its 0.40% APY. If you were to open an account with a $10,000 deposit and let it sit for five years, this rate would bring you nearly $202 in interest earnings. Only account holders that deposit $100 a month or maintain a $25,000 balance will receive this APY. Outside of this, all other accounts get a 0.28% APY.
The CIT mobile app is available for download on Apple and Android devices. Over 2,500 user reviews exist of the app on the competing stores to the tune of a 3.85-star combined rating out of 5. Features include digital account statements, up-to-date transaction histories, in-house money transfers and mobile check deposit. If you are a money market account holder, you’ll have access to “People Pay,” which allows you to make payments to friends and family.
Don’t let the benefits of the Savings Builder account blind you to the rest of CIT’s savings products, including:
- Money market account
- Premier High-Yield Savings account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- No-Penalty/11-Month CD
- 1-year to 4-year “RampUp” CDs
Runner-up for Best Savings Account Rate: Integrity Bank & Trust
Integrity Bank & Trust is a small, local bank with only a few locations. Don’t be fooled by the small number of branches, though. The savings (and other) account offerings are highly competitive.
Savings accounts come with an interest rate of 0.05%. This is higher than the rate you’ll get with large national banks. There is a $5 monthly fee, but you can avoid it by maintaining a balance of at least $100. If you’re looking to jumpstart savings for your child, there are savings accounts available for children with the same interest rates but no monthly fees. You can also maximize savings through a money market account, which comes with interest rates starting at 0.05%. You earn higher rates if you have a balance of at least $25,000.
It may also be a good idea to pair your savings account with a checking account. The Gold Rewards checking account is free of monthly fees and account minimums. It’s interest rate starts at 0.45%, which is already higher than most large banks. However, that rate drops to 0.10% on balances above $25,000. Integrity Bank & Trust will also reimburse nationwide ATM fees up to $25 per month.
Best Customer Service: Chase Bank
Chase is one of the largest banks in the country and it also has a large presence in Colorado Springs. It has the third-most branches of the banks we looked at in the city. That means it will be accessible to local residents.
You can also feel confident with Chase that you are getting the attention that you deserve. According to J.D. Power’s U.S. Retail Banking Satisfaction Study in 2017, Chase bank has a high level of customer satisfaction. Part of that surely comes from Chase’s 24/7 phone line, which you can call for any help with your bank account(s).
The Chase Mobile® app is also first-class and will help to make your experience with Chase more enjoyable. The app allows you to manage your account balances, deposit checks remotely, search for nearby ATMs or branches and even make digital payments.
Beyond just the banking experience, Chase has a wide range of financial products. For example, it has savings and checking accounts, credit cards, loans products and financial advising services.
Best Low Cost & High Yield Checking Accounts: Independent Bank
Based in Texas, Independent Bank has four branch locations in and around Colorado Springs.
The free rewards checking account from Independent Bank comes with interest rates starting at 1.49% for balances less than $10,000. Balances above $10,000 earn 0.15% APY. However, you'll only earn 0.01% APY if you don't meet certain qualifications. You'll need to make 12 debit card transactions a month, have one direct deposit payment per month and be enrolled in and view eStatements. The free checking account has no monthly fees but requires $100 to open.
Connect your checking account to a REALSaver Savings account and you will earn even more. The REALSaver Savings account has an interest rate of 0.50% for balances under $15,000 and 0.15% for balances over $15,000 if you meet the same qualifications as for the checking account.
Beyond checking and savings accounts, Independent Bank provides customers with access to mortgages, auto loans and multiple types of retirement account.
Best for Students: Armed Forces Bank
For young savers and students, a good bank account allows you to maximize savings while minimizing fees. The student savings account from Armed Forces Bank does just that. It does not require a minimum deposit and it waves all monthly fees for customers up to age 23. The interest rate of 0.05% in the student savings account is not necessarily the highest around, but it is enough to start you on the right foot financially.
Students can also pair the savings account with the student checking account, which provides a free debit card, free checks and $5 monthly fee that you can easily waive.
Once you’ve built some savings, you can upgrade to a money market account, which offers rates starting at 0.40%. You can also move onto higher-level checking accounts, which earn interest at a rate of 0.05%.
Additional SmartAsset Bank Reviews in Colorado
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