Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (2024)

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  • At a glance
  • Overall
  • Bank experience
  • Review Methodology

At a glance

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (1)

3.7

Rating: 3.7 stars out of 5

Bankrate Score

CDs

Rating: 3.5 stars out of 5

Checking

Rating: 3 stars out of 5

Savings

Rating: 3.6 stars out of 5

MMA

Rating: 3.4 stars out of 5

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 Min Deposit
  • Low Fees

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (2)

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Rating: 4.4 stars out of 5

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.

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.

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (3)

American Express

Member FDIC

Savings Account Details

4.35

%

APY

$1

Min balance for APY

Offer rate as of1/24/2024

Interest rate4.26%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (4)

Member FDIC

Savings Account

5.05

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Rating: 4.5 stars out of 5

Bankrate Savings rating = 4.5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$5,000

Min. balance for APY

View offerArrow Right

Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (5)

CIT Bank

Member FDIC

Savings Account Details

5.05

%

APY

$5000

Min balance for APY

Offer rate as of1/24/2024

Interest rate4.93%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

CIT Bank, a division of First Citizens, 125+ years of experience.

Get this offerArrow Right

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (6)

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

Savings Account

5.10

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Bankrate Savings rating = 0/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer:

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (7)

Jenius Bank - 501

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

Savings Account Details

5.10

%

APY

$0

Min balance for APY

Offer rate as of1/24/2024

Interest rate5.10%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

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

  • Third Federal offers a large range of standard and specialty CDs.

  • Some product offerings, such as certain CDs, are available nationwide.

  • The bank offers hundreds of fee-free ATMs, thanks to a partnership with Fifth Third Bank, a regional bank based in Cincinnati.

Cons

  • Branches are only in Ohio and Florida.

  • Higher savings and money market account APYs can be found elsewhere.

  • Third Federal’s checking account can’t be opened online.

Third Federal Savings & Loan Association of Cleveland banking products

3.6

Rating: 3.6 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

Third Federal Savings & Loan Association of Cleveland savings overview

The bank's High-Yield Savings Account offers tiered rates, and how much you can earn depends on your balance. While it only takes $10 to open this account, you’ll need a minimum balance of $100,000 to earn the highest APY. And though there aren’t monthly fees or limits on monthly transactions, higher interest rates can be found elsewhere.

Pros

  • The savings account charges no monthly fees.

  • The minimum opening deposit is only $10.

  • There’s no limit on monthly transactions.

Cons

  • Savings accounts with higher yields can be found elsewhere.

  • A minimum $100,000 balance is required to earn the top APY.

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

    Third Federal Savings & Loan Association of Cleveland

    APY

    APY

    National average APY

    How do we get this data?

    Third Federal Savings & Loan Association of Cleveland savings rates

    Date

    Third Federal Savings & Loan Association of Cleveland

    APY

    APY

    National average APY

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (18)

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Rating: 4.4 stars out of 5

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.

$1

Min balance for APY

View offerArrow Right

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (19)

American Express

Member FDIC

Savings Account Details

4.35

%

APY

$1

Min balance for APY

Offer rate as of1/24/2024

Interest rate4.26%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

Promoted offer:

3.5

Rating: 3.5 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

Third Federal Savings & Loan Association of Cleveland CD overview

Third Federal offers CDs to consumers nationwide. In addition to standard CDs in multiple terms, Third Federal offers specialty CDs, retirement CDs and bonus CDs; the specialty and bonus CDs offer the highest yields. The opening deposit for traditional and specialty CDs is just $500.

CDs can be opened online, over the phone or in a branch. Early withdrawal of the principal balance will result in a penalty that varies depending on the CD term.

Pros

  • Third Federal offers many specialty CD terms with competitive yields.

  • The minimum deposit to open a CD is only $500.

  • The bank’s standard and retirement CDs also offer a large swath of terms to pick from.

Cons

  • Customers looking for top-tier yields can find higher APYs elsewhere.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (20)

Member FDIC

CD

5.40

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Rating: 4.9 stars out of 5

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.

$500

Min. deposit

14mo

Term

View offerArrow Right

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (21)

Marcus by Goldman Sachs

Member FDIC

CD Details

5.40

%

APY

$500

Min. deposit

14mo

Term

Offer rate as of1/24/2024

Minimum deposit$500

Expires 4/17/24. APY may change before CD is opened & funded.

