Third Federal Savings & Loan Association Review 2022
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Hover for moreOverview
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
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
-
Third Federal offers a range of standard and special CDs.
-
Some product offerings, such as certain CDs, 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.
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
Third Federal Savings & Loan Association of Cleveland savings overview
Pros
-
The savings account charges no monthly fees.
-
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.
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
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.
