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Third Federal Savings & Loan Association Review 2024

Updated January 25, 2024
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.5 stars out of 5

Checking

Rating: 3.1 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 2.6 stars out of 5

About Bankrate Score

Overview

Third Federal Savings & Loan Association, which only has branches in Ohio and Florida, is a good fit for consumers looking for a regional bank that offers high-yield CDs.

Highlights

  • Low Fees
  • Low Min Deposit
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/13/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 6/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 6/13/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Third Federal Savings & Loan Association is a Cleveland-based financial institution that operates primarily in Ohio and Florida.

Third Federal offers a large swath of CDs to select from in addition to other traditional deposit products, including checking, savings and money market accounts. While APYs for its CDs are competitive, the bank falls behind the curve when it comes to APYs on its savings and money market account.

Pros

  • Checkmark

    Third Federal offers a large range of standard and specialty 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.

  • Higher savings and money market account APYs can be found elsewhere.

  • Third Federal’s checking account can’t be opened online.

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Third Federal Savings & Loan Association of Cleveland banking products

3.0
Rating: 3 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, 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.

Pros

  • Checkmark

    The savings account charges no monthly fees.

  • Checkmark

    The minimum opening deposit is only $10.

  • Checkmark

    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.

  • Third Federal Savings & Loan Association of Cleveland
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 6/13/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $36
Non-sufficient funds fee $36
Monthly maintenance fees $0 - $12
Out-of-network ATM fee $2
Excessive transaction fee None

Customer experience

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 and 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. 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 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.

How Third Federal Savings & Loan Association of Cleveland compares to other banks

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.