Third Federal Savings & Loan Association Review 2025
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At a glance
Overview
Third Federal Savings & Loan Association, headquartered in Cleveland, primarily serves Ohio and Florida markets with limited county-by-county availability. The bank's standout offerings are its CDs, but if you’re interested in any other deposit account — be it a savings, money market or checking account — you’re better off shopping around.
Highlights:
Low Min DepositHighlights:
CDs
Checking
Savings
MMA
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 = 4.2/5
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 = 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.
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.
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 offers a large swath of CDs with competitive rates on some of its terms. But, its savings, checking, and money market accounts offer minimal yields and require high minimum deposits to earn the best rates. The bank's limited geographic footprint and county-specific product availability make it most suitable for local customers specifically looking for a CD.
Pros
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Third Federal offers a solid 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 is only available in select counties of Florida and Ohio.
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Third Federal doesn’t offer access to peer-to-peer transaction platforms like Zelle.
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The bank charges many fees, including very expensive overdraft and non-sufficient funds fees.
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Third Federal Savings & Loan Association of Cleveland banking products
Third Federal High Yield Savings account
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.
Third Federal certificates of deposit
Pros
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Third Federal offers many specialty CD terms with competitive yields.
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The minimum deposit to open a standard CD is only $500.
Cons
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Customers looking for top-tier yields on standard CDs can find higher APYs elsewhere.
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Only a few terms are available for standard CDs.
Third Federal Money Market Savings account
Pros
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There are no monthly fees.
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There is no limit on monthly transactions.
Cons
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Significantly higher yields for lower balances can be found elsewhere.
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You need $100,000 in deposits to earn the top yield, which is still very low for a money market account.
Third Federal Interest Checking account
Pros
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There is no out-of-network ATM fee on the first four transactions.
Cons
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Third Federal charges very expensive and uncapped overdraft and non-sufficient funds fees.
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The Interest Checking account is only available in select counties of Florida and Ohio residents.
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Checking accounts with higher yields for lower balances are easily found elsewhere.
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The balance to avoid the $12 monthly fee is relatively high at $1,500.
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The mobile app lacks person-to-person payment functionality.
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
- 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. Third Federal offers a well-rated mobile app for 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.
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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