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Zions Bank VS Colorado Federal Savings Bank

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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Pros:

  • Low opening required amounts
  • Good variety of terms available
  • Early withdrawal fees are low
  • CDs renew automatically

Cons:

  • Cannot open CDs online
  • Best rates require large account balance
  • Rates may change based on location
  • Short-term CDs have low rates
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 3.0 Star Icon
0.50%APY
CD Account
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Pros:

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

Cons:

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

The opening amount required for Zions Bank CDs is low. Each of the standard CD terms requires $1,000 to open. The IRA CD accounts also require $1,000 to open. The jumbo CDs require $100,000 to open.

There are a good variety of CD terms available through Zions Bank. The CD terms range from one month to five years. They include standard, IRA, and jumbo CDs. The CD term lengths are the same for the different CD types.

The early withdrawal penalties for Zions Bank CDs are low. If you withdraw money from terms 31-days or less, the fee is all the interest earned. If the term is from 32-days to one-year, the fee is 90 days of interest. For all terms longer than one year, the fee is 180-days of interest.

You can set up your Zions Bank CDs to renew automatically. If you select this option, your CD will renew at maturity. The interest rate for the renewed CD are the interest rates offered at the time of renewal. Contact customer service to set up automatic renewal.

You cannot open Zions Bank CDs online; you must visit a branch location. Branch locations are listed on their website. Once you open a CD in a branch location, you can access your CD and other accounts online.

The interest rates for Zions Bank CDs are lower than other online CD rates. To earn the highest interest rates requires a balance of at least $100,000. The highest rates are just higher than the standard rate. Even the highest rate is lower than online CD rates.

The interest rates for Zions Bank CDs may change based on your location. To know the correct rates for your area, input your zip code on the Zions Bank website. You can also call customer service or visit a branch location.

The short-term CDs with Zions Bank offer low interest rates. These rates are not competitive with other online CDs of the same term length. These term lengths include a one, three, six, and nine-month CDs. The interest rates increase with terms 12-months or longer.

Read the full Zions Bank review.

Colorado Federal Savings Bank CD Review

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.

Read the full Colorado Federal Savings Bank review.

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