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Best Banks in Colorado Springs

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by Derek Silva Updated

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.

Bank APY Minimum Deposit Highlights
Wells Fargo Wells Fargo logo Read More 0.01% $25
  • Best National Bank
  • Nearly 20 branches
FirstBank FirstBank logo Read More 0.10% $0
  • Best Regional Bank
Chase Bank Chase Bank logo Read More 0.01% $25
  • Best Customer Service
Independent Bank Independent Bank logo Read More 1.50%% $$100
  • Best Low Cost & High Yield Checking Accounts
Integrity Bank & Trust Integrity Bank & Trust logo Read More 0.10% $100
  • Best Savings Account
Armed Forces Bank Armed Forces Bank logo Read More 0.05% $0
  • Best Bank for Students

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.

Best National Bank: Wells Fargo

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

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 0.15% and 1.26%, 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 Customer Service: Chase Bank

Chase

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

Independent Bank

Based in Texas, Independent Bank has four branch locations in and around Colorado Springs.

The free checking account from Independent Bank comes with interest rates starting at 0.01%. That rate is unspectacular but you can get a rate of up to 1.50% if you meet a few qualifications: make one direct deposit per month, have at least 12 debit purchases per month and opt for electronic statements. Not everyone may use their debit card that much currently, but it could be worth changing your habits slightly for the higher rates. The free checking account has no monthly fees or minimums.

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% 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 Savings Accounts: Integrity Bank & Trust

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 0.10%. 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 0.35%. 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 Kasasa® checking account requires $100 to open but is then free of monthly fees and account minimums. It’s interest rate starts at 0.05%, which is already higher than most large banks. However, that rate can go as high as 2.02% if you meet certain qualifications: make one direct deposit per month, have 10 debit purchases per month and opt for electronic statements. Integrity Bank & Trust will also reimburse nationwide ATM fees up to $25 per month.

Best for Students: Armed Forces Bank

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%.

Tips for Finding the Best Bank Accounts

  • The best bank account is the one that best helps you to meet your financial goals. If you aren't sure which bank account (or which bank in general) is right for you, consider talking with a financial advisor. An advisor is an expert who can give you guidance based on your specific financial situation.
  • Sometimes, your bank doesn't have the highest rates. That makes it a good idea to really shop around before opening any accounts. Regardless of where you live, here are some of the best high-interest savings accounts.
Save more with these rates that beat the National Average
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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