The Federal Savings Bank Review 2024
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
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
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
-
Customers have access to 55,000 ATMs.
-
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.
We want to know what you think about The Federal Savings Bank
Do you have experience with The Federal Savings Bank? Let us know your thoughts.
The Federal Savings Bank banking products
The Federal Savings Bank savings overview
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
-
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.
-
The Federal Savings BankAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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
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.
Thank you for sharing your experience with Bankrate
