Vectra Bank Colorado Review: Checking, Savings, CD, Money Market and IRA Accounts
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Written By
Updated on Wednesday, July 1, 2020
Vectra Bank Colorado’s checking account options
Anytime Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $7, unless you make 10 debit or credit card purchases, receive direct deposits of at least $250 per month or are 25 or younger
- ATM fee: None at Vectra Bank Colorado or MoneyPass ATMs; $2 at out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $35
Anytime Interest Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $10, unless you maintain a daily balance of at least $1,500 or have a combined deposit and consumer balance of at least $10,000
- ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
- ATM fee refund: None
- Overdraft fee: $35
Premium Interest Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $20, unless you maintain a combined deposit balance of $10,000 or a combined deposit and consumer loan balance of $25,000
- ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs, as well as up to three out-of-network ATM withdrawals; $2 on out-of-network ATMs beyond that
- ATM fee refund: None
- Overdraft fee: $35
This premium checking account has the same low opening deposit requirement as Vectra Bank Colorado’s other options, but its monthly fee is steeper, as are the requirements to waive it. While it boasts the ability to earn a premium interest rate on its checking, savings, money market and CD accounts, you’ll have to contact the bank to find those rates.
You can get the fees waived on additional Vectra Bank Colorado savings and money market accounts linked to this one, as well as prevent overdrafts from occurring by having these accounts linked and setting up automatic transfers. You’ll also get a complimentary safe deposit box (3 inches by 5 inches or smaller) during your first year and the first box of Vectra Bank Colorado Exclusive Checks. Lastly, this account comes with online and mobile banking services.
Senior Advantage Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: None
- ATM fee: None at Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
- ATM fee refund: None
- Overdraft fee: $35
Military Advantage Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: None
- ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; your first out-of-network ATM withdrawal will be waived each month; $2 on out-of-network ATMs beyond that
- ATM fee refund: None
- Overdraft fee: $35
This account is only for Vectra Bank Colorado customers who are members of the military. While it doesn’t earn interest, it comes with a low opening deposit requirement and no monthly fee. It also comes with a complimentary safe deposit box rental (where available) and the first box of Vectra Exclusive Checks. Lastly, it comes with the same mobile and online banking platforms as the other accounts, as well as the ability to go paperless with electronic statements and documents.
How to get Vectra Bank Colorado’s checking accounts
All the bank’s checking accounts, except for the Military Advantage Checking account, can be opened online or in person. The Military Advantage Checking account must be opened in person. To open the accounts, you will need your Social Security number and a form of identification, such as a driver’s license, as well as information to fund your new account.
How Vectra Bank Colorado’s checking accounts compare
Most of Vectra Bank Colorado’s checking accounts have minimum requirements and low fees that are easily waivable (or no fees at all). That, along with online and mobile banking platforms and other small perks, wins the bank a few points for those shopping for a simple checking account.
But it’s difficult to say how these accounts stack up to those on our list of the best online checking accounts without knowing the interest rates on those that offer. Be sure to contact the bank to comparison shop before settling on one of these accounts.
Vectra Bank Colorado’s savings account options
Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.05% | $100,000 |
- Minimum opening deposit: $50
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: $3, unless you maintain a minimum monthly balance of $200 or receive a minimum of a $25 automatic transfer from a linked checking account
- ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $35
Young Savers
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: None
- ATM fee: None on Vectra Bank Colorado or MoneyPass ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $35
This account is for Vectra Bank Colorado customers 25 and younger. It comes with a low opening deposit requirement and no monthly fee. While it does have the ability to earn interest on any amount, the rate is low — albeit higher than the regular Savings account.
This account also comes with mobile and online banking platforms. As a savings account, this one is subject to Federal Reserve Regulation D, which allows certain withdrawals and transfers up to six per month. You face an excessive withdrawal fee of up to $15 if you exceed that number from the bank. Once the account holder turns 26, this account will turn into a regular Savings account.
