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The Federal Savings Bank Review 2024

Updated February 16, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 3.3 stars out of 5

MMA

Rating: 3.2 stars out of 5

About Bankrate Score

Overview

The Federal Savings Bank is a good bank for consumers looking for a mortgage, especially if they’re active-duty military or veterans. It’s also good for savers looking for competitive rates who prefer to do their banking online, as TFSB has only two traditional retail branches where customers can withdraw and deposit funds and talk to bankers in person.

Highlights

  • Top CD Rates
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/28/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.50
%
APY
APY
Info
As of 3/28/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 3/28/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

The Federal Savings Bank specializes in mortgages for homebuyers but also offers deposit products and personal loans. The bank offers savers options to earn interest on everyday bank accounts like checking and savings.

Pros

  • Checkmark

    Customers have access to 55,000 ATMs.

  • Checkmark

    Competitive yields are available on the bank’s promotional CDs.

Cons

  • Limited in-person service: TFSB has only two locations in Illinois and isn’t ideal for customers who prefer branch banking.

  • You need at least $2,000 to earn interest with a Virtual Money Market account.

The Federal Savings Bank banking products

3.3
Rating: 3.3 stars out of 5
Bankrate Score

The Federal Savings Bank savings overview

You can open a Federal Savings Bank savings account online or at its two traditional locations in Chicago and Lake Forest, Illinois. Its mobile banking app allows you to manage the account and make deposits using check image captures.

You need to deposit $100 to earn the top APY; however, you can find much higher yields elsewhere. You’ll need at least $25 to open the bank’s Consumer Savings accounts.

Pros

  • Checkmark

    You’ll need just $25 to open a Statement Savings account.

Cons

  • The interest rate is below the national average.

  • You don’t earn interest on balances below $100.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    The Federal Savings Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/28/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank experience

The Federal Savings Bank has only two retail banking locations, but it offers a mobile app that rates well with users of Apple devices. The bank receives lower ratings on Android devices.

TFSB provides customers a big surcharge-free ATM network. You can also use the Zelle payment platform to send money to others.

About The Federal Savings Bank

The Federal Savings Bank (TFSB) is an FDIC-insured bank that’s privately owned by veterans. Its specialty is mortgage lending, but the bank also offers deposit products including certificates of deposit (CDs), savings and money market accounts that earn interest.

The bank was established in 2000 and is headquartered in Chicago. TFSB has only two retail banking branches, both in Illinois, but it provides home lending services in all 50 states to help customers achieve the American Dream.

How does The Federal Savings Bank compare 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.