At a glance

Overview

Third Federal Savings & Loan Association, headquartered in Cleveland, primarily serves Ohio and Florida markets with limited county-by-county availability when it comes to physical locations. The bank's standout offerings are its CDs, but if you’re interested in any other deposit account — be it a savings, money market or checking account — you’re better off shopping around.

Highlights:

Low Min Deposit

Highlights:

Low Min Deposit

3.4

Bankrate Score

CDs

4.7 /5

Checking

2.9 /5

Savings

2.8 /5

MMA

2.4 /5

Customer Experience

3.9 /5

Pros and cons

Pros

Third Federal offers a solid large range of standard and specialty 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.
Checking accounts can only be opened at branches.
Higher savings and money market account APYs can be found elsewhere.
Third Federal doesn’t offer access to peer-to-peer transaction platforms like Zelle.
The bank charges many fees, including very expensive overdraft and NSF fees.

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Third Federal Savings & Loan Association of Cleveland banking products

Third Federal savings account

2.8

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

Minimum deposit:

$10.00

4/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fees:
$0.00
5/5

The lowest balance an account must maintain to avoid a monthly fee.

Access to funds:
Great
5/5

Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account.

Additional savings tools:
No
0/5

Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.

Pros

The savings account charges no monthly fees.
The minimum opening deposit is only $10.
There’s no limit on monthly transactions.

Cons

Savings accounts with higher yields can be found elsewhere.
A minimum $100,000 balance is required to earn the top APY.

There are no monthly fees or transaction limits associated with Third Federal's savings account. While it only takes $10 to open this account, you’ll need a minimum balance of $100,000 to earn the highest APY available — and even the top yield is still very low compared to similar competitors.

Third Federal certificates of deposit

4.7

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

1-year APY: 4.35%

5/5

3-year APY: 3.00%

4/5

5-year APY: 4.00%

5/5

Minimum deposit:

$500.00

5/5

Early withdrawal penalty:

Good

4/5

Offers specialty CDs:
Yes
5/5

Specialty CDs include no-penalty CDs, bump-up CDs and add-on CDs.

Number of CD terms:
30
5/5

The number of CD terms a financial institution offers.

Pros

Third Federal offers many specialty CD terms with competitive yields.
The minimum deposit to open a standard CD is only $500.

Cons

Some CDs require $25,000 or more to open.
Most terms are nonstandard.

Third Federal has many regular and special CDs to choose from. You’ll only need $500 to open a CD at this bank. But CD yields may vary by location. So confirm you’re eligible for the advertised APY.

Terms are nonstandard, and may make building a ladder across accounts more difficult than normal. You will also need a deposit of $25,000 or more to open certain CDs.

Third Federal money market account

2.4

/5

See methodology Compare money market rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

Minimum deposit:

$5,000.00

2/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fees:
$0.00
5/5

The lowest balance you must maintain to avoid a monthly fee.

Access to funds:
Subpar
2/5

Access to funds scores how many and which ways you can withdraw and deposit funds from a money market account.

Pros

There are no monthly fees.
There is no limit on monthly transactions.

Cons

Significantly higher yields for lower balances can be found elsewhere.
You need $100,000 in deposits to earn the top yield.

Third Federal offers a money market account with tiered interest rates requiring a minimum of $5,000, $25,000 or $100,000. The APY earned may change with each tier, with the highest rate corresponding to the highest deposit. And while there are no monthly transaction limits or fees, you can find much better rates with similarly fee-free accounts elsewhere.

Third Federal Interest Checking account

2.9

/5

See methodology Compare checking rates

SCORE BREAKDOWN

Minimum deposit:

$10.00

4/5

Monthly service fee:

$12.00

2/5

Overdraft fees:

Subpar

1/5

Minimum balance to avoid fees:
$1,500.00
2/5

The lowest balance an account must maintain to avoid a monthly fee.

Early direct deposit:
No
3/5

A feature that allows you to receive your paycheck or other qualifying funds earlier than the official payment date.

ATM network:
Great
5/5

Accessibility to fee-free ATMs for account holders.

