The Federal Savings Bank Review 2025
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At a glance
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 long-term 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 RatesHighlights:
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 CD rating = 4.9/5
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 = 4.9/5
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.
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
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Customers have access to 55,000 ATMs.
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Competitive yields are available on the bank’s promotional CDs.
Cons
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Limited in-person service: TFSB has only two locations in Illinois and isn’t ideal for customers who prefer branch banking.
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You need at least $2,000 to earn interest with a Virtual Money Market account.
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A minimum of $5,000 is required to open one of the promotional CDs
The Federal Savings Bank banking products
The Federal Savings Bank savings overview
Pros
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You’ll need just $25 to open a Statement Savings account.
Cons
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The interest rate is below the national average.
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You don’t earn interest on balances below $100.
The Federal Savings Bank CD overview
Pros
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The Federal Savings Bank offers competitive yields on its promotional CDs.
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The bank offers CD term lengths that range from one year to five years.
Cons
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Competitive yields for its promotional CDs are only available for “new money” — meaning funds that are currently held outside of the bank.
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TFSB doesn’t offer shorter-term CDs with terms of less than one year.
The Federal Savings Bank money market overview
Pros
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The bank offers a competitive rate for its money market account.
Cons
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You need at least a $2,000 balance to earn interest on the bank’s Virtual Money Market account.
The Federal Savings Bank checking overview
Pros
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You only need $100 to open the Interest Checking account at The Federal Savings Bank.
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The Interest Checking account earns a little interest. But it’s much lower than the national average for both money market accounts and savings accounts.
Cons
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here are interest checking accounts that earn higher yields.
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There are checking accounts that don’t require a minimum opening deposit.
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You only earn interest in the Interest Checking account if you have a $100 balance.
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 has lower ratings on Android devices.
TFSB offers access to a wide surcharge-free ATM network. You can also use the Zelle payment platform to send money to others.
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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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