Colorado is a great place to live and work. It offers a temperate mountain climate, a healthy economy, and plenty of outdoor activities. If you’re a Colorado resident or frequently visit the state, finding the right bank can help you manage your finances with ease.
With so many banking options in the Centennial State, it’s important to compare fees, account features, and accessibility. We’ve researched the best banks in Colorado to help you find the right fit based on your financial needs.
10 Best Banks in Colorado
Choosing a bank depends on what matters most to you, whether it’s low fees, high savings rates, or in-person service. Here are the top banks in Colorado based on account benefits, customer service, and overall banking experience.
1. U.S. Bank
For a reputable bank with a widespread presence across the country, U.S. Bank is a solid choice as there are locations in 26 states. Headquartered in Minneapolis, U.S. Bank has 104 physical branches in Colorado.
2. SoFi
SoFi is a top online banking choice, offering a feature-rich Checking & Savings account with no monthly fees or minimum deposit requirements.
3. Chime
Chime is a popular online banking option for Colorado residents, offering fee-free banking with no minimum balance or deposit requirements.
4. Alpine Bank
Headquartered in Glenwood Springs, Alpine Bank is committed to a green business model and the local communities it serves.
5. Bank of Colorado
Bank of Colorado has been serving residents and businesses since 1938, making it one of the state’s oldest community banks.
6. Chase Bank
Chase has a strong presence in Colorado, with 104 branches across 32 cities. As one of the largest national banks, it offers a broad selection of financial products for individuals and businesses.
7. Integrity Bank & Trust
Integrity Bank & Trust is a community bank owned by employees in Colorado Springs with three branch locations.
8. FirstBank
Based in Lakewood, FirstBank has about 90 bank branches throughout Colorado and is considered the best local bank.
9. High Country Bank
High Country Bank can be a smart choice if you like the idea of a community bank. It’s based in Salida and has five branches in the state.
10. Wells Fargo
Wells Fargo is one of the largest banks in the U.S. with locations in 36 states and Washington, D.C. Many people consider it the best national bank.
How to Choose the Best Bank in Colorado
The best banks in Colorado offer competitive interest rates, low fees, and convenient access to accounts. Here’s what to consider when making your choice:
- Interest rates: Online banks often offer higher APYs than traditional banks, helping you grow your savings faster.
- Fees: Fees like monthly maintenance fees, ATM fees, and overdraft fees can add up quickly. Look for banks with minimal fees, or options to waive them through balance requirements or direct deposits.
- Products: If you want to keep all your finances in one place, choose a bank that offers checking, savings, and investment options.
- Perks: Some banks provide extras like mobile banking apps, credit score monitoring, and financial advising.
- Reputation: Check customer ratings and reviews to ensure the bank is trustworthy and well-rated.
- ATM access: A large network of fee-free ATMs saves money on cash withdrawals and deposits.
- FDIC insurance: Confirm the bank is FDIC-insured so your deposits are protected up to $250,000.
- Customer service: Reliable support with multiple contact options is key for handling account issues quickly.
Taking these factors into account will help you find a bank that fits your financial goals and lifestyle.
Bottom Line
Colorado has plenty of banking options, from local banks to national banks and online platforms. The best choice depends on what matters most to you, whether it’s low fees, high interest rates, or in-person service.
Before opening an account, compare account features, accessibility, and customer reviews. If your banking needs change, don’t hesitate to switch to a bank that offers better benefits.
Frequently Asked Questions
What is the largest local bank in Colorado?
Currently, FirstBank is the largest bank in the state. It has more than 100 locations and plans to expand. However, there are also many other great local banks, like Bank of Colorado and Alpine Bank.
What are some examples of community banks in Colorado?
Colorado is home to numerous community banks that cater to the local populace with tailored services and an in-depth understanding of the regional financial scene.
Community banks such as Points West Community Bank, Sunflower Bank, and Alpine Bank stand as favorable options, offering a personal touch and various financial products to meet your banking needs. If you’re keen on supporting local businesses and enjoying personalized service, exploring community banks in the area might be the ideal choice.
Are Colorado banks FDIC insured?
Most reputable banks in Colorado are insured by the FDIC. This means your money will be protected in the rare event of a bank failure.
What are the best credit unions in Colorado?
Colorado has several top credit unions known for competitive rates and strong customer service. Here are some of the best:
- Bellco Credit Union: One of the largest in Colorado, offering checking, savings, mortgages, and auto loans with strong community involvement.
- Ent Credit Union: Known for its financial education efforts, Ent provides checking, savings, loans, credit cards, and investment services.
- Elevations Credit Union: Based in Boulder, Elevations offers personal and business banking, loans, and credit cards with award-winning service.
- Canvas Credit Union: Serving Denver and Fort Collins, Canvas provides checking, savings, loans, and retirement planning.
- Navy Federal Credit Union: A nationwide credit union with a strong presence in Colorado, offering deposit accounts, loans, and credit cards.
- Westerra Credit Union: Offers checking, savings, loans, and insurance, with a reputation for excellent customer service.
Is an online bank a good idea?
An online bank can be a smart move if you feel comfortable using your computer or phone to bank, and they are just as safe as traditional banks. However, if you prefer branch visits, you may want to explore banks with physical locations and in-person service.
What is the best checking account in Colorado?
The ideal checking account depends on your particular banking needs. However, you might want to look into Citi Priority Checking, FirstBank Anywhere Checking, the Key Smart Checking, and the Bank of the West Any Deposit Checking account. Note that most banks in Colorado offer a free checking account.
How many banks are in Colorado?
There are 66 FDIC insured banks that are based in the Centennial State. There used to be more, but other industries such as agriculture have become more popular than banking.
