Third Federal Savings and Loan Association Review 2019

Third Federal Savings and Loan Association Logo


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.


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About Third Federal Savings and Loan Association

Third Federal Savings and Loan Association was established in May 1938 during the Great Depression. Initially, its customers were primarily Eastern European immigrants living in Cleveland, Ohio, but as the bank grew and opened new branches, it began serving communities in the surrounding suburbs. By its 25th anniversary, the savings and loan association had more than 65,000 customers.

Today, Third Federal Savings serves hundreds of thousands of customers nationwide and offers mortgage loans in nearly half of the states. It’s one of the largest financial institutions in Ohio and is still headquartered in Cleveland. In addition to offering first and second mortgages, Third Federal Savings provides consumers with the opportunity to refinance, open bank accounts and start saving for retirement.

You’ll love Third Federal Savings & Loan Association if you’re looking for a smaller bank that offers high-yield CDs. However, if you would prefer a more digitally innovative bank or credit union, you’ll likely pass on an account at this bank.


  • Third Federal offers a range of high-yield CDs and special CD deals.
  • Some product offerings --- like certain CD specials --- are available nationwide.
  • The bank offers hundreds of fee-free ATMs, thanks to a partnership with Fifth Third Bank, a regional bank based in Cincinnati, Ohio.


  • Branches are only available in Ohio and Florida.
  • There is an app, but it lacks the digital features you would find in a mobile app provided by a bigger bank, like person-to-person payments.
  • Some deposit accounts --- like checking accounts --- cannot be opened online.

Third Federal Savings and Loan Association Services

Savings Rating


On the Third Federal High-Yield Savings Account, a minimum of $100,000 is needed to earn the account’s highest APY, which is 10 times the national average. The lower tiers are also above the national average APY.


  • Third Federal offers 10 times the national average APY on its High-Yield Savings Account.
  • No monthly fees.
  • Third Federal customers are automatically enrolled in a Loyalty Perks program.


  • 10 times the national average APY isn’t competitive on the High-Yield Savings Account.
  • $100,000 is a very high minimum balance to earn 10 times the national average APY.
  • Interest compounds monthly.

Savings accounts available from other banks

CDs Rating


Third Federal offers CDs to consumers nationwide. In addition to providing access to standard CDs across multiple terms, the savings and loan association offers CD specials and retirement CDs. The minimum deposit for traditional and special CDs is just $500. CDs can be opened online, over the phone or in a branch. Early withdrawal of the principal balance will result in a penalty that varies depending on the CD term.


  • Low minimum deposit needed to open a CD.
  • Many different CD terms are available.


  • Interest is compounded quarterly and credited on a quarterly basis.
  • For CDs with terms of 179 days or less, interest does not compound and is typically credited at maturity.
  • The grace period for withdrawing before the CD automatically renews is shorter (seven days instead of 10 days).
  • Higher yields are available at other banks and credit unions.

CDs available from other banks

2.25% APY
2.45% APY
2.45% APY
Checking Rating


Third Federal’s High-Yield Checking Account offers interest bearing accounts for daily balances of at least $10. Conveniently, $10 is also the amount required to open an account. The monthly service charge for the accounts is relatively low at $7 per month. The monthly service can be waived for those who have an average daily balance of at least $1,500.


  • Tiered interest rates so higher balances earn more
  • Low monthly fee of $7


  • Balance to avoid the monthly fee is relatively high ($1,500)

Checking accounts available from other banks

MMAs Rating


Third Federal’s Money Market Account is how you can earn the highest APY at this institution. You can earn nearly a top-tier APY, nearly 10 times the national average APY on $25,000 or more. There is one catch: you need to visit a Florida branch to open this account. If your balance drops between $5,000 and $24,999, you only earn around 10 times the national average APY. And if you drop below $5,000 -- or below $2,000 for an IRA -- you don’t earn any interest.


  • With the Third Federal Money Market Account you can earn near a top-tier APY on $25,000 or more.
  • There are no fees on the Money Market Account if you go below a certain balance.
  • You’re rewarded for depositing more money, since there are three interest tiers.


  • Interest isn’t earned on balances below $5,000. (For IRA accounts, interest isn’t earned on less than $2,000.)
  • To open the Money Market Account you need to visit a Third Federal Florida Branch.
  • Interest compounds monthly.
  • No check writing privileges.

MMAs available from other banks

Bank Experience Rating


You’re not going to bank here for the digital experience. While a mobile banking app exists, it looks much more basic than rivals’ apps. Still, you can use the mobile app to find out your bank balance before you, say, checkout at the grocery line. You also may find a long-lasting relationship with an employee at Third Federal Savings & Loan Association. In its latest earnings report, the bank highlighted how its average associate tenure is 13 years.

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