How to get Vectra Bank Colorado’s savings accounts
Both of these accounts can be opened online or in person if you’re at least 18. You’ll need your Social Security number, as well as a form of ID — such as your driver’s license — and an existing account to fund your new one. Those younger than 18 who are wanting to open the Young Savers account will need a parent or legal guardian to be a joint owner on the account. They will also need to open the account at a branch.
How Vectra Bank Colorado’s savings accounts compare
While these accounts have low requirements and low fees, they also come with low interest rates. It’s also a bit of a drawback that the regular Savings account’s rate is lower than the Young Savers’ rate, especially for those wanting to upgrade when they reach age 26. We suggest going with one of the products on our list of the best online savings accounts, many of which come with the same perks and advantages, along with much higher rates.
Vectra Bank Colorado’s CD rates
Certificates of Deposit
| Term | APY |
|---|---|
| 1 month | 0.01% |
| 3 months | 0.01% |
| 6 months | 0.01% |
| 9 months | 0.01% |
| 12 months | 0.05% |
| 18 months | 0.05% |
| 2 years | 0.10% |
| 3 years | 0.15% |
| 4 years | 0.25% |
| 5 years | 0.30% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: For terms less than 31 days, all interest earned; for terms of 32 days to one year, it’s 90 days’ interest; for terms over one year, it’s 180 days’ interest
Vectra Bank Colorado’s standard fixed-rate CDs are your typical run-of-the-mill CDs with average term lengths, minimum deposit requirements and early withdrawal penalties. They typically renew for a similar term length once they reach maturity, and the grace period for withdrawing funds is 10 calendar days after they reach maturity, or three days if the term of the CD is 31 days or less. The early withdrawal penalty is calculated based on the amount of interest paid at the time of withdrawal.
Jumbo CDs
| Term | APY |
|---|---|
| 1 month | 0.01% |
| 3 months | 0.01% |
| 6 months | 0.01% |
| 9 months | 0.01% |
| 12 months | 0.05% |
| 18 months | 0.10% |
| 2 years | 0.15% |
| 3 years | 0.20% |
| 4 years | 0.30% |
| 5 years | 0.35% |
- Minimum opening deposit: $100,000
- Minimum balance amount to earn APY: $100,000
- Early withdrawal penalty: For terms less than 31 days, all interest earned; for terms of 32 days to one year, it’s 90 days’ interest; for terms over one year, it’s 180 days’ interest
Vectra Bank Colorado’s Jumbo CDs offer similar term lengths, rates and early withdrawal penalties, but a much higher requirement for the minimum opening deposit compared to the regular CDs. As with the regular CDs, these typically renew for a similar term length once they reach maturity, and the grace period for withdrawing funds is 10 calendar days after they reach maturity, or three days if the term of the CD is 31 days or less. The early withdrawal penalty is calculated based on the amount of interest paid at the time of withdrawal.
How to get Vectra Bank Colorado’s CDs
You can open any of these CDs online or in person. You’ll need to be sure to have your Social Security number, a form of government-issued ID and an account to fund your CD.
How Vectra Bank Colorado’s CD rates compare
While the basic details such as term length, minimum deposit requirements (for the regular CDs, anyway) and early withdrawal penalties are pretty standard compared to others on the market, the rates on both Vectra Bank Colorado’s regular and Jumbo CDs don’t come close to those on our list of the best CD rates.
The minimum deposit requirement for the Jumbo CDs is quite steep compared to other products out there with much better rates. We say skip these CDs and consider going with one on our list instead.
Vectra Bank Colorado’s money market account option
Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $1,000 |
| 0.03% | $100,000 |
| 0.05% | $250,000 |
- Minimum opening deposit: $500
- Minimum balance to earn APY: $1,000
- Monthly account maintenance fee: $10, unless you maintain a minimum monthly balance of $1,000
- ATM fee: None on Vectra Bank or MoneyPass ATMs; $2 on out-of-network ATMs
- ATM fee refund: None
- Overdraft fee: $35
At first glance, this account might appear to be a more appealing option than Vectra Bank Colorado’s regular savings account. But upon closer inspection, you’ll see that the rates are mostly the same — but with much higher balance requirements. This account also has a much higher opening deposit requirement than the regular Savings account, as well as a higher balance requirement to avoid the monthly fee. This account also comes with online and mobile banking platforms. As a savings account, this money market account is subject to Federal Reserve Regulation D, which allows certain transfers and withdrawals up to six per month. You face an excessive withdrawal fee of up to $15 from the bank if you exceed that number.
