Banks in Colorado That Offer Free Checking and Second Chance Banking

Finding the best free banks in Colorado depends on your banking needs. Whether your priority is interest-bearing checking accounts, high-yield savings, a variety of banking products, digital banking or physical branches, there is a bank in Colorado that can meet your requirements.

However, if you’re unable to open a checking account due to ChexSystems or Early Warning Services (EWS) records, we also compiled a list of second chance banks in Colorado that offer an opportunity to build a new banking history. Keep in mind there will likely be a monthly service fee associated with second chance banking accounts.

10 Best Free Banks in Colorado

1. Upgrade Rewards Checking Plus

The Upgrade Rewards Checking Plus is best for debit card spending. Customers get up to 2% cash back on common everyday expenses for active accounts with a monthly $1,000 direct deposit ¹ plus many features including the following:

• $0 Minimum Opening Deposit.
• Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases².
• Optional savings account that earns 5.21% APY³.
• Customers with direct deposit can get paid up to two days early⁴.
• No monthly fees, no overdraft fees⁵, and get reimbursed for ATM fees with an active account.
• FDIC-Insured Up to $250,000.

Upgrade is a financial technology company, not a bank. Checking and savings accounts provided by Cross River Bank, Member FDIC.

2. OneUnited Bank

OneUnited Bank’s Online Checking Account is a free checking available to people in ALL STATES. OneUnited Bank is a Black-Owned Bank that offers the Black Wall Street Checking account with no monthly fee. If you’re looking for second chance banking options, OneUnited Bank’s U2 E-Checking Account is available but it has a monthly fee of $12. With OneUnited Bank customers can add cash to the OneUnited Bank Debit Card at over 90,000 locations across the country through a partnership with Green Dot^®.

Here are the checking account features:

• $25 minimum opening deposit
• No monthly fee.
• Get paid up to 2 days early with early direct deposit.
• Free Online & Mobile Banking.
• Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
• Deposit checks through the mobile app.
• Free Bill Pay

3. Consumers Credit Union

Consumers Credit Union is a credit union based in Illinois with membership open to anyone regardless of where they live or work. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, small business banking, investments and financial education. The monthly free checking account is called Rewards Checking with the following features:

• Unlimited reimbursement for any and all ATM fees**
• Over 30,000 ATMs & over 5,000 shared branches
• Online & mobile banking plus bill pay
• Get paid as much as two days early with early direct deposit**
• No monthly maintenance fees, for anything

4. BMO Harris Bank

BMO Harris Bank is a well-established financial institution with over 500 branches across U.S. and access to over 40,000 ATMs. As the 8th largest bank in North America by assets, BMO Harris Bank has $852 billion in total assets. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, HELOCs, small business banking, investment and retirement accounts. The monthly free checking account is called Smart Advantage Account with the following features:

• $25 Minimum Opening Deposit
• Unlimited Transactions at 40,000+ fee-free ATMs nationwide
• $0 Monthly maintenance fee
• BMO Digital Banking – pay bills, transfer money and more

5. Bank of Oklahoma

Bank of Oklahoma is a regional bank that was founded in 1910 and is headquartered in Tulsa, Oklahoma. The full-service bank offers a wide range of financial products that include checking, savings, CDs, personal, auto and mortgage loans, HELOCs, wealth management and investment services. The monthly free checking account is called Access Checking with the following features:

• $50 Minimum Opening Deposit
• One complimentary overdraft fee refund per calendar year (upon request)
• $0 Monthly maintenance fee
• Free Online and Mobile Access with Bill Pay

6. Colorado Bank & Trust Company

Colorado Bank & Trust Company is a financial institution based in Colorado that offers a range of banking services to individuals and businesses. It was founded in 1978 and is headquartered in La Junta, Colorado. CB&T has grown to include several branches across Colorado. CB&T offers a variety of banking products and services, including checking and savings accounts, loans, mortgages, and credit cards. They also provide online and mobile banking options, making it easy for customers to manage their accounts from anywhere. The monthly free checking account is called Checkless Checking with the following features:</p

• Requires Direct Deposit
• Requires eStatements
• $0 Monthly maintenance fee
• No minimum balance

7. Zing Credit Union

Zing Credit Union is a financial cooperative that has been serving the Denver Metro community in Colorado since 1934. It prides itself on providing personalized financial education, mentorship, and solutions-oriented service to its members, all while offering great rates. The monthly free checking account is called Zing Credit Union personal checking account with the following features:

• Earn $5 back per month with certain requirements
• Out-of-Network ATM fee reversals
• $0 Monthly maintenance fee
• Notary service

8. First National Bank of Omaha

First National Bank of Omaha FNBO has over 100 locations throughout the United States, including Colorado, and provides a wide range of financial products and services to individuals, families, and businesses. FNBO is one of the largest banks in the region. The monthly free checking account is called Free Checking with the following features:

