Business Details
Your Trusted Partner for Local Banking Solutions
Colonial Federal Savings Bank has been a trusted name in community banking for decades, now operating as a division of North Shore Bank. Our expertise spans personal and business banking solutions, including checking accounts, savings programs, mortgage lending, and investment products like CDs and IRAs. We prioritize local service through physical branches in Quincy, Holbrook, and Weymouth, Massachusetts, while offering digital tools for 24/7 account management. Our FDIC-insured status ensures customer assets are protected under U.S. government backing. As part of the Hometown Financial Group, we combine regional knowledge with the resources of a larger financial network to meet diverse client needs.Our team of experienced professionals, including NMLS-certified loan officers, delivers personalized financial guidance. We maintain transparent fee structures and competitive interest rates, recently offering 3.75% APY on 6-month CDs and 3.60% APY on 1-year CDs. Community engagement remains central to our mission, reflecting our commitment to local economic growth. With drive-up ATMs available around the clock and extended weekday lobby hours, we ensure accessibility for all customers. Our integration with North Shore Bank enhances our capacity to provide comprehensive financial services while maintaining a neighborhood-focused approach.
Services
Checking Accounts
Savings Accounts
Certificates of Deposit
IRA Accounts
Mortgage Loans
Home Equity Loans
Online Banking
Mobile Banking
ATM Services
Business Banking
Highlights and features
- We offer FDIC-insured accounts backed by U.S. government security
- Local decision-making with access to regional lending expertise
- Competitive CD rates with terms as short as six months
- 24/7 ATM access plus extended weekday branch hours
- Personalized service from NMLS-certified loan professionals
Associations and certifications
- Federal Deposit Insurance Corporation (FDIC)
Services
Checking Accounts
We offer student and standard checking accounts with convenient access through 24/7 ATMs and online banking platforms. Our accounts feature competitive terms and no hidden fees. Customers benefit from secure transactions and personalized financial management tools.
Certificates of Deposit
Our CD products include 6-month and 1-year terms with current APYs of 3.75% and 3.60% respectively. These fixed-rate investments require a $1,000 minimum balance with penalty provisions for early withdrawal. Automatic renewal options available.
Home Equity Loans
We provide home equity financing solutions with competitive rates. Our NMLS-certified loan officers offer personalized guidance through the application process. Funds can be used for home improvements, debt consolidation, or other major expenses.
Online Banking
Our digital platform enables 24/7 account management including bill payment, fund transfers, and transaction monitoring. The mobile app features mobile check deposit and real-time balance updates. Security features include multi-factor authentication.
Mortgage Loans
We offer residential mortgage products with competitive fixed and adjustable rate options. Our local underwriting process ensures faster decision-making. Loan specialists provide guidance from pre-approval through closing with transparent fee structures.
Questions
What banking services does Colonial Federal offer?
We provide checking accounts, savings programs, certificates of deposit, IRA accounts, mortgage loans, home equity loans, and business banking solutions.
Are my deposits insured at Colonial Federal?
Yes, all eligible accounts are FDIC-insured up to legal limits, backed by the full faith and credit of the U.S. government.
What are the current CD rates?
As of November 1, 2025: 3.75% APY for 6-month CDs and 3.60% APY for 1-year CDs with a $1,000 minimum balance.
Can I access banking services after hours?
Yes, our ATMs operate 24/7, and online banking is available 24 hours a day, seven days a week for account management.
