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We selected Ally, KeyBank, FirstBank, and NuVista Federal Credit Union as the best banks and credit unions in Colorado.
These banks also stand out because they have low bank fees and offer appealing features. Learn more about our top picks below.
The Best Banks and Credit Unions in Colorado
- Ally: Best for opening a savings account
- KeyBank: Best for opening a checking account
- FirstBank: Best for opening a savings and checking account
- NuVista Federal Credit Union: Best local financial institution
Compare the Best Financial Institutions in Colorado
Best Banks in Colorado FAQs
What is the most common bank in Colorado?
Wells Fargo is probably the most common bank in Colorado, because it has the most branches in the most cities.
Which bank has the most locations in Colorado?
Wells Fargo has the most locations in Colorado, with over 120. Chase and U.S. Bank aren't far behind.
What is Colorado's largest credit union?
Ent Credit Union is the largest credit union in Colorado with 50 locations around the state.
Colorado Bank Reviews
Best Bank for Opening a Savings Account
Ally
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You also might find Ally appealing if you'd like a bank account with budgeting tools. The account lets you separate money into individual savings goals through savings buckets.
The biggest brick-and-mortar banks in Colorado pay low interest rates on savings accounts, so we've explored online banking options with high-yield savings accounts.
As an online-only institution, you can't deposit cash directly into this account. You'd have to deposit it into an account with a different bank, then transfer funds.
Best Bank for Opening a Checking Account
KeyBank
KeyBank has a strong, straightforward checking account — it has a low minimum deposit and charges zero monthly services.
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KeyBank charges a $3 fee for using an out-of-network ATM. If you don't have overdraft protection set up, you'll also need to be mindful of a $20 overdraft fee.
Best Bank for Opening a Checking and Savings Account
FirstBank
FirstBank could be a solid option if you prefer traditional banking to online banking. It's the fourth-largest bank in the state, and it has low fee bank accounts.
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You might have to deal with overdraft fees if you accidentally overdraw from your checking account. FirstBank has overdraft protection, but you'll have to pay a $20 annual overdraft protection fee or $10 daily overdraft protection fee.
Best Local Financial Institution
NuVista Federal Credit Union
NuVista Federal Credit Union is a community development financial institution (CDFI) with two branches in Colorado.
A CDFI might be worth exploring if you prioritize a financial institution that's mission-driven and has close ties with its local community. The credit union has a second chance bank account, so you'll be able open a checking account even if you have a negative bank history.
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Other Institutions That Didn't Make Our List and Why
Wells Fargo Way2Save® Savings Account : Wells Fargo has the most branches in the state, but its accounts aren't as strong as our top picks. It's also received a poor rating from the Better Business Bureau and has been involved in several public settlements. Read the full Wells Fargo review.US Bank Standard Savings Account : U.S. Bank has a substantial branch and ATM network in Colorado, but our top picks have lower monthly service fees. Its savings accounts also pay low interest rates. Read the full U.S. Bank review.Chase Savings℠ : Chase has a variety of accounts and a large branch and ATM network. However, its monthly services are a bit higher than our top picks if you don't meet the minimum balance requirements. Read the full Chase review.Community Bank of Colorado Smarter Savings : Community Banks of Colorado has a sizable branch and ATM network, but its bank account has higher monthly service fees than our top picks.ENT Credit Union Personal Savings : Ent Credit Union has free checking and savings accounts. It pays a pretty low interest rate on the savings account, though.Bank of Colorado Savings : Bank of Colorado has a decent-sized branch and ATM network, but its bank accounts require higher minimum opening deposits than most of our top picks.Vectra Bank Personal Savings : Vectra Bank has a variety of bank accounts, but other banks might make it easier to waive monthly service fees.First Southwest Bank Savings : First Southwest is a community development financial institution (CDFI), so it might be a good fit if you're searching for an institution that closely serves its community. Its bank accounts require relatively high minimum opening deposits, though.Native American Bank Personal Savings : Native American Bank is a CDFI with a free checking account. Its savings account has a minimum balance requirement, though.Columbine Federal Credit Union Share Savings Account : Columbine Federal Credit Union has a free checking account, but our top picks offer more competitive interest rates and unique bank accounts.Community Choice Credit Union NewBeginnings Account : This CDFI might be worth considering if you are looking for a local institution with second chance banking. Other credit unions may have lower minimum opening deposits or higher interest rates on savings accounts.Canvas Credit Union Membership Savings Account : Canvas Credit Union has a free checking account, but its savings account isn't as strong.
Bank Trustworthiness and BBB Ratings
We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency. See each institution's rating below:
| Financial institution | BBB rating |
| Ally | A |
| KeyBank | A+ |
| FirstBank of Colorado | A+ |
| NuVista Federal Credit Union | A+ |
All of our top picks have at least an A rating from the BBB. A great BBB rating doesn't necessarily mean you'll have a smooth relationship with a bank. Reach out to current customers or read online customer reviews to get a well-rounded perspective of a bank.
KeyBank is the only institution on our list that's been involved in a public controversy.
In 2021, the bank paid the State of New York Mortgage Agency $5 million in a settlement that claimed KeyBank had deceptive advertising regarding its "KeyBank Plus" program. The advertisements in the program said KeyBank would help New York residents who didn't have a bank account by helping them cash checks for low fees. However, the State of New York Mortgage Agency conducted an investigation and found the program wasn't being executed properly.
Why You Should Trust Us: Experts' Advice on Choosing the Best Financial Institution
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best financial institution in Colorado for your needs.
Insider
- Tania Brown, certified financial planner at SaverLife
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
We're focusing on what will make a bank most useful, including customer service, fees, rates, and more. Here are seven signs the bank you're considering is the right one for you:
1. You're clear on any fees, and comfortable with them
2. You feel confident in the bank's security
3. The institution has FDIC or NCUA insurance
4. Your savings account earns more interest than average
5. You know which provider issues your debit card (MasterCard and Amex aren't always accepted)
6. You can picture this institution fulfilling your banking needs in the future
7. You're comfortably with the availability of customer service
Methodology: How Did We Choose the Best Banks in Colorado?
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so under each section, we outline the advantages and limitations of each account or institution. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
First, we reviewed the 15 biggest banks and credit unions in the state.Then we looked at CDFIs in the state.
We compared bank account features and fees until we narrowed down our top picks. Our top picks stood out from competitors for a variety of reasons. Some offered a competitive interest rate or had budgeting tools in addition to minimal bank fees. For our best credit union and best local bank, we selected financial institutions with easy membership requirements, low minimum opening deposits, and unique bank accounts.