Columbia savings and loans Logo on Personal Finance pattern background

Table of Contents: Masthead StickySummary List Placement

The bottom line: Columbia Savings and Loan Association Certificate of Deposit is a worthwhile option if you want to open a CD or IRA CD. But you’ll need to look elsewhere for other savings or investment tools.

Overall bank rating

Feature
Insider rating (out of 5)

CD
3.5

IRA CD
3.5

Trustworthiness
3

Total
3.33

Pros and cons

Pros
Cons

Black-owned bank
Competitive interest rates
Low minimum opening deposits

Only available to people in Milwaukee
No traditional savings or checking accounts
No online or mobile banking
Only compounds interest once every six months

CD
Columbia Savings and Loan Association Certificate of Deposit

Columbia Savings and Loan pays competitive rates on CDs, and the $500 minimum deposit is relatively low. The main downside is that it only compounds interest once every six months, while many banks compound monthly or even daily.

IRA CD
Columbia Savings and Loan Association IRA Certificate of Deposit

An IRA CD locks in your APY for a set amount of time and saves your money specifically for retirement. It can be an option worth considering for people who are getting close to retirement and are looking for a safe way to invest their money.

If you’re looking for a safe investment strategy, the Columbia Savings and Loan Association IRA Certificate of Deposit is a decent choice. You can choose between a Roth or traditional IRA CD.

How Columbia Savings and Loan Association works

Columbia Savings and Loan Association is a Black-owned institution with one location in Milwaukee, Wisconsin. It offers CDs, Roth IRA CDs, and traditional IRA CDs. It also gives home loans, church loans, and personal loans.

Columbia Savings and Loan doesn’t have a mobile app or online banking capabilities. You’ll need to work directly with the branch.

Contact customer service or visit the branch Monday through Thursday from 9:00 a.m. to 5:00 p.m. CT, or Friday from …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *