Best Banks in Denver

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Traditional banking through a branch is becoming more and more obsolete. Ally is one of the top online and mobile banks on the market, and it has the interest rates to back that up. Ally’s Online Savings Account comes with a fantastic 4.25% APY, and its Spending Account tops out at a 0.25% APY. Should the minimum daily balance of your spending account fall below $15,000, though, its rate will drop to 0.10%. Both of these accounts have no monthly fees or minimum opening deposits, which is rare.

One of the premier concerns about any online bank is how accessible cash will be for its customers. Ally doesn’t appear to have an accessibility issue, as its partnered with the Allpoint ATM network. Allpoint operates 55,000 fee-free ATMs around the world. If you can’t make it to an in-network ATM, Ally offers ATM fee reimbursements of up to $10 per statement cycle.

The Ally mobile app is available for download on both Apple and Android devices. More than 20,000 reviews between the two competing app stores have left the app with an average rating of 4.35 stars out of 5. Ally offers a multitude of features for mobile banking customers, such as mobile check deposit, online account statements, a peer-to-peer money transfer program called Zelle®, an ATM locator and more.

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U.S. Bank is a massive American bank with more than 3,000 total branches across the country, including 83 in Denver alone. The bank delivers on that extensive reach with a massive free ATM network, including all national U.S. Bank ATMs and thousands of MoneyPass® ATMs, of which there are about 50 located in Denver. If you use an out-of-network ATM, the bank will charge you $2.50, a standard charge for such an action. However, depending on the type of account you have, you may be eligible for two ATM fee reimbursements each month.

The bank offers types of checking accounts: U.S. Bank Smartly™ Checking account and Safe Debit Account. Each type of checking account comes with the ability to receive a perk from the bank. For example with the U.S. Bank Smartly™ Checking Account, you get to waive monthly fees if you meet certain criteria based on monthly direct deposit totals or minimum account balance requirements.

Though the majority of the APYs at U.S. Bank are so-so, Retirement Money Market Savings account holders has a rate of 0.01%. Otherwise, the rest of the accounts here usually sit at 0.05% or even lower.

Runner-up: Wells Fargo

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A lesser-known bank because it’s limited to Colorado, California and Arizona, FirstBank has 12 different checking, savings and time deposit (CD) accounts available. The overall most beneficial account to own is the Bloom Package, which integrates the advantages of both a checking and savings account. You will likely find saving easier with this account, as you can elect to transfer up to $99.99 from your checking account to your savings account every time you utilize online bill pay or swipe your Visa debit card.

As a whole, FirstBank doesn’t ask for high minimum opening balances or charge hefty monthly service fees. In fact, the Anywhere Account with the Bloom Package mentioned above requires neither, all while earning an APY of 0.50% to 4.60%, depending on your account balance.

The bank has a sizeable presence in Denver, with 13 of its more than 100 branches located there. Yet aside from the 20-odd ATMs that FirstBank owns and operates in the Mile-High City, there are no other ATMs you can use there without incurring the $2.50 out-of-network ATM fee.

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The banking industry is littered with mediocre interest rates, but the 1.00% APY of the CIT Bank Savings Builder account is in direct opposition to that notion. Of course, this rate hinges on a couple requirements. If you can manage to maintain an account balance of at least $25,000 or scrounge up $100 or more in monthly deposits, the 1.00% rate is all yours. If not, you will instead receive a 0.40% APY. To open this account, you need to make a $100 deposit. Take a look over the other savings accounts that CIT Bank provides:

• Money market account
• Premier High-Yield Savings account
• 6-month to 5-year term CDs
• 2-year to 5-year jumbo CDs
• 1-year to 4-year “RampUp” CDs
• No-Penalty/11-Month CD

Another major consideration of the modern banking customer is the quality of a bank’s mobile app and online banking website. CIT does not have any branches, so it has put all of its effort into crafting these offerings. Once you open an account and log in, you’ll be able to deposit checks remotely, view your online account statements and slide money throughout your CIT accounts.

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Colorado Federal Savings Bank (CFSB) offers an attractive 4.40% APY on all balances starting at just $1. An offer such as this is rare, especially when you also factor in that you aren’t obliged to pay a monthly service fee.

Whereas most banks will compound your interest on a month-to-month basis, CFSB does so daily. This means you’re constantly earning interest on the interest you earned the day before. This helps your savings account grow quickly and allows you to reap the full benefits of the 4.40% APY.

The bank has just a single branch in Denver, so it could be inconvenient for some to get to that location if you require in-person service. Another drawback in terms of accessibility: the bank doesn’t have an app. That’s uncommon in today’s tech-savvy banking world and will require you to do the majority of your banking with CFSB through its website, over the phone or by mail.

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Chase has long been one of the giants of the banking industry nationwide, and the situation is no different in Denver. Because the bank has 70 physical locations in and around the city, you have easy access to in-person customer service if you want that heightened level of attention. But if getting to a branch just isn’t possible or you don’t feel like hopping in the car, Chase has a 24/7 phone line you can call for any help regarding your bank account(s).

The Chase Mobile® app elevates your customer experience. Not only does this app have a nearly perfect rating between the Apple and Android app stores after more than 250,000 reviews, but it also currently stands as the fifth most downloaded financial mobile app on the market. As an account holder, you can use the app to manage your account balances, deposit checks remotely, find a nearby ATM or branch and even make seamless digital payments with Zelle®, a speedy wire transfer program.

Beyond these customer experience features, Chase also provides its clients with an extensive set of financial products. You’ll find free, rewards and student checking accounts; savings accounts; rewards and low-interest credit cards; auto and home loans; financial advising services; and more.

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FirstBank may be the “Best Local Bank,” but it also has the most appealing free and high-yield checking accounts in Denver. You can open an Anywhere account, though the addition of the Bloom Package will get you a favorable fusion of some savings and checking account benefits.

The Money Market Checking and Premier Checking accounts are really where interest will come into play. In fact, the Money Market Checking account includes a 0.03% APY on balances between $500 and $19,999.99 and a 0.05% APY on any amount over $20,000. If you’re a Premier Checking account holder, you can get anywhere from 0.04% to 1.00% APY, though you'll need a minimum of $50,000 in your account to earn the highest rate.

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As opposed to a traditional student account that is completely its own entity, Bank of Colorado allows students to apply its mainstream banking benefits to three possible options: the Growth account, the Diamond Secure account or the Interest Checking account. You’ll incur monthly fees as high as $5 and minimums up to $1,000 to earn a 0.10% to 0.75% APY with the Interest Checking Account.

Once you’ve opened one of the above accounts, you can then choose the perk you want to apply to it. These offers go as follows:

• Refund of paper statement and notice fee per statement cycle (Select Checking Account and Interest Checking Account only)
• Refund of service charge per statement cycle (Interest Checking Account only)
• Refund up to $10 for foreign ATM transaction and terminal fees or surcharges per statement cycle
• Refund up to five money order fees and five cashier’s check fees per statement cycle

These are only available if you’re a verified student under 22 years old, so you, unfortunately, can’t hang on to the benefits forever.

Runner-up: Colorado State Bank and Trust