Colorado might be best known for its Rocky Mountain peaks, but it’s also one of the fastest-growing states in the U.S.
Today, people are flocking there for more than just easy access to the slopes. Denver is a booming tech hub, and the ability to work remotely has attracted swathes of out-of-towners.
If you’re a Colorado resident in search of a reliable and trustworthy banking option, this post will cover the top banks in Colorado to help you choose which one is right for your financial life.
8 Best Banks in Colorado
Here are the best banks in Colorado that you can open an account with today:
1. US Bank
Best For: Certificates of Deposit (CDs)
- Easy Checking Account
- 60-Month Standard CD
- 22-28 Month Step-Up CD
Based in Minneapolis, US Bank operates regionally in the Midwest and West, with 104 branches in the state of Colorado. It’s the fifth largest bank in the U.S. in both assets and deposits, and is second only to Wells Fargo’s presence in the Centennial State.
US Bank might be best known for its premium savings rates, if you’re open to CDs for your savings. With a US Bank Step-Up CD, interest rates of up to 0.65% can apply. Not too shabby for a bank of its size. It also offers personal and small business banking, as well as wealth management, corporate and commercial banking.
Downsides include high opening deposit and account balance requirements, monthly maintenance fees (apart from Student Checking), and a predictably low APY for its money market and savings accounts.
- Hefty state and regional presence
- Competitive account options
- Premium CD rates for savings
- Monthly maintenance fees
- Below-average savings rates
U.S. Bank’s Smartly Checking Account earns variable interest and comes with a wealth of benefits to help you manage, move, and spend your money wisely.
2. First Citizens Bank
Best: Family-Controlled Bank
- Free Checking Account
- CD Account
- Traditional and Roth IRAs
Although First Citizens Bank is a North Carolina-based bank, it has full-service locations in 21 U.S. states including Colorado.
Its services include the following:
- Credit cards
- Personal loans
- Wealth Management
- Commercial and small business banking
First Citizens Bank offers competitively priced savings and checking accounts, which in many cases are free at the lowest tier when you enroll in paperless statements.
The upper-level accounts, known as Premier and Prestige, will have more stringent qualifying terms to waive the monthly fees, but it can be a good option if you intend to move all your money to one place.
You can find physical branches and ATMs in Boulder, Denver, Englewood, Greenwood Village, and Westminster, but you can open and manage all your accounts online if that’s your preference.
- Largest family-controlled bank in the country
- Free account options when you meet certain qualifications
- Robust mobile and digital banking solutions
- Only 6 branches in CO
- Low-interest rates compared to other institutions
3. Wells Fargo
Best For: Brick and Mortar Locations
- Wells Fargo Everyday Checking
- Prime Checking
- Way2Save Savings
Wells Fargo has the most locations in the U.S., and in Colorado, there are around 140 branches in more than 50 cities. Its international presence includes 70 million global customers in 40 different countries.
Wells Fargo offers a variety of bank account and credit card options, investment accounts, personal loans, and wealth management services. If you travel domestically or abroad, a bank as large as Wells Fargo means much easier access to your funds when away from home.
Like other big banks, however, Wells Fargo’s convenience is paid for with pesky fees and low annual percentage yields (APY). For example, its Platinum Savings Account comes with an annual rate of just 0.02%.
- Most locations in Colorado
- A variety of account options
- Extensive national and international presence
- Rock bottom APYs
- Annoying fees
4. Bank of Colorado
Best For: Small Businesses
- Business Growth Account
- Interest Checking Account
- Growth Checking Account
Founded in 1938 and based in Fort Collins, Bank of Colorado is one of the state’s oldest, with 42 branches in 33 towns and cities.
To compensate for its limited scope, Bank of Colorado is a part of the Pinnacle Bancorp network which gives customers access to affiliated branches in nearby states like Arizona and New Mexico.
Like other smaller banks, it offers free checking accounts with no minimum balance requirements or monthly service fees. There are premium options as well, along with excellent small business checking accounts for local entrepreneurs.
Where the Bank of Colorado falls short is its savings rates. While its rates for money market and savings accounts are slightly higher than your typical national bank at 0.03%, they’re unimpressive when compared to those of a typical credit union, for example.
- Free checking and low fees
- Out-of-state branch network
- Account options on par with larger banks
- Unimpressive savings rates
- Limited branches
Best For: Socially Conscious Banking
- Premier Checking Account
- Bloom Package Checking and Savings
- Premier Time Deposit Account
Since its founding in 1963, FirstBank has grown into one of the largest private banks in the U.S. The majority of its 100-plus branches are in Colorado, making it about as convenient to access as any other bank in the state. And for the socially conscious customer, it’s one of the state’s largest corporate philanthropists.
Pluses include one of the best checking account catalogs around and a full-service mobile banking platform. FirstBank’s savings rates are lackluster, however. Its highest rate currently is 0.10%, and you need at least half a million dollars in your account to qualify. Another drawback is that there are only around 200 free ATMs and they charge ATM fees for out-of-network withdrawals.
