Best Banks in Colorado Springs

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Savings accounts at traditional banks are often centered around weak interest rates. 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 4.00% 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 Spending 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.

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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

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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 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 the Bloom Package, which is a combination checking and savings account bundle that offers autosave functionality with no minimum balance requirement and no monthly service charges. Online banking is free with eStatements, but paper statements are also available for $3 per month. The Visa Debit Card has a $10 annual fee that is waived for accountholders under age 25. You can earn between 0.50% and 4.60% on you Bloom Savings Account, depending on the balance.

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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 1.00% 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 $510 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 0.40% 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

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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 1.26%. 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 1.01%. 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 2.02%, which is already higher than most large banks. However, that rate drops to 0.50% on balances above $10,000. Integrity Bank & Trust will also reimburse nationwide ATM fees up to $25 per month.

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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.

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Based in Texas, Independent Financial has multiple branch locations in and around Colorado Springs. The Interest Checking account from Independent Financial comes with a 0.20% interest rate for all balances over $0.01. The account does have an $8 monthly service fee, but you can waive this if you maintain a $1,500 minimum balance in the account. You'll also receive free paper statements as an account holder.

Beyond checking and savings accounts, Independent Bank provides customers with access to mortgages, auto loans and multiple types of retirement account.

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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 0.03% 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 1.30%. You can also move onto higher-level checking accounts, which earn interest at a rate of 0.05%.