- Overall Bank Rating
- Pros and Cons
- CD
- IRA CD
- How Columbia Savings and Loan Association Works
- The Role of Black-led Financial Institutions
- Is Columbia Savings and Loan Association Trustworthy?
- Columbia Savings and Loan Association vs. OneUnited Bank
- Columbia Savings and Loan Association vs. Liberty Bank and Trust
- Frequently Asked Questions
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The bottom line: Columbia Savings and Loan Association is a worthwhile option if you want to open a CD or IRA CD. If you're looking for other types of bank accounts, our best high-yield savings accounts guide or best checking accounts guide might be good places to start your search.
Columbia Savings and Loan Association bank accountsColumbia Savings and Loan Association CD
Columbia Savings and Loan Association: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| CD | 3.5 |
| IRA CD | 3.5 |
| Trustworthiness | 3 |
| Total | 3.5 |
Columbia Savings and Loan Association: Pros and Cons
| Pros | Cons |
|
|
Columbia Savings and Loan Association CD
Columbia Savings and Loan Association CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.20% to 0.80%
Minimum Deposit Amount$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- con icon Two crossed lines that form an 'X'. Must contact the bank for early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Only compounds interest every 6 months
- Black-owned bank in Milwaukee, Wisconsin
- Terms range from 3 months to 5 years
- Interest compounds every 6 months
- FDIC insured
The $500 minimum deposit is relatively low and the interest rates are comparable to other brick-and-mortar financial institutions.
The main downside is that it only compounds interest once every six months, while many banks compound monthly or even daily.
Columbia Savings and Loan Association IRA CD
Columbia Savings and Loan Association IRA CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)0.20% to 0.80%
Minimum Deposit Amount$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- con icon Two crossed lines that form an 'X'. Must contact the bank for early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Only compounds interest every 6 months
- Black-owned bank in Milwaukee, Wisconsin
- Choose from a Roth or traditional IRA
- Terms range from 3 months to 5 years
- Interest compounds every 6 months
- FDIC insured
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 CD 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 designated as a minority-led financial institution (MDI) by the FDIC. The FDIC defines an MDI as "a federal insured depository institution for which (1) 51% or more of the voting stock is owned by minority individuals; or (2) a majority of the board of directors is minority and the community that the institution serves is predominantly minority."
Columbia Savings and Loan Association has 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 a.m. to 5 p.m. CT, or Friday from 9 a.m. to 7 p.m. CT.
Your CD deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts. Columbia Savings and Loan is an Equal Housing Lender.
The Role of Black-led Financial Institutions
There is a history of racial prejudice in banking and lending that has significantly impacted Black Americans and contributed to a racial wealth gap in the US. Black-led financial institutions serve an integral role in providing services and products to Black communities.
Columbia Savings and Loan Association has one location in Milwaukee, Wisconsin. According to the US Census Bureau, over 68% of the city population is Black.
Columbia Savings and Loan Association is also is certified as a community development financial institution (CDFI). Banks have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers to receive CDFI designation.
Is Columbia Savings and Loan Association Trustworthy?
We include the Better Business Bureau's grade when assessing a bank's trustworthiness. Columbia Savings and Loan Association has an A+ rating from the BBB.
Columbia Savings and Loan hasn't been involved in any recent public controversies in the last three years.
Columbia Savings and Loan Association vs. OneUnited Bank
You may like OneUnited Bank if you're comfortable banking digitally. It has a well-rounded group of banking products, including savings and checking accounts.
But Columbia Savings and Loan pays higher interest rates on CDs than OneUnited, and OneUnited doesn't have any investment products.
Columbia Savings and Loan Association vs. Liberty Bank and Trust
Liberty Bank and Trust has more types of banking products than Columbia Savings and Loan, including traditional and Roth IRAs. It doesn't have IRA CDs, though, so you may prefer Columbia if you're looking for a conservative investment account.
Liberty also pays high interest rates on CDs.
Columbia Savings and Loan Association: Frequently Asked Questions
Where is Columbia Savings and Loan Association? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Columbia Savings and Loan Association has one branch in Milwaukee, Wisconsin.
What types of products does Columbia Savings and Loan Association have? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Columbia Savings and Loan Association has CDs and IRA CDs. You can also get home loans, church loans, and personal loans.
Is Columbia Savings and Loan Association FDIC insured? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Columbia Savings and Loan Association is FDIC insured. Up to $250,000 per depositor is secure in a bank account that's federally insured.
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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