Posted by Chuck on December 5, 2017
Savings Accounts

Published on December 5th, 2017 | by Chuck

18

Colorado Federal 1.65% APY Savings [$50k minimum]

Offer at a glance

  • Interest Rate: 1.65% APY
  • Minimum Balance: $50,000
  • Maximum Balance: FDIC insured up to $250,000
  • Availability: Nationwide
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct Link to offer

  • Colorado Federal Savings Bank is offering 1.65% APY on their Premier Savings account (minimum $50,000 deposit required)

Colorado Federal is an online bank, available nationwide.

The Fine Print

  • Rate valid as of 12/1/17
  • Minimum $50,000 required to open account. Minimum balance required to obtain the 1.65% APY is $50,000.00.
  • Colorado Federal Savings Bank will only allow transfers to and from your original linked account. It is our policy not to change linked accounts. It is recommended you link a checking account that you intend to keep open.
  • In order to be eligible for a Premier Savings Account, the applicant must be a new customer to Colorado Federal Savings Bank. A new customer is defined as a customer who has not maintained a CD or savings account with the bank in the prior 60 days. Applications that are received for this product that are determined ineligible will be canceled. If you have questions about your eligibility, please contact us at 1-877-484-2372 Monday through Friday between 7 am and 6 pm MST.

Avoiding Fees

There aren’t any fees on this account as long as you stay within the federally required limit of 6 withdrawals per month.

Our Verdict

Rates continue to creep up. Our previous best rate was Incredible Bank with 1.55% APY for balances over $25,000, and there are a few 1.50% options already. This 1.65% APY offer tops them all, but requires a $50,000 minimum. We’ll add this to our list of Best Savings Rates.



Leave a Reply

18 Comments on "Colorado Federal 1.65% APY Savings [$50k minimum]"

avatar
 

  Subscribe  
newest oldest
Notify of
Joe S
Joe S

I’m gonna go for this one, thanks!

Chris
Chris

Please share after you apply on this:
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown

Mike A.
Mike A.

One other Fine Print item to be aware of is: “Colorado Federal Savings Bank will only allow transfers to and from your original linked account. It is our policy not to change linked accounts. It is recommended you link a checking account that you intend to keep open.”

If this original linked external account is closed then you can fax a form to them stating that the account was closed which Colorado Federal Savings Bank will then confirm with the external bank. You cannot “pull” funds out through an ACH transfer initiated via an external bank. You can only “push” funds out to your original linked account. Since the minimum deposit to open your savings account is $50,000, the linked external account must have these funds available when opening the savings account.

Sean X
Sean X

Thank you for drawing attention to that! I was about to open an account, but no way am I going to deal with such a pain in the, umm, ACH for an extra .15%.

veeRob

I came here to post the same caveat. Pretty pissed off this isn’t made more clear, and I fail to see how this helps them cut costs in any way. Opened my account, moved my money in there, and am now in the process of moving it back out. Well done, Colorado Federal!

mjs
mjs

Wow, that’s crazy!

Not allowing ACH pulls from another bank is like some 1980s level of Luddite policy.

Definitely a pass with this wacky– particularly since we should expect some steady Fed hikes soon and there will likely be some other banks offering better rates when that happens

mk712
mk712

Ally’s 11-month CD is up to 1.65% as well, and there’s no penalty to withdraw so you can essentially use it as a savings account. Only difference is you can’t add money anymore if the rate drops (but the trend definitely doesn’t seem to support that at the moment) and you don’t have it guaranteed past 11 months (but this savings account neither, really).

Joe S
Joe S

Found it: https://www.ally.com/bank/high-yield-cd/#fees

High Yield CDs Purchased or Renewed on or After 12/07/13
The penalty we charge will depend on your CD term.
24 months or less: 60 days of interest

Gene

Pop the 11 month no penalty CD is actually currently 1.5percent not 1.65

Joe S
Joe S

Ally’s No Penalty CD is still at 1.5% the regular CD is at 1.65% but I thought there was a penalty for pulling out of the regular CD early?

John R Potter
John R Potter

I have read your listing with great interest, and would like to proceed and open an account with Colorado Federal. . I believe I can meet all of your requirements including a 50K initial deposit. Please advise full details and instructions etc.. I look forward to receiving your reply.

qmc
qmc

Sure, you can wire the money to me and I’ll be sure to pass that on to colorado federal…

tribesman55
tribesman55

Opened an account and deposited 70k, was a painless application process. Will let you guys know how easy it is to withdraw money.

Mike A
Mike A

I opened an account on Dec. 5th and still have not been given access to any account statements. I always retain my bank statements as proof that I hold an account at the bank in the event I need to submit a claim to the FDIC should the bank become insolvent. The bank has been unresponsive to my requests for access to my statements so hopefully my complaint to the US Consumer Financial Protection Bureau will motivate them to comply with Federal and State banking regulations.

Albrecht
Albrecht

Datapoint: the only way to withdraw the money is to request transfer back to the original funding account at another bank. Or, I was told over the phone, I can close my account and the money will sent back to the same original account also. So I requested the closure asking for the balance and any accumulated interest. What I wasn’t told is they keep the accrued interest and I got shafted on that front by requesting the closing in the middle of the month. Bloody bastards. Stay away.

Back to Top ↑