Colorado is a great place to live and work. It offers a temperate mountain climate, a healthy economy, and no shortage of exciting outdoor activities and attractions. If you’re a Colorado resident or frequently visit the state, you may be in search of a reliable banking option.
Our list of the best banks in Colorado can help you find the one that makes the most sense for your unique finances and preferences. Without further ado, here are our top picks for banks in the Centennial State.
10 Best Banks in Colorado
1. Alpine Bank
Headquartered in Glenwood Springs, Alpine Bank is committed to a green business model and the local communities it serves. It has nearly 40 locations throughout the state in cities like Aspen, Avon, Boulder, Breckenridge, Colorado Springs, Denver, and Durango. If you prefer online banking and mobile banking, rest assured these are available at Alpine.
The bank’s lineup of products includes several personal checking accounts, home mortgage loans, land and construction loans, home equity loans, personal credit cards, auto loans, and student loans. Business services, such as business checking and business lending as well as wealth management are offered as well.
2. Chime
As an online-only banking solution, Chime serves customers all across the United States, including the beautiful state of Colorado.
Chime operates with lower overhead expenses compared to traditional banks. This translates into a range of customer-friendly perks, like no monthly fees, no minimum balance or deposit requirements. The only fee you might run into? An out-of-network ATM fee1.
Chime has an impressive network of more than 60,000 ATMs nationwide, which means you can easily avoid those pesky ATM fees. When you open a Chime checking account, you’ll receive a Visa debit card with no replacement fee in case it ever goes missing.
As a Chime user, you can also take advantage of their SpotMe® feature5, which offers fee-free overdraft protection. Chime also offers a round-up feature that transfers the difference from your rounded-up debit transactions into a high-yield savings account.
Additionally, Chime provides early direct deposits2 so you can get your paycheck up to two days early and a user-friendly mobile app that’s compatible with both iOS and Android devices.
3. Bank of Colorado
Bank of Colorado was founded in 1938 and is considered one of the oldest banks in Colorado. It serves individuals across the state with a variety of products, including free checking accounts, savings accounts, Visa debit cards, credit cards, home loans, and auto loans.
Small business customers can count on the bank for business banking and loans. The bank also assists with cybersecurity, ACH origination, direct deposit, merchant card processing, lockbox payment processing, and more.
While you can bank in-person at a local branch, the Bank of Colorado is up-to-date on technology and allows for online banking and mobile banking. It’s also committed to customer education and offers a financial education center with a wealth of resources on topics like preventing fraud and scams, building financial resilience, and preparing for retirement.
4. 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. The most noteworthy advantages of U.S. Bank include an extensive fee-free ATM network, a variety of checking account options, and CDs with competitive interest rates.
One popular offer from U.S. Bank is the Bank Smartly Checking account, which comes with a generous $600 sign-up bonus for new customers who open both a checking and savings account. This promotion provides an excellent opportunity for those looking to switch banks or start a new account.
Keep in mind, however, that some deposit accounts require high account balances and monthly maintenance fees. The bank also offers personal lending and a number of useful wealth management services and investment services, like investment management, wealth planning, trusts and estates, insurance, and charitable giving.
5. Chase Bank
Chase Bank, the consumer banking arm of JPMorgan Chase, is available in almost every state and has 104 branches in 32 Colorado cities. It’s one of the large national banks. The bank’s lineup of checking accounts includes: Chase Total Checking, which is the basic checking option, Chase Secure Banking which eliminates overdraft fees and offers a $100 sign-up bonus, and Chase Premier Checking that yields interest.
Fortunately, you can open a new checking account without a minimum deposit and may be able to get the monthly service fee or monthly maintenance fee waived. Chase also offers checking accounts for kids and students as well as savings accounts and CDs. In addition, you can turn to the bank for credit cards, mortgages, car loans, and investment accounts.
6. Integrity Bank & Trust
Integrity Bank & Trust is a community bank owned by employees in Colorado Springs with three branch locations. Most of its checking account products don’t have any minimum balance requirements and offer rewards like competitive interest rates, cash back, and refunds on ATM withdrawals. Plus, each checking account comes with a free order of checks, free digital banking, free e-statements, and a free debit card.
When it comes to savings accounts, you can choose from the regular savings account or personal money market account as long as you don’t mind the $100 minimum deposit requirement. Other personal banking services include certificates of deposit (CDs) and health savings accounts (HSAs). In addition, Integrity serves Colorado businesses with small business banking and lending services.
7. FirstBank
Based in Lakewood, FirstBank has about 90 bank branches throughout Colorado and is considered the best local bank. The bank’s personal checking accounts are attractive options because there are no minimum balance requirements or monthly service charges on most of them.
If you opt for the interest bearing Premier Checking account, however, you’ll need to maintain a $2,500 minimum balance to earn interest. FirstBank also offers a plethora of savings accounts, like the regular savings account, money market savings account, liquid savings account, and individual retirement account (IRA).
