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. Chime Checking Account
Chime is available to people in all states and can be opened online with no deposit. The Chime free checking account does not use ChexSystems so it can be used as a second chance checking account. Chime’s checking account has many features including the following:
- $0 Minimum opening deposit
- Overdraft protection up to $2001 if you have a qualifying direct deposit
- Receive pay up to two days earlier with Chime direct deposit
- Manage your money with 24/7 mobile banking.
- Access cash with over 60,000 fee-free ATMs2
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members 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 $14.95 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.
