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
- Reward Checking
- Top CD Rates
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.
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.
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.
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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You can choose a fee-free checking or an interest-bearing account. Both have lots of good features, such as mobile and online banking and access to a person-to-person payment application.
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Customers have access to 43,000 surcharge-free ATMs nationally and 55,000 globally through the Allpoint Network.
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Yields on deposit accounts are attractive.
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 bank products
The Federal Savings Bank savings overview
You only need to deposit $100 to earn the top APY; however, you can find higher yields elsewhere.
Pros
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You’ll need just $25 to open a Statement Savings account.
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There’s no monthly service fee.
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The account comes with access to online and mobile banking.
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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Interest is compounded and credited on a quarterly basis.
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.
Bank experience
The Federal Savings Bank has only two retail banking locations, but offers a mobile app that rates well with users of Apple and Android devices. It provides a big surcharge-free ATM network. Using the Popmoney and Zelle payment platforms, it also allows person-to-person payments.
Deposit products may be managed online. Customers who are unable to visit a branch can also reach customer service over the phone for help with their banking needs.
About The Federal Savings Bank
The Federal Savings Bank 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.
