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Third Federal Savings & Loan Association Review 2022
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
CD
Overall
3.6
Bankrate Score
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.
What we like
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Third Federal offers a range of standard and special CDs.
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Some product offerings, such as certain CDs, are available nationwide.
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The bank offers hundreds of fee-free ATMs, thanks to a partnership with Fifth Third Bank, a regional bank based in Cincinnati.
What we don't
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Branches are only in Ohio and Florida.
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The mobile app lacks some of the digital features you would find in an app for a bigger bank.
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Some deposit accounts, such as money market accounts, cannot be opened online.
Savings accounts
2.9
Bankrate Score
Member FDIC
Savings account
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.
What we like
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The savings account charges no monthly fees.
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The minimum opening deposit is only $10.
What we don't
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Savings accounts with higher yields can be found elsewhere.
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A minimum $100,000 balance is required to earn the top APY.
CD rates
3.9
Bankrate Score
Member FDIC
CD
Third Federal offers CDs to consumers nationwide. In addition to standard CDs in multiple terms, Third Federal offers specialty CDs and retirement CDs. The opening deposit for traditional and specialty 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.
What we like
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Third Federal offers many CD terms with competitive yields.
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The minimum deposit to open a CD is only $500.
What we don't
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Customers looking for top-tier yields can find higher APYs elsewhere.
Checking accounts
3.4
Bankrate Score
Member FDIC
Checking account
Third Federal’s High-Yield Checking Account pays interest on daily balances of at least $10. Conveniently, $10 is also the amount required to open an account. The $12 monthly service charge is waived with an average daily balance of at least $1,500. The first four out-of-network ATM transactions are free; after that, Third Federal charges $2 per transaction.
What we like
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Interest rates are competitive.
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The high-yield account offers tiered interest rates, so higher balances earn more.
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There is no out-of-network ATM free on the first four transactions.
What we don't
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The balance to avoid the $12 monthly fee is relatively high at $1,500.
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The mobile app lacks person-to-person payment functionality.
Money market accounts
2.8
Bankrate Score
Third Federal’s Money Market account pays the highest APY available at this institution — but it’s only available to customers who open the account at one of its 16 branches in Florida. A minimum $5,000 deposit is also required. The account features tiered interest rates.
What we like
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Account balances of $25,000 or more earn a competitive yield.
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There are no fees for going below a certain balance.
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The Money Market account offers tiered interest rates; higher balances earn more.
What we don't
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The account can only be opened at a Third Federal branch in Florida.
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Check-writing privileges aren’t offered.
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.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.
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