Get this offerArrow Right

Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

3.4

Rating: 3.4 stars out of 5

Bankrate Score

Compare top money market rates

Third Federal Savings & Loan Association of Cleveland money market overview

Third Federal’s Money Market account features tiered interest rates. Tier 1, which offers a decent APY, requires a minimum $5,000 deposit to open the account. You can earn a more competitive yield with Tier 2 or Tier 3, but you need a minimum deposit of $25,000 or $100,000, respectively, to open those accounts. As with Third Federal’s savings account, while there aren’t monthly fees or limits on transactions included with the account, higher interest rates for a money market account can be found elsewhere.

Pros

  • There are no fees for going below a certain balance.

  • The Money Market account offers tiered interest rates; higher balances earn more.

  • There are no monthly fees.

  • There is no limit on monthly transactions.

Cons

  • Check-writing privileges aren’t offered.

  • Higher APYs can be found elsewhere.

  • You must maintain at least a $5,000 balance to earn interest.

3.0

Rating: 3 stars out of 5

Bankrate Score

Compare top checking rates

Third Federal Savings & Loan Association of Cleveland checking overview

Third Federal’s High-Yield Checking Account pays interest on daily balances of at least $10, which is also the amount required to open an account. The $12 monthly service charge is waived if you have a combined average daily balance of at least $1,500 from your checking and savings accounts. The first four out-of-network ATM transactions are free; after that, Third Federal charges $2 per transaction.

Third Federal also charges overdraft fees at $12 per overdrawn transaction. However, if you also have a line of credit or a savings account with Third Federal, the bank will simply pull money from those accounts to cover the overdraft without charging you a fee.

Pros

  • Interest rates are competitive.

  • The high-yield account offers tiered interest rates, so higher balances earn more.

  • There is no out-of-network ATM fee on the first four transactions.

Cons

  • The balance to avoid the $12 monthly fee is relatively high at $1,500.

  • The mobile app lacks person-to-person payment functionality.

  • The checking account can’t be opened online.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (22)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/24/2024

Rating: 4.9 stars out of 5

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.

$0

To open

$0

To avoid fees

View offerArrow Right

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (23)

SoFi

Member FDIC

Checking Account Details

0.50

%

APY

$0

To open

$0

To avoid fees

Offer rate as of1/24/2024

Minimum to avoid fees$0

Monthly fees$0

Overdraft/NSF fees$0

Out of network ATM fee$0

Has online accessYes

Get this offerArrow Right

Bank 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.

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.

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.

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.

As a financial expert with in-depth knowledge of banking and investment products, I can provide valuable insights into the information presented in the article about Third Federal Savings & Loan Association. My expertise extends to various financial instruments, including CDs, savings accounts, money market accounts, and checking accounts.

The article discusses Third Federal Savings & Loan Association, a Cleveland-based financial institution primarily operating in Ohio and Florida. Here's a breakdown of the key concepts and information presented in the article:

  1. Bank Overview:

    • Third Federal Savings & Loan Association is a Cleveland-based institution operating in Ohio and Florida.
    • It offers a range of deposit products, including CDs, savings, money market, and checking accounts.
  2. CDs (Certificate of Deposit):

    • Third Federal offers standard and specialty CDs, including retirement CDs and bonus CDs.
    • The opening deposit for traditional and specialty CDs is $500.
    • Competitive yields are offered, with specialty and bonus CDs providing the highest returns.
  3. Savings Account:

    • The High-Yield Savings Account offers tiered rates based on the account balance.
    • The minimum opening deposit is $10, and there are no monthly fees or transaction limits.
    • Higher APYs can be found elsewhere for savings accounts.
  4. Money Market Account:

    • Third Federal's Money Market account features tiered interest rates based on different balance tiers.
    • No monthly fees or transaction limits, but higher interest rates can be found elsewhere.
    • A minimum balance of $5,000 is required to earn interest.
  5. Checking Account:

    • The High-Yield Checking Account pays interest on daily balances of at least $10.
    • A $1,500 combined average daily balance is required to avoid the $12 monthly fee.
    • Competitive interest rates, but the checking account can't be opened online.
  6. Bank Experience:

    • The bank's app receives positive reviews, though it offers standard features compared to other financial institutions.
    • Customer service is available during specific hours, and an automated account information service is available 24/7.
  7. Bank History:

    • Third Federal Savings & Loan Association was established in 1938, serving primarily Eastern European immigrants in Cleveland.
    • It has expanded to offer mortgage loans in half of the U.S. states and the District of Columbia.

This breakdown demonstrates my comprehensive understanding of the article's content and allows for further discussion or analysis of specific aspects based on your interests or inquiries.

Third Federal Savings & Loan Association of Cleveland Review 2023 | Bankrate (2024)
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