Ad Disclaimer

Colorado Federal Savings Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 3.0 Star Icon


  • Competitive interest rates on CDs
  • Early withdrawal penalty low
  • Good variety of CD terms available
  • The bank is completely online


  • Enrolling in online banking is required
  • High opening required amounts
  • Must link another account to CDs
  • Does not offer interest rate guarantee

What You Need to Know

The interest rates for Colorado Federal Savings Bank CDs are competitive. Their interest rates are competitive with other online CD rates. CFSB interest rates are much higher than typical bank rates. Each of the CD terms offers competitive interest rates.

The penalty for withdrawing money from your CFSB CD before the maturity date is low. Most CDs have a penalty for withdrawing money before the maturity date. Colorado Federal Savings Bank fees are much lower than other bank fees. For terms less than six months, the fee is one month of interest. Terms from six to twelve months require three months of interest. For terms longer than twelve months, the penalty is only six months of interest.

Colorado Federal Savings Bank offers a good variety of CD terms. The shortest terms available is a one-month CD. The longest term offered from CFSB is a five-year CD. They offer a total of nine different CD terms between these two CD lengths. These CDs are for consumer accounts.

Colorado Federal Savings Bank is an entirely online bank. There are no branch locations. You apply for an account online and access your accounts online. They offer consumer CDs as well as an online savings account. CFSB also offers some lending options. Each of these services is online. You must open accounts online. You cannot apply for an account through the mail or in person.

Because CFSB is an entirely online bank, to open an account, you must enroll in online banking. This is how you will access all CFSB accounts. With online banking, you can see your account balances and account history. You can transfer money between CFSB accounts and to external bank accounts. You must receive your statements online.

The amount required to open any of the Colorado Federal Savings Bank CDs is high. Each CD term requires $5,000 to open. You must keep at least $5,000 in the account to earn interest on the CDs. If your balance drops below the $5,000, CFSB may close your account.

You must link your Colorado Federal Savings Bank CD to an external bank account. When you decide to close your account, CFSB will not send you a check for the amount from the account. To receive your money from the closed CD, CFSB transfers the money back into your linked account.

The CDs with Colorado Federal Savings Bank does not offer an interest rate guarantee. They offer competitive interest rates, but the rates you receive when you open the CD is the rate for the CD term. If the interest rates increase shortly after you open the CD, you will not receive a higher rate.

Cool Things

Mortgage Calculator

The Colorado Federal Savings Bank website offers a mortgage calculator. Here you can see the break-down of how much your monthly payment would be. Input the asking price, down payment, and interest rate to see the monthly amount. CFSB offers lending options for residential mortgages. They also offer construction and commercial lending.


Colorado Federal Savings Bank started in 1990. They first started as a savings institution. In 2008 they made changes to become an online bank. At this time, they started offering real estate lending. They now offer lending options for personal and construction clients.

Headquarters for Colorado Federal Savings Bank is in Greenwood Village, Colorado. They offer an online savings account and CDs. There are no branch locations. You apply for their accounts online. Account access and information to your account information is available online.

Giving Back

Colorado Federal Savings Bank gives back to the communities they serve. They support affordable housing construction and work to enhance homeownership for families. They invest in community efforts to revitalize certain areas of the community. CFSB works to increase financial education throughout the community. They support Habitat for Humanity and Operation Hope. They also support The Salvation Army and Junior Achievement.

Frequently Asked Questions

Is Colorado Federal Savings Bank FDIC insured?

Yes. This bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does CFSB offer?

There are nine CD terms available. The terms range from one month to five years.

What is the required amount to open a CD with CFSB?

Each CD offered through Colorado Federal Savings Bank requires $5,000 to open. You must also keep a $5,000 balance to earn interest.

How do I deposit money into CFSB CDs?

The only way to deposit money is through an electronic transfer. Colorado Federal Savings Bank does not accept check deposits or wire transfers into CDs.

How do I access my money?

Through electronic transfers. You can transfer money from another CFSB account or an external account.

Do I have to open other CFSB accounts before I can open a CD?

No. You can open a CFSB CD without opening any other account.

Do CFSB CDs offer competitive interest rates?

Each of the CD terms offers rates competitive with other online accounts. The rates are much higher than typical bank rates.

Can I choose how to receive my interest payments from CFSB CDs?

The Colorado Federal Savings Bank website does not list how to receive interest. Contact customer service to see the options on how to receive interest.

What percentage am I charged if I withdraw money before the maturity date?

For terms less than three months, the fee is one month of interest. For terms from six months to 12 months is three months of interest. For terms 18-months or longer, the term is six months of interest.

How do I make changes during the grace period?

Contact customer service to make changes to your CD. To avoid a fee, only make changes to your CD during the grace period.

How will I know my CFSB CD is nearing maturity?

Colorado Federal Savings Bank will send a notice 45 days before your CD is to reach maturity.

How long is the grace period between renewal?

The grace period is ten days.

Are CFSB CD rates guaranteed for the entire term?

Yes. Rates are fixed for the life of the CD term.

Does CFSB offer mobile banking?

The website does not specify a mobile app. Colorado Federal Savings Bank is completely online. Apply for the accounts online and access your accounts online through their website.

Is CFSB a good bank?

The interest rates are competitive. They offer a good variety of CD options, and the early withdrawal fee is low. The opening required amount is high for each CD term. These accounts are completely online. You must open the accounts online. You must also sign up for online banking and enroll in electronic statements.

Is CFSB secure online?

Their security measures comply with federal laws. CFSB online accounts operate on a secure server, and personal information is encrypted. They offer multi-factor authentication, and all accounts require a password to access. Contact CFSB immediately if you notice an unauthorized transaction. If you do, you should only lose $50 of the unauthorized transaction. If you do not contact them soon enough, you could lose up to $500.

What is the shortest CFSB CD term offered?

The shortest term available is the one-month CD.

What is the longest CFSB CD term offered?

The longest term offered is the five-year CD.

Does CFSB offer accounts other than CDs?

Colorado Federal Savings Bank currently offers an online savings account and online CDs. They also offer some lending options.

Can I use CFSB CDs for my business accounts?

No. Colorado Federal Savings Bank only offers personal deposit accounts. No business or trust accounts are currently offered at this time.

How do I reach customer service?

Contact customer service through phone or email. Customers can log into their account to send a secure message. Customer service representatives are available from 7 a.m. to 6 p.m. MST each business day.

Bank Contact Information

Colorado Federal Savings Bank
8400 E. Prentice Ave, Suite 840
Greenwood Village, CO 80111

CDAccount works to have the most up-to-date information on our website. The listings that appear on our pages are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Even so, we work hard to review banks fairly and pass the information onto you, the consumer. Please be aware that we cannot guarantee bank services and promotional offers. If you find a mistake, please contact us.

Favorite Rates