If you invest in real estate or have plans to do so, you may benefit from FirstBank’s unique real estate loans and land loans. These include the owner occupied commercial real estate loan, SBA 504 loan, business and consumer construction loan, and single close construction loan. First Bank also offers digital banking and a handy mobile app.
8. 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. Despite the fact that High Country Bank is fairly small, it provides a diverse selection of products. Its personal offerings include checking accounts, savings accounts, money market accounts, credit cards, debit cards, and personal loans.
The bank also serves small businesses in Colorado through commercial checking accounts, CDs, debit cards, and merchant card services. Additionally, it offers residential mortgages with options like variable terms, fixed rates, adjustable rates, and low down payments. Home improvement loans are available as well.
9. KeyBank
Headquartered in Cleveland, KeyBank provides a diverse mix of banking products for individuals and small business owners. Plus it has 50 locations in Colorado and is known as the best regional bank in the state. Some of KeyBank’s most popular deposit accounts are the Key Smart Checking, Key Active Saver, and Key Silver Money Market.
The bank’s CD lineup is unique as it offers short-term CDs with terms ranging from seven days to less than six months, tiered CDs that go up to 10 years, and jumbo CDs, which require a minimum deposit of $100,000. As a KeyBank customer, you can enjoy perks like a robust mobile app, financial guidance, and relationship benefits for opening multiple bank accounts. These are impressive as not all regional banks offer them.
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. There are more than 140 branches in over 50 Colorado cities, so the bank is a solid choice if you prefer in-person banking.
Wells Fargo offers a diverse array of services for individuals and small businesses, such as checking accounts, savings accounts, certificates of deposits (CDs), credit cards, and loans.
If you’d like to partner with a financial advisor that can help you with personal finance and allow you to meet your financial goals, you can do so through Wells’ wealth management services. For mobile banking on the go, you may download its app on your iOS or Android device to check your account balances, monitor your FICO score, send and receive your money with Zelle. The app also makes transferring money easy.
How to Choose a Bank in Colorado
As you look for the best bank in Colorado and explore all your options, consider these factors.
- Interest rates: If growing your savings is important to you, prioritize the banks with competitive interest rates. Typically, online banks offer higher savings rates than banks with branches and more expensive overhead costs. A competitive interest rate can help you meet your goals faster.
- Fees: Fees like monthly maintenance fees, ATM fees, and overdraft fees can add up quickly. That’s why you should focus on banks with minimum to no fees. If you do find a bank you like that has many fees, find out if there’s a way to waive them.
- Products: Some banks offer more products than others. Choose a bank that is able to meet all of your personal and business checking, saving, and investing needs.
- Perks: While perks aren’t required, they’re certainly nice to have, regardless of if you’re an individual or small business owner. Some examples of them include mobile banking apps, free credit score monitoring, financial advising, and discounts at certain retailers.
- Reputation: Just because you come across a bank in Colorado doesn’t mean it’s reputable. Before you move forward with any bank, do your research and read ratings and bank reviews.
- ATM access: Ideally, you’d go with a bank with a large fee-free ATM network. Otherwise, you may have to pay a pretty penny to deposit cash and withdraw funds. Fortunately, some banks waive ATM fees for using an out-of-network ATM.
- FDIC insurance: To ensure you won’t lose your money if a bank fails, Federal Deposit Insurance Corporation (FDIC) insurance is vital. Most of the best banks will insure up to $250,000 per depositor per bank account.
- Customer service: In a perfect world, you’ll never have any questions or concerns with your accounts. Since this is unlikely, excellent customer service is essential. Look for a bank that has high customer service ratings and multiple ways to get your needs addressed.
Bottom Line
As you can see, the Centennial State is full of great banking options. Before you choose one, however, weigh the pros and cons of all your options. Also, don’t be afraid to test out a few financial institutions until you find one or a few that check off all your boxes. Good luck with your search for the best bank in Colorado.
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. There are 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. Several options you might want to explore if you’re interested in a community bank include Points West Community Bank, Sunflower Bank, and Alpine Bank.
Are Colorado banks FDIC insured?
Most reputable banks in Colorado are insured by the Federal Deposit Insurance Corporation (FDIC). This means your money will be protected in the rare event of a bank failure.
Should I choose a bank or credit union in Colorado?
While banks tend to offer more products, credit unions are known for more personalized customer service. However, credit unions require membership before you can utilize their services.
Is an online only bank a good idea?
A digital bank can be a smart move if you feel comfortable using your computer or phone to bank. Otherwise, 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 needs. However, you might want to look into the Citi Priority Checking account, FirstBank Anywhere Checking account, the Key Smart Checking account, and the Bank of the West Any Deposit Checking account. Note that most banks 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.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
