Highest Rate for 12 Month CD at this time with a bank, not a credit union. I read the reviews below, but still decided to move forward. After reaching out to a few of the higher rate credit unions on this site that couldn’t answer my questions or call back within 2 biz days, CFSB was a breath of fresh air!! I called customer service before applying online and got a human right away and he was well trained and effortlessly answered my questions and said call back if you have any issues or questions applying online. I didn’t need to call back as all their disclosures, application steps, and emailed instructions were easy to follow and covered any questions I had. The emails were very timely too. The application was started on Weds. morning and the CD was funded at CFSB by Thursday end of day!! I was also able to add a joint owner and beneficiaries during the application process. TIPs: 1) Have your money AVAILABLE in the bank account you are transferring from BEFORE starting the online application. Once you confirm the verification deposits from CFSB in your bank account then the money will be requested by CFSB for transfer. 2) Keep it simple for yourself and leave that bank account open for transferring your basis and interest earned back after the term ends OR you will have to go through additional steps to verify a different bank account with CFSB which if not done ahead of the 10 day grace period will use up time in the 10 days grace period window to transfer the money. 3) The request to transfer money at the term end during the 10 day grace period needs to be done logged into your CFSB online account through secure message. If the maturity date is on the weekend (when bank is closed) remember these days count as part of the grace period, thus, be on top of getting the request in for 1st biz day in grace period for transfer. The CFSB disclosures said they will send a 45 days before maturity date email reminder and then on the day of maturity email reminder. So mark those dates and make sure the CFSB email address is on your safe email list and/or check junk email if the emails are not in your inbox. 4) Read ALL of the CFSB disclosures FIRST because the information is there to answer the many of the issues from the other negative reviews. If you can’t find an answer call their customer service M-F 7am - 5pm MTN 1.877.484.2372 I confirmed also on the FDIC website that they are FDIC insured. This is an online only bank and it has been a great experience so far for a CD product. I can’t speak to working with them for their other financial products.

If you are thinking about taking out a Certificate of Deposit with Colorado Federal Savings Bank, here are two things to consider: 1. Positive--the interest rate locks in with the submission of the online application. 2. Negative--they do not accept POD (Payable On Death) accounts; therefore, no beneficiaries can be assigned to the account. Since number 2 was a deal breaker for me, I did not ask any further questions. None of the information above was listed in the disclosures on the website; I had to call and ask.

Applied for a 1 year CD online on a Thursday afternoon. Friday morning, the two test deposits had been made to my linked external account. I verified the amounts and by Friday evening, the ACH transfer had been made and the account was funded. That is a pretty fast turnaround, and not always the case in my experience with some other banks. All in all, a pleasant account opening experience.

Since Colorado Fed S B is offering high CD rates, I thought I'd post regarding my recent account opening experience. Their account opening experience is both complex and efficient. By complex I mean they used just about every security requirement that I have experienced with all other online banks. Since I have a credit freeze on my accounts at all of the credit bureaus, I called ahead to ask if that would be a problem. They said that since they use a credit bureau to verify applications, I would need an extra step of emailing an image of my drivers license; no problem I've had this request before. They require an ID and password be set up for purposes of processing the application. However, once the CD is funded, they required an entirely new/different ID & PW for account access (through electronic banking); I've encountered this complexity at one other institution. Like most online banks, they send test deposits/withdrawals to your funding bank, as part of the account set up. So, I started my application before the funds had even been moved into my funding account. You control the funding timing, because the CD is not funded until you respond to report the test transactions. CFSB, established the effective date of my CD on the date I reported the test transactions and initiated ACH transfer to fund the CD. Hence, I am earning interest before they have received the funds. No lost interest. CFSB's disclosures make it pretty clear that you need to fund a CD from an account that you expect will be open to receive the proceeds at maturity, as they will only electronically transfer to the opening account. As another poster observed, this could be viewed as a security feature. CFSB initiated their processing steps as soon as they had the necessary information at each stage, thus I say they are efficient for CDs. I think this is the most reliable of all the highest CD rate institutions, based on reviews on this site.

Just moved from Goldman Sachs to Colorado Federal Savings Bank last week. So far no problems... Only thing I'm not thrilled about is they don't have verification for logins. However, from what I can tell, you're limited to only one bank that is linked to the account so the only way to transfer money out of the account online would be to send it back to your own bank account at the linked bank. I guess that's secure enough for me. Certainly can't beat the yield!

I was on my way to my favorite credit union when they unfortunately turned down my cash deposits from my local business. Luckily, I came across Colorado Federal Bank for online savings. The returns from funds with them was higher than my credit union, and they are super friendly and easy to work with. The website is simple to use, and I felt good after opening the account with them. Highly recommended.

Truth is that I love Colorado Federal Bank. They have been my bank for more than 20 years and over time have gone way above and beyond the call of duty in the way they have treated me. About a year and half ago I was seriously ill and not working, and my funds were very low. While I was in the hospital some software companies I had purchased subscriptions through submitted renewals, without my authorization, via my PayPal account linked to my checking account. I didn't have the funds to cover these charges and this resulted in a couple insufficient fund changes against my account. First thing I did was go to PayPal and have these charges reversed. I then sent an email to the bank explaining my situation and the bank reversed the insufficient fund charges to me. This made an enormous difference to me at a time when money was really tight. I really feel like I have received excellent service from Colorado Federal, and I am happy to say so.