The Federal Savings Bank Review 2023
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At a glance

CDs
Checking
Savings
MMA
About Bankrate Score
Overview
The Federal Savings Bank is a good bank for consumers looking for a mortgage, especially if they are active-duty military or veterans. It’s also good for savers looking for competitive rates who prefer to do their banking online, as TFSB has only two traditional retail branches where customers can withdraw and deposit funds and talk to bankers.
Highlights
- Top CD Rates
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
The Federal Savings Bank specializes in mortgages for homebuyers but also offers deposit products and personal loans. The bank offers savers options to earn interest on everyday bank accounts like checking and savings.
Pros
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Customers have access to 55,000 ATMs.
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Competitive yields are available on the bank’s promotional CDs.
Cons
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TFSB is not a great option for people who prefer branch banking, as it has only two retail branches, both in Illinois.
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The money market rates aren't very favorable for savers with balances under $25,000, and there is a $10 monthly service fee if the average daily balance falls below $1,000.
The Federal Savings Bank banking products
FEATURES
The Federal Savings Bank savings overview
You need to deposit $100 to earn the top APY; however, you can find much higher yields elsewhere. You’ll need at least $25 to open the bank’s Statement Savings accounts.
Pros
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You’ll need just $25 to open a Statement Savings account.
Cons
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You can get a rate that’s better than most big banks, but it tends to be behind most top online banks.
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You don’t earn interest on balances below $100.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
The Federal Savings BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
The Federal Savings Bank has only two retail banking locations, but it offers a mobile app that rates well with users of Apple and Android devices. It provides customers a big surcharge-free ATM network. You can also use the Zelle payment platform to send money to others.
About The Federal Savings Bank
The Federal Savings Bank (TFSB) is an FDIC-insured bank that is privately owned by veterans. Its emphasis is on mortgage lending, but the bank also offers deposit products that earn interest.
The bank was established in 2000 and is headquartered in Chicago. TFSB has only two retail banking branches, both in Illinois, but it provides home lending services in all 50 states to help customers achieve the American Dream.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.