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All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Third Federal Savings & Loan Association of Cleveland

Third Federal Savings & amp Loan Association Review 2022

Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications. Updated November 10, 2022 Bankrate logo

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On This Page

At a glance

3.6 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Third Federal Savings & Loan Association is a good fit for consumers looking for a smaller bank that offers high-yield CDs.

Highlights

Low Min Deposit Compare offers Advertiser Disclosure

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. 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. Member FDIC Savings Account 3.83 % APY Info 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. Info 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. Min. balance for APY Offer details

Third Federal Savings and Loan

Member FDIC Savings Account Details 3.83 % APY Min balance for APY 5.00% bonus for the first year Member FDIC Savings Account 3.60 % APY Info 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. Info 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. Min. balance for APY Offer details

Bask Bank

Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY. Member FDIC Savings Account 3.52 % APY Info 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. Info 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. Min. balance for APY Offer details

Vio Bank

Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated.

Overall

Third Federal Savings & Loan Association is a Cleveland-based financial institution that supports local communities in Ohio and Florida and offers some banking products online.

Pros

Third Federal offers a range of standard and special 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. The mobile app lacks some of the digital features you would find in an app for a bigger bank. Some deposit accounts, such as money market accounts, cannot be opened online.

Third Federal Savings & Loan Association of Cleveland bank products

Savings CD Money Market Checking 2.9 Bankrate Score

Third Federal Savings & Loan Association of Cleveland savings overview

The bank's High-Yield Savings Account offers tiered rates. To earn the highest APY, a minimum $100,000 deposit is required. Yields are decent, but higher yields can be found elsewhere.

Pros

The savings account charges no monthly fees. The minimum opening deposit is only $10.

Cons

Savings accounts with higher yields can be found elsewhere. A minimum $100,000 balance is required to earn the top APY. Compare Offer Advertiser Disclosure

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. 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. Member FDIC Savings Account 3.00 % APY Info 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. Min balance for APY Offer details Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 3.9 Bankrate Score

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 and retirement CDs. 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 CD terms with competitive yields. The minimum deposit to open a CD is only $500.

Cons

Customers looking for top-tier yields can find higher APYs elsewhere. Current CD Rate Advertiser Disclosure

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. 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. Member FDIC CD 3.83 % APY Info Bankrate CD 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. Min. deposit Term Offer details Offer details

Third Federal Savings and Loan

Member FDIC CD Details 3.83 % APY Min. deposit Term 5.00% bonus for the first year 2.8 Bankrate Score

Third Federal Savings & Loan Association of Cleveland money market overview

Third Federal’s Money Market account pays the highest APY available at this institution — but it’s only available to customers who open the account at one of its 16 branches in Florida. A minimum $5,000 deposit is also required. The account features tiered interest rates.

Pros

Account balances of $25,000 or more earn a competitive yield. There are no fees for going below a certain balance. The Money Market account offers tiered interest rates; higher balances earn more.

Cons

The account can only be opened at a Third Federal branch in Florida. Check-writing privileges aren’t offered. 3.4 Bankrate Score

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. Conveniently, $10 is also the amount required to open an account. The $12 monthly service charge is waived with an average daily balance of at least $1,500. The first four out-of-network ATM transactions are free; after that, Third Federal charges $2 per transaction.

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 free 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. Compare Offer Advertiser Disclosure

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. 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. Member FDIC Checking Account 2.50 % APY Info 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. To open To avoid fees Offer details Offer details

SoFi

Member FDIC Checking Account Details 2.50 % APY To open To avoid fees

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.

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 serves hundreds of thousands of customers nationwide and 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. .