How to get Vectra Bank’s Money Market account
You can open the bank’s Money Market account online or in person. You’ll need a form of government-issued identification, your Social Security number and an account number to fund this one.
How Vectra Bank Colorado’s money market account compares
To put it bluntly, we’ll give this account a hard pass. It’s essentially the same as the Savings account in that it offers low rates, but with much higher balance requirements to earn them.
These rates also don’t even come close to those on our list of the best money market rates available, so consider one of those or do some comparison shopping before settling on this account from Vectra Bank Colorado.
Vectra Bank Colorado’s IRA options
IRA CD rates
IRA CDs
| Term | APY |
|---|---|
| 1 month | 0.01% |
| 3 months | 0.01% |
| 6 months | 0.01% |
| 9 months | 0.01% |
| 12 months | 0.05% |
| 18 months | 0.05% |
| 2 years | 0.10% |
| 3 years | 0.15% |
| 4 years | 0.25% |
| 5 years | 0.30% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: $1,000
- Early withdrawal penalty: Dependent on the term and amount on deposit; contact the bank for further details
IRA Jumbo CDs
| Term | APY |
|---|---|
| 1 month | 0.01% |
| 3 months | 0.01% |
| 6 months | 0.01% |
| 9 months | 0.01% |
| 12 months | 0.05% |
| 18 months | 0.10% |
| 2 years | 0.15% |
| 3 years | 0.20% |
| 4 years | 0.30% |
| 5 years | 0.35% |
- Minimum opening deposit: $100,000
- Minimum balance amount to earn APY: $100,000
- Early withdrawal penalty: Dependent on the term and amount on deposit; contact the bank for further details
As with Vectra Bank Colorado’s regular Jumbo CDs, the opening deposit requirement is pretty steep compared to the low rates you’re getting. These CDs can be managed with the bank’s online banking platform.
How to get Vectra Bank Colorado’s IRA CDs
You can open the bank’s IRA CDs at a branch or by calling 844-210-3604. You’ll need your Social Security number, a form of ID and an account with which to fund your CD.
How Vectra Bank Colorado’s IRA CD rates compare
Just like with Vectra Bank Colorado’s regular CDs, these IRA CDs appear to be pretty standard at first glance, but the rates don’t stack up to those on our list of the best IRA CD rates. The opening deposit on the Jumbo IRA CDs is also quite steep for the low rates you’re getting. We urge you to shop around and possibly consider one of the products on our list.
IRA Money Market
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $2,000 |
| 0.05% | $100,000 |
- Minimum opening deposit: $100
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: None
- ATM fee: N/A
- ATM fee refund: N/A
- Overdraft fee: N/A
Vectra Bank Colorado’s money market IRA comes with minimal requirements and no monthly fee, but very low rates on very high balances. While you can make additional deposits at any point, any withdrawals made before age 59½ may be subject to federal taxes and penalties from the IRS.
How to get Vectra Bank Colorado’s IRA Money Market
Customers can open Vectra Bank Colorado’s IRA Money Market accounts at a branch or by calling 844-210-3604. You’ll need your Social Security number, a form of ID and an account with which to fund the account.
Overall review of Vectra Bank Colorado’s banking products
While most of Vectra Bank Colorado’s deposit accounts offer minimal requirements and easily waivable fees, the rates on all of them don’t stack up to the competition. If you are interested in growing the funds you are socking away, we urge you to take the time to comparison shop to ensure you’re getting the most bang for your buck in choosing a new account.
