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Third Federal Savings & Loan Association Review 2022

Updated December 2, 2022
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.9 stars out of 5

Checking

Rating: 3.4 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.8 stars out of 5

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Overview

Third Federal Savings & Loan Association is a good fit for consumers looking for a smaller bank that offers high-yield CDs.

Highlights

  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 3.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Third Federal Savings & Loan Association is a Cleveland-based financial institution that supports local communities in Ohio and Florida and offers some banking products online.

Pros

  • Checkmark

    Third Federal offers a range of standard and special CDs.

  • Checkmark

    Some product offerings, such as certain CDs, are available nationwide.

  • Checkmark

    The bank offers hundreds of fee-free ATMs, thanks to a partnership with Fifth Third Bank, a regional bank based in Cincinnati.

Cons

  • Branches are only in Ohio and Florida.

  • The mobile app lacks some of the digital features you would find in an app for a bigger bank.

  • Some deposit accounts, such as money market accounts, cannot be opened online.

Third Federal Savings & Loan Association of Cleveland bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Third Federal Savings & Loan Association of Cleveland savings overview

The bank's High-Yield Savings Account offers tiered rates. To earn the highest APY, a minimum $100,000 deposit is required. Yields are decent, but higher yields can be found elsewhere.

Pros

  • Checkmark

    The savings account charges no monthly fees.

  • Checkmark

    The minimum opening deposit is only $10.

Cons

  • Savings accounts with higher yields can be found elsewhere.

  • A minimum $100,000 balance is required to earn the top APY.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 3.6 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

The bank's app receives high marks from iOS and Android users, though the features are fairly standard compared with apps from other financial institutions. Still, the app can be used for basic functions, such as quickly checking bank balances and making mobile deposits.

About Third Federal Savings & Loan Association of Cleveland

Third Federal Savings & Loan was established in 1938 during the Great Depression. Its customers were primarily Eastern European immigrants living in Cleveland, but as the bank grew and opened new branches, it began serving communities in the surrounding suburbs.

Today, Third Federal Savings & Loan serves hundreds of thousands of customers nationwide and offers mortgage loans in half of the 50 states and the District of Columbia. It’s one of the largest financial institutions in Ohio, with headquarters in Cleveland. In addition to mortgages, Third Federal Savings & Loan offers checking, savings, money market accounts, CDs and retirement savings accounts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.