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If you live in Colorado, you'll want to bank with a financial institution that operates in the state. We examined several banks and credit unions in Colorado and chose Ally, KeyBank, and NuVista Federal Credit Union as the best banks and credit unions for Colorado residents.
The Best Banks and Credit Unions in Colorado
- Ally: Best bank in Colorado for opening a savings account
- KeyBank: Best bank in Colorado for opening a checking account
- NuVista Federal Credit Union: Best local financial institution in Colorado
Compare the Best Financial Institutions in Colorado
no monthly service fee
3.80%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Account- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
no monthly service fee
None
$10
$300
- No minimum balance
- No monthly service fees
- Overdraft protection
- Account alerts to avoid overdrawing
- $10 minimum opening deposit
- $3 out-of-network ATM fee (within the U.S.)
- $20 overdraft fee
- Earn $300 after qualified activities until 3/21/2025 with the no-monthly-maintenance-fee Key Smart Checking®
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening
- Approximately 1,000 branches in 15 states across the U.S.
- Over 40,000 free ATMs through the KeyBank and Allpoint ATM networks
- To avoid overdraft fees, you may link your checking account to a savings account or get a line of credit
- With Key Coverage Zone, if the unexpected happens and your account’s overdrawn up to $20 at the end of the day, KeyBank won’t charge you an overdraft fee
- Member FDIC
0.10%
$25
- $25 minimum opening deposit
- No monthly service fee
- Low interest rate
- Interest compounded monthly, not daily
- 2 branches in Gunnison and Montrose, CO
- Eligible for membership if you live or work in Montrose, Delta, Gunnison, Ouray, and San Miguel counties
- Interest compounded and deposited monthly
- Federally insured by the NCUA
Selection Criteria for the Best Banks in Colorado
To determine the best banks in Colorado, we reviewed the 15 biggest banks and credit unions in the state, as well as community development financial institutions. We considered various banking features, such as fees, interest rates, and customer service, when rating banks. We also considered online banks as our top pick for savings accounts. These banks also stand out because they help you avoid bank fees and offer appealing features.
Best Banks in Colorado FAQs
Wells Fargo is probably the most common bank in Colorado, because it has the most branches in the most cities.
There are over 100 banks in Colorado. Some of the most well-known banks are Wells Fargo, Chase, U.S. Bank, and KeyBank.
Wells Fargo has the most branches in Colorado, with over 120 branches in the state. Chase and U.S. Bank aren't far behind.
What you need to open a bank account in Colorado is similar to what you need to open a bank account in other states. You'll need some sort of government-issued ID and a proof of address. Depending on where you're banking and what type of account you're opening, you might need other documents, too.
We chose NuVista Federal Credit Union as the best credit union in Colorado.
Ent Credit Union is the largest credit union in Colorado, with 50 locations around the state.
Colorado Bank Reviews
The best credit unions and banks in Colorado will offer strong interest rates and great perks while being accessible to Colorado residents. They'll also offer many types of bank accounts, such as money market accounts, savings accounts, checking accounts, and CDs.
Here are reviews of the best banks in Colorado as picked by Business Insider editors in 2025.
Best Bank for Opening a Savings Account
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.
The Ally Savings Account might be a great choice if you are looking for a competitive interest rate. It also doesn't charge typical bank fees like monthly service fees and overdraft fees.
You also might find Ally appealing if you'd like a bank account that has a few features in common with budgeting apps. The account lets you separate money into individual savings goals through savings buckets.
As an online bank, you can't deposit cash directly into this account. You'd have to deposit it into an account with a different bank and then transfer funds.
Best Bank for Opening a Checking Account
KeyBank is a bank in Colorado that has a strong, straightforward free checking account — it has a low minimum deposit and charges zero monthly services.
The Key Smart Checking® stands out because it includes several ways to waive overdraft fees. For example, you can set up alerts to avoid overdrawing your account. You may also link your checking account to a savings account and make free transfers to restore a negative account balance.
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. Keep in mind that the best banks for overdraft don't charge overdraft fees.
Best Local Financial Institution
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.
The NuVista Federal Credit Union Membership Share Savings is also a good savings option. There are no monthly bank maintenace fees and a low $25 opening deposit.
Since NuVista is a credit union, you'll need to meet certain membership eligibility requirements. You must open a NuVista Federal Credit Union Membership Share Savings account with at least $25 to become a member. You'll also need to live or work in Montrose, Delta, Gunnison, Ouray, and San Miguel counties.
Bank Trustworthiness and BBB Ratings
We include ratings from the Better Business Bureau to evaluate how banks in Colorado address customer issues and handle transparency. See each institution's rating below:
| Financial institution | BBB rating |
| Ally | A+ |
| KeyBank | A+ |
| NuVista Federal Credit Union | A+ |
None of these banks have been involved in recent controversies.
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.
- Tania Brown, CFP® professional and vice president of coaching strategy at OfColor
- Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, banking editor, Business 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 savings account interest rates
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 comfortable with the availability of customer service
Methodology: How Did We Choose the Best Banks in Colorado?
Business 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 Colorado. 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.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible. See our bank account methodology to learn more about how we rate savings accounts.
To provide a brief overview, we use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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