The Federal Savings Bank Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
You only need to deposit $100 to earn the top APY; however, you can find higher yields elsewhere.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Interest Checking accounts will earn interest, but you’ll want to keep a daily balance of $1,000 or more to avoid a monthly service charge of $9.99. You can also have the fee waived each month with an ACH deposit.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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. .
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.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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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.Editorial disclosure
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. The Federal Savings BankThe Federal Savings Bank 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 logoThe Bankrate promise
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At a glance
4.5 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
The Federal Savings Bank is a good bank for consumers looking for a mortgage, especially if they are active-duty military or veterans. It’s also good for 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.Highlights
Reward Checking Top CD Rates Compare offers Advertiser DisclosureAdvertiser 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. 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 detailsCapital 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. 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. 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 detailsCapital 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. 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 detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.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
You can choose a fee-free checking or an interest-bearing account. Both have lots of good features, such as mobile and online banking and access to a person-to-person payment application. Customers have access to 43,000 surcharge-free ATMs nationally and 55,000 globally through the Allpoint Network. Yields on deposit accounts are attractive.Cons
TFSB is not a great option for people who prefer branch banking, as it has only two retail branches, both in Illinois. The money market rates aren't very favorable for savers with balances under $25,000, and there is a $10 monthly service fee if the average daily balance falls below $1,000.The Federal Savings Bank bank products
Savings CD Money Market Checking 3.9 Bankrate ScoreThe Federal Savings Bank savings overview
You can open a Federal Savings Bank savings account online or at its two traditional retail branches in Chicago and Lake Forest, Illinois. Its mobile banking app allows you to manage the account and make deposits using check image captures.You only need to deposit $100 to earn the top APY; however, you can find higher yields elsewhere.
Pros
You’ll need just $25 to open a Statement Savings account. There’s no monthly service fee. The account comes with access to online and mobile banking.Cons
You can get a rate that’s better than most big banks, but it tends to be behind most top online banks. Interest is compounded and credited on a quarterly basis. Compare Offer Advertiser DisclosureAdvertiser 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 detailsCapital 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. 5.0 Bankrate ScoreThe Federal Savings Bank CD overview
The Federal Savings Bank offers certificates of deposit with eight terms and reasonably attractive APYs. Rates are valid for funds not currently on deposit with TFSB.Pros
Longer-term CDs offer attractive rates. You need only $500 to open a CD. Access to mobile and online banking is available.Cons
Advertised rates are only available to Illinois residents at this time. You can get a higher yield with one of the bank’s jumbo CDs, but it’s a fairly insignificant boost. Compare Offer Advertiser DisclosureAdvertiser 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 4.10 % 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 detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.6 Bankrate ScoreThe Federal Savings Bank money market overview
A money market account pays you to save while allowing you some flexibility to withdraw or transfer funds. TFSB’s money market account pays more than many banks, but not as much as some online-only banks. There are five different balance tiers, but in order to earn the highest APY, you’ll need to have at least $100,000 in the account.Pros
Savers in the highest deposit tiers can get a competitive rate. Online Bill Pay access is included. You can write checks with this account.Cons
There’s a monthly fee if your balance drops below $1,000. If you go over the limit of six transactions per billing cycle, there’s a $15 fee per item in excess of the maximum allowed. 4.9 Bankrate ScoreThe Federal Savings Bank checking overview
At Federal Savings Bank, customers with the Value Checking account won’t have to pay a monthly service charge and can open an account with just $25. Checking customers have free access to more than 43,000 ATMs across the country, which is a nice perk.Interest Checking accounts will earn interest, but you’ll want to keep a daily balance of $1,000 or more to avoid a monthly service charge of $9.99. You can also have the fee waived each month with an ACH deposit.
Pros
You can choose an account that works best for you, whether that’s a fee-friendly Value account or the Interest Checking account that requires a higher balance. There’s no minimum balance requirement for the Value account. Both checking accounts offer access to Popmoney and online bill pay. Customers have surcharge-free access to tens of thousands of ATMs within the Allpoint Network.Cons
The lack of a branch presence can be a major drawback for some customers. Interest Checking account holders are hit with a $9.99 monthly fee unless they set up an ACH direct deposit. There’s an $8 charge for a lost debit card, and you’ll have to pay $50 for an outgoing international wire transfer. Compare Offer Advertiser DisclosureAdvertiser 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 detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
The Federal Savings Bank has only two retail banking locations, but offers a mobile app that rates well with users of Apple and Android devices. It provides a big surcharge-free ATM network. Using the Popmoney and Zelle payment platforms, it also allows person-to-person payments. Deposit products may be managed online. Customers who are unable to visit a branch can also reach customer service over the phone for help with their banking needs.About The Federal Savings Bank
The Federal Savings Bank is an FDIC-insured bank that is privately owned by veterans. Its emphasis is on mortgage lending, but the bank also offers deposit products that earn interest. The bank was established in 2000 and is headquartered in Chicago. TFSB has only two retail banking branches, both in Illinois, but it provides home lending services in all 50 states to help customers achieve the American Dream.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. .