• No minimum deposit to open or minimum balance requirement
• No Overdraft fees
• $0 Monthly maintenance fee
• No ATM fees from FNBO (other banks and ATM operators’ surcharges may apply)

9. Independent Financial

Independent Financial started 35 years ago in Farmersville and has grown to over 90 financial centers across Texas and Colorado. The full-service bank offers a wide range of financial products that include checking, savings, CDs, personal, auto and mortgage loans, retirement and investment services. The monthly free checking account is called Free Checking with the following features:

• $25 Minimum Opening Deposit
• Debit card, online and mobile banking, and online bill pay
• $0 Monthly maintenance fee
• Send money to anyone with Zelle

10. Westerra Credit Union

Westerra Credit Union is a financial institution based in Colorado that offers a range of banking and financial services to its members. It was founded in 1934 and has grown to become one of the largest credit unions in Colorado, serving over 150,000 members across the state.. The full-service credit union offers a wide range of financial products that include checking, savings, personal, auto, mortgage and commercial lending. The monthly free checking account is called Spending with the following features:

• $0 Minimum Opening Deposit
• Debit card, online and mobile banking, and online bill pay
• $0 Monthly maintenance fee
• 24-hour telephone banking

Second Chance Banks in Colorado

Academy Bank

The Safe Spending Checking Account is designed to let you bank without having to worry about Overdraft fees. The minimum opening deposit is $25 and the monthly service fee is $5.

Bank of Oklahoma

Bank of Oklahoma offers an account called “Opportunity Checking” that is designed to let you start over even though you have a ChexSystems record. The minimum opening deposit is $25 and the monthly service fee is $5.

CityWide Banks

CityWide Banks offers an account called “Check Free Banking” that that has no overdraft or non-sufficient funds fees, and includes mobile budgeting apps. The minimum opening deposit is $25 and the monthly service fee is $5.00.

Commercial Bank and Trust Company

Bank On Checking that has no overdraft or non-sufficient funds fees, and includes mobile apps. The minimum opening deposit is $25 and the monthly service fee is $5.00.

Horizon Bank

The Fresh Start checking account has no minimum opening balance but has a $5 monthly service fee.

Key Bank

The KeyBank Hassle-Free Account® Checkless account has no monthly maintenance fees and only requires a $10 opening deposit.

PNC Bank

The PNC Foundation Checking Account has a minimum opening deposit of $25 and the monthly service fee is $5.00.

Sunflower Bank

The Achievement Checking Account has a minimum opening deposit of $25 and the monthly service fee is $5.00.

Vectra Bank

The On Budget Checking Account has a minimum opening deposit of $25 and the monthly service fee is $5.00.

Second Chance Credit Unions in Colorado

Bellco Credit Union

The Simplicity Checking Account requires a $0 opening deposit and a $0 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.

Colorado State Bank and Trust

Colorado State Bank offers Opportunity Checking designed to give you a fresh start from past financial challenges. The monthly fee is $9.95 with direct deposit and $15.05 without direct deposit.

Liberty Savings Bank

If you’ve had financial problems in the past Liberty Savings Bank offers a Clean Slate Checking account. After 12 consecutive months of no NSF occurrences you can upgrade to a Liberty checking account of your choice.

NuVista Federal Credit Union

The Last Chance Checking account requires a $100.00 opening deposit and has a $10 monthly service fee.

Power Credit Union

The Empowered Checking Account requires a $25 opening deposit and a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.

Colorado Unbanked Numbers

According a Federal Deposit Insurance Corporation (FDIC) 2021 Survey, 6% of Colorado’s residents were unbanked. It’s estimated that unbanked people pay up to 10% of their salary for check cashing services. Colorado fares better than the national average of unbanked or underbanked households in America, but there are still too many Coloradans without access to traditional banks that offer free checking accounts.

ChexSystems Resources

• Banks That Don’t Use ChexSystems – Take a look at our list of banks that do not use ChexSystems for a new checking account.
• EWS (Early Warning Services) – EWS is similar to ChexSystems and can prevent you from opening a checking account.
• Check your ChexSystems Report – Unsure what information exists in your ChexSystems report? Learn how to find out.
• ChexSystems Scores – Did you know that you have a ChexSystems score similar to a credit score? Find out how to get yours.
• Account Abuse – Find out why ChexSystems often reports customers for account abuse with no real explanation of what that notation means.

Upgrade Disclaimers

¹ Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more. See the Active Account page for more information.

² Rewards Checking Plus customers who set-up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.

³ The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.21% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure. To earn APY, you must open and fund a Performance Savings account. Rewards Checking Plus accounts do not earn APY.

⁴ Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.

⁵ There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts, Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status. Some limitations apply. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.