Third Federal Savings & Loan Association Review 2024
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At a glance
CDs
Checking
Savings
MMA
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
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
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
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Third Federal offers a large range of standard and specialty 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.
Cons
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Branches are only in Ohio and Florida.
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Higher savings and money market account APYs can be found elsewhere.
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Third Federal’s checking account can’t be opened online.
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Third Federal Savings & Loan Association of Cleveland banking products
Third Federal Savings & Loan Association of Cleveland savings overview
Pros
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The savings account charges no monthly fees.
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The minimum opening deposit is only $10.
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There’s no limit on monthly transactions.
Cons
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Savings accounts with higher yields can be found elsewhere.
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A minimum $100,000 balance is required to earn the top APY.
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Third Federal Savings & Loan Association of ClevelandAPYAPY 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 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
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.
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