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Third Federal Savings and Loan Association Review 2021
Member FDIC
Savings account
Member FDIC
CD
Member FDIC
CD
Member FDIC
Checking account
Member FDIC
Checking account
Overall
3.8
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 available only in Ohio and Florida.
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There is a mobile app, but it 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, you will need to make a minimum deposit of $100,000. Yields are decent, but you can still find higher yields 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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You can find savings accounts with higher yields elsewhere.
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$100,000 is a very high minimum balance to earn the top APY.
CD rates
4.5
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 if they shop around.
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 monthly service charge for the accounts is $12. The monthly service charge is waived for those who have an average daily balance of at least $1,500.
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.
What we don't
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The balance to avoid the monthly fee is relatively high ($1,500).
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The mobile app lacks person-to-person payment functionality.
Money market accounts
3.4
Bankrate Score
Third Federal’s Money Market Account is how you can earn the highest APY at this institution. There is one catch: You need to visit a Florida branch to open this account. You also must deposit at least $5,000 to open the account. The bank offers tiered interest rates.
What we like
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You can earn a competitive yield on $25,000 or more.
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There are no fees for going below a certain balance.
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You’re rewarded for depositing more money, since there are interest tiers.
What we don't
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You must visit a Third Federal Florida branch to open the account.
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The account doesn't offer check-writing privileges.
Bank experience
The bank's app receives high marks for both iOS and Android, though the features are fairly standard compared with apps for other financial institutions. Still, you can use the mobile app to find out your bank balance before you, say, check out at the grocery line.
About Third Federal Savings and Loan Association
Third Federal Savings & Loan was established in May 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 nearly half of the states. 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 and CD accounts and retirement savings accounts.
Libby Wells, Bankrate's chief copy editor, has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She has spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.
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