- Large corporate philanthropist
- Full-service mobile app
- Excellent checking account catalog
- Low savings rates
- Few ATM locations
6. Chase Bank
Best For: Credit Cards
Chase is the biggest bank in the U.S., with locations in 48 states. There are 104 locations in Colorado, in 32 cities. With branches and ATMs all over the country and a top-rated digital banking platform, Chase Bank’s best selling point is its convenience factor. Perks also include a varied selection of credit card options.
Again, like most big banks, irksome fees are everywhere at Chase, with charges for overdrafts, debit card replacements, minimum deposits, and then some. Chase isn’t known for high-yield savings accounts either, with rock-bottom interest rates of 0.01%.
- Nationwide access
- Credit card options
- Excellent mobile app
- Bare-minimum savings rates
- Excessive fees
Best For: Home and Auto Loans
- Key Smart Checking
- Key Active Saver
- Key Silver Money Market
KeyBank, based out of Cleveland, operates in 15 states with 50 locations in Colorado. It’s one of the state’s largest regional banks.
KeyBank offers similar features as national options like direct deposit, financial wellness guidance, and a solid mobile banking app. KeyBank is also an Equal Housing Lender, making it among the best options in the state to secure a loan. Whether buying a new car or taking out a Home Equity Line of Credit (HELOC), KeyBank might be right for your borrowing needs.
On the flip side, KeyBank is just average when it comes to savings rates and fees, making the convenience of a larger bank more appealing for some.
- Excellent loan options
- Solid mobile app
- Low savings rates
- Fees on par with larger banks
8. Alpine Bank
Best For: Land Loans
- Liberty Checking
- Elite Checking
- Saver’s Choice Money Market
Alpine Bank is based in Glenwood Springs, CO, with 39 branches in 28 cities throughout the state.
Alpine keeps things simple with low-cost, accessible accounts with options for online banking and for those who want traditional, in-person service.
On the plus side, Alpine is part of the Allpoint ATM network, so customers have access to more than 40,000 fee-free locations – something many small banks don’t offer.
Alpine Bank especially stands out when it comes to land loans. In a huge state like Colorado, the opportunity to invest in land is important to some customers. If you’re looking to get a piece of property for yourself, Alpine might be the bank for you.
- Specialty in land loans
- Extensive free ATM network
- Local bank to Colorado
- Limited branch locations
Types of Banks in Colorado
As you can see, there is a nice selection of banking options for you to choose from in Colorado. When selecting a bank, consider what you need in order to meet and exceed your financial goals.
This may mean partnering with a branchless online bank, a national superbank, or a local bank that caters to your community, they’re all available in your state.
If you still wondering which bank is best for you, let’s take a closer look at the different types of banks available in Colorado.
Colorado has no shortage of large national banks that offer lots of branches and ATMs throughout the state and country. National banks are practical for college students, frequent travelers, or for those who simply like to bank in person.
Low savings rates and annoying fees are usually the price of this convenience.
Regional banks operate on a smaller scale than national banks but have a similar business model. Lower savings rates and more fees allow for the convenience of numerous branch locations.
Bank of the West, for example, is a regional bank available in states west of the Mississippi, including Colorado, making it a solid choice for those who live there.
Local banks, also known as community banks, are limited in scope with nowhere near the same volume of branches or ATMs as the big guys. If they have a mobile app for online banking, it tends to be basic.
That said, local banks tend to have a competitive edge in the customer service department, with services geared to their community’s needs. Plus, they often have free checking and competitive rates for savings and loans.
Online banks are available anywhere there’s an internet connection. With no physical branches, all banking happens online or over the phone. This passes savings to the customer, as they offer the best overall rates and lowest fees.
The downside — you may not get the hands-on attention some people want from in-person banking.
Local and Federal Credit Unions
Credit unions are like banks, with one distinction: Banks are for profit, and credit unions are not. This means more transparency on their part, and services tailored to the individual community.
As a member of a credit union, you have a vested interest in banking there. Better yet, like local banks, credit unions usually offer free checking, low fees, and competitive rates.
Frequently Asked Questions
What is the most popular bank in Colorado?
Wells Fargo. With the most branches in over 50 cities throughout the state, it’s by far the largest bank in Colorado, therefore the most popular.
What banks are local to Colorado?
The biggest of the little guys, so to speak, that call Colorado home are Alpine Bank and Bank of Colorado.
Is the Bank of Colorado a good bank?
Yes. Bank of Colorado is a solid option for those who live in the state. You can expect a much more personalized experience here than you’re likely to find with a national behemoth, while enjoying some of the same conveniences.
Is Bank of Colorado a credit union?
No. The Bank of Colorado is a traditional bank that offers services like checking and savings accounts, mortgages, auto loans, investment accounts, and more.
Who has the most banks in Colorado?
Wells Fargo. There are over 125 Wells Fargo branches operating throughout Colorado, with over 100 locations in the Front Range area.