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About Third Federal
Third Federal Savings & Loan is most known for its mortgage lending services, but it also has surprisingly competitive yields on its certificates of deposit (CDs). Third Federal also offers savings, checking and money market accounts. Founded in 1938, it manages $16.92 billion in assets. While you will be able to find physical locations in Ohio and Florida, it is only available in half of the United States.
Pros & Cons
- Competitive CD rates
- No monthly fees
- Rate match for home equity loans
- Physical locations in Ohio and Florida
- Not available in 25 states
- CD specials require $25,000 deposit
- Savings account rates could be better
Our editor’s take
Third Federal is best if you’re looking for a home equity loan, home equity line of credit or a certificate of deposit. The bank is known for being a mortgage lender, but it also has great interest rates on certain CD terms.
Third Federal is also worth considering if you live in Florida or Ohio and are looking for a semi-online bank with physical locations. But if you’re looking for a high-yield savings or checking account, you’ll find better options elsewhere.
How does Third Federal work?
Third Federal operates mostly online but has 16 branches in Florida and 21 branches and four mortgage lending offices in Ohio. It has a full range of account options, including checking, savings accounts and CDs, as well as mortgages, refinancing and home equity loans. You can apply for most accounts online.
Third Federal is available to residents in these states:
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kentucky
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- New Hampshire
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Tennessee
- Virginia
- Washington
- Wisconsin
- Washington, D.C.
Third Federal products and services
You’ll find a variety of financial services and accounts at Third Federal.
High-yield checking account
Third Federal’s Interest Checking account earns 0.01% APY if your balance is below $5,000 and 0.05% APY if your balance is $5,000 or more. Most checking accounts don’t earn any interest at all, so this is better than nothing. But if you’re specifically looking for a high-yield checking account, better options exist.
There’s a $12 monthly fee that’s waived if you maintain a $1,500 balance in your Interest Checking account or across all Third Federal deposit accounts.
High-yield savings account
Third Federal’s Interest Savings account has no monthly fees or monthly transaction limits, but those are the only benefits. The interest rates are low—0.05% on balances below $100,000 and 0.70% on balances of $100,000 or more at the time of publishing. For comparison, Ally Bank’s high-yield savings account can earn up to 4.35% on your total balance.
Third Federal has a Money Market account that requires a $5,000 opening deposit and earns similarly low yields—you need at least $100,000 in your account to earn 0.70% APY.
Certificates of deposit
Third Federal CDs have the best interest rates of any of its savings products. You’ll find a range of special CDs, raise-your-rate CDs, standard CDs, retirement CDs and bonus CDs. Most require a $500 minimum deposit. But some require $25,000 or more to earn the advertised rate.
This chart shows some of Third Federal’s best CD rates at the time of publishing:
| Term | APY | Minimum opening deposit |
|---|---|---|
| 5 Month Raise Your Rate CD | 5.25% | $100,000 |
| 5 Month Raise Your Rate CD | 5.00% | $50,000 |
| 7 Day CD | 4.50% | $500 |
| 29 Month Special | 4.50% | $500 |
| 39 Month Specia | 4.40% | $500 |
| 49 Month Special | 3.75% | $500 |
| 59 Month Special | 3.50% | $500 |
Retirement accounts
If saving for retirement is one of your goals, you’ll find a lot of account options at Third Federal. You can open a traditional IRA, Roth IRA, SEP IRA, as well as many retirement CDs.
Mortgages and home equity
Third Federal is a popular choice if you’re looking for a mortgage or home equity loan. It lends in 25 states plus Washington, D.C. The bank is known for its rate matching program, which promises to match any competitor’s rates or cut you a check for $1,000 if it can’t beat it.
Third Federal rates
Third Federal shines the most when it comes to CD rates; these consistently beat the national average and many traditional banks. But its checking and savings account rates are a different story.
The average savings account rate is 0.47%. Third Federal’s account earns anywhere from 0.05% to 0.70%, so your rate could be slightly above or below the average, depending on your balance. Likewise, the national average rate for interest checking accounts is 0.07%, and Third Federal’s rates go from 0.01% to 0.05%.
Third Federal fees
Third Federal’s checking account has a $12 monthly fee, but its savings account doesn’t. Most of its fees are standard, but there’s one to watch out for—ATM fees. Usually, you can use your debit card at an in-network ATM as many times as you want without paying a fee. But with Third Federal, you’re charged $2 after your fourth ATM withdrawal per month.
- $36 for returned checks and stop payment requests
- $12 if your account has been dormant for 24 months and holds less than $100
- $5 for debit card replacements
- $25 for domestic outgoing wire transfers
- $15 for domestic incoming wire transfers
How does Third Federal compare?
Third Federal may be worth exploring if you’re on the market for a home equity loan, home equity line of credit or a CD. Otherwise, you may find better yields at CIT Bank and PNC Bank. This table shows how high-yield savings accounts compare at all three banks:
| Company | Customer rating | APY | Minimum opening deposit