Colorado, home to the Rocky Mountains, is home to more than 5.5 million Americans. Many national and regional banks operate in the state.

One of the most essential banking services offered by banks in Colorado is the savings account. Savings accounts are the second most popular type of bank account in the United States.

Savings accounts accomplish two things. It allows people to store their extra money without subjecting it to the risk of loss or theft.

They pay interest on the money you deposit, giving you a way to grow your money. Savings accounts are also easy to get cash out of, so you can use them to store emergency funds.

If you live in Colorado and need to open a savings account, this article will discuss your options.

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The Best Savings Accounts in Colorado

First National Bank of Omaha Savings Account

The First National Bank of Omaha Savings Account gives people who are just starting to save an excellent way to build their savings.

One of the most significant benefits of the account is that there is no minimum deposit to open the account. You can even open the account before you have money to save, providing absolutely no opening deposit.

Once the account is open, there’s no monthly fee or minimum balance to maintain. You’ll earn interest no matter what your account’s balance is. If you also have a First National Bank checking account, you’ll earn even more interest on your savings.

How we picked

MyBankTracker applied a methodology when choosing the best savings accounts in Colorado. Our top recommendations were selected based on a thorough analysis of savings accounts offered by the top 50 banks by deposit market share in Colorado (based on FDIC June 2023 data)–with a physical presence in major cities including Denver, Colorado Springs, Aurora, Fort Collins, and Lakewood.

We focused on savings accounts with low monthly maintenance fees, the least demanding requirements to waive these fees, the bank’s ATM network, excess withdrawal fees, and other convenience features.

Online Savings Accounts are Available Nationwide

Local banks aren’t your only option if you don’t want to work with a national chain of banks. Online banks have grown in popularity recently, and their savings accounts have become particularly popular.

Brick-and-mortar banks have raised their fees and reduced interest rates over the past decade. Customers often wind up paying more in costs than they earn in interest.

Online banks have bucked this trend, paying great interest rates and charging low or no fees.