APY offering:
0.01%
4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Pros

There is no out-of-network ATM fee on the first four transactions.

Cons

Third Federal charges very expensive and uncapped overdraft and NSF fees.
The Interest Checking account can only be opened at a branch.
Checking accounts with higher yields for lower balances are easily found elsewhere.
The balance to avoid the $12 monthly fee is relatively high at $1,500.

Third Federal’s checking account pays interest on daily balances of at least $10, but accounts can only be opened in branches which are limited to Ohio and Florida.

There is a $12 monthly service charge, and waiving it requires a combined average daily balance of at least $1,500 from your checking and savings accounts. Third Federal also has a number of other fees, including a high uncapped NSF fee.

Compare more: Bankrate's best saving account offers

Customer experience

3.9

/5

See methodology

SCORE BREAKDOWN

Hours of operation:

Good

4/5

Amount of customer service options:

Excellent

5/5

Average mobile app rating:

Great

4/5

Website ease of use:
Poor
2/5

How user-friendly and intuitive the bank's website is for customers to navigate and complete banking tasks.

Branches:
Subpar
2/5

The availability and accessibility of physical branch locations for in-person banking services.

Account alerts:
Yes
5/5

The variety and customization options for notifications about account activity and important updates.

Customer service. Third Federal customers can call customer service:

Monday through Thursday from 8:30 a.m. to 5 p.m. ET
Friday from 8:30 a.m. to 6 p.m. ET
Saturday from 8:30 a.m. to 1:30 p.m. ET.

Customer service is closed on Sunday. You can also call Third Federal’s Personal Money Line, which provides automated account information 24 hours a day.

Digital experience. Third Federal offers a well-rated mobile app for 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.

How Third Federal compares to other banks

Compare different account types offered by Third Federal Savings & Loan Association. Annual percentage yields (APYs) shown were updated between Sept. 12, 2026 and Sept. 18, 2026.

Selected bank Third Federal Savings and Loan savings account Member FDIC Bankrate score Rating: 2.8 stars out of 5 2.8 Bankrate Savings rating = 2.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Chase Bank savings account Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate Savings rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Sept. 12, 2026 and Sept. 18, 2026.
0.05%	0.01%
Minimum balance for APY
$25,000.00	$0.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$25	$5

The bank's High-Yield Savings Account offers tiered rates, and how much you can earn depends on your balance. While it only takes $10 to open this account, you’ll need a minimum balance of $100,000 to earn the highest APY. And though there aren’t monthly fees or limits on monthly transactions, higher interest rates can be found elsewhere.	The Chase Savings account is the bank’s standard savings account. It offers a yield well below the national average for savings accounts. The Chase Savings account has a $5 monthly maintenance fee. Starting every day with at least $300 or automatically transferring at least $25 per month from your Chase checking account to this savings account are two ways to waive the fee.

The savings account charges no monthly fees. The minimum opening deposit is only $10. There’s no limit on monthly transactions.	Those who already bank with Chase might find it convenient to have a savings account at this bank. Chase has many branches and wide access to ATMs.	N/A
Savings accounts with higher yields can be found elsewhere. A minimum $100,000 balance is required to earn the top APY.	The Chase Savings account has a waivable $5 monthly maintenance fee. The Chase Savings account doesn’t earn a competitive yield.	N/A

APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum deposit for APY: $10.00 4/5 The minimum deposit amount a financial institution requires in order to open a savings account. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain to avoid a monthly fee. Access to funds: Great 5/5 Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account. Additional savings tools: No 0/5 Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.	APY offering: 0.01% 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum deposit for APY: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a savings account. Monthly service fee: $5.00 4/5 A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met. Minimum balance to avoid fee: $300.00 3/5 The lowest balance an account must maintain to avoid a monthly fee. Access to funds: Great 5/5 Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account. Additional savings tools: Yes 5/5 Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The minimum deposit amount a financial institution requires in order to open a savings account. A monthly charge a financial institution deducts from an account; can sometimes be waived if certain requirements are met. The lowest balance an account must maintain to avoid a monthly fee. Access to funds scores how many and which ways you can withdraw and deposit funds from a savings account. Additional savings tools include features such as sub-accounts, roundup savings or other automatic savings features. Bankrate does not currently track additional product details for this bank.

Selected bank Third Federal Savings and Loan CD Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate CD rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Ally Bank CD Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate CD rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Sept. 12, 2026 and Sept. 18, 2026.
4.35%	2.70%
Minimum deposit
$500.00	$0.00
Term
1 yr	11 mos

Third Federal offers CDs to consumers nationwide. In addition to standard CDs in multiple terms, Third Federal offers specialty CDs, retirement CDs and bonus CDs.The specialty and bonus CDs offer the highest yields, though some standard CDs offer solid yields as well. 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.	Ally Bank consistently offers strong yields on its CDs. The bank has regular CDs, a no-penalty CD, two rate bump CDs and IRA CDs. There is no minimum opening deposit to open a CD account at Ally. Plus, you can earn a 0.05 percent loyalty reward for renewing your CDs.

Third Federal offers many specialty CD terms with competitive yields. The minimum deposit to open a standard CD is only $500.	Ally Bank offers a competitive yield on its CDs (though not always the absolute highest). Ally Bank doesn’t require a minimum opening deposit. The bank offers nearly every type of CD you’d need, including IRA CDs.	N/A
Some CDs require $25,000 or more to open. Most terms are nonstandard.	Some banks offer more CD terms than Ally Bank.	N/A

Selected bank Third Federal Savings and Loan money market account Member FDIC Bankrate score Rating: 2.4 stars out of 5 2.4 Bankrate Money Market rating = 2.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable CFG Bank money market account Member FDIC Bankrate score Rating: 3.8 stars out of 5 3.8 Bankrate Money Market rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Sept. 12, 2026 and Sept. 18, 2026.
0.01%	3.80%
Minimum balance for APY
$5,000.00	$1,000.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$5	$1,900

Third Federal’s Money Market account features tiered interest rates. Tier 1, which offers a minuscule APY, requires a minimum $5,000 deposit to open the account. You can earn a more competitive yield with Tier 2 or Tier 3, but you need a minimum deposit of $25,000 or $100,000, respectively, to open those accounts. As with Third Federal’s savings account, while there aren’t monthly fees or limits on transactions included with the account, higher interest rates for a money market account can be found elsewhere.	CFG’s High Yield Money Market Account is true to its name, offering a very high interest rate to help you grow your savings. Customers need $1,000 to open the account, and they must maintain that amount to earn interest and avoid a $10 monthly fee. The account doesn’t offer check-writing privileges.

There are no monthly fees. There is no limit on monthly transactions.	CFG’s money market account comes with a highly competitive yield. The monthly fee can be waived.	N/A
Significantly higher yields for lower balances can be found elsewhere. You need $100,000 in deposits to earn the top yield.	You must maintain $1,000 in the account to earn interest and avoid the monthly fee. Customers can’t write checks from CFG’s money market account.	N/A

Review methodology

To determine a financial institutions' deposit Bankrate Score, Bankrate rates banks and credit unions on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the bank or credit union's products and services. Banks and credit unions are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

When a bank has entered a consent decree, been assessed a penalty in a case brought by a federal regulator or in a certified, federal class-action lawsuit, or received a federal judgment for harming its banking customers within the past three years, we deduct one point for each penalty received from its total Bankrate Score, with a floor of zero (0) stars.

Read our full review methodology.

Third Federal Savings & Loan Association Review 2026

The Bankrate promise

At a glance

Overview

Highlights:

Pros and cons

Pros

Cons

We want to know what you think about Third Federal Savings & Loan Association Review

Third Federal Savings & Loan Association of Cleveland banking products

Third Federal savings account

Additional details and scores

Pros

Cons

Third Federal certificates of deposit

Additional details and scores

Pros

Cons

Third Federal money market account

Additional details and scores

Pros

Cons

Third Federal Interest Checking account

Additional details and scores

Pros

Cons

Customer experience

Additional details and scores

How Third Federal compares to other banks

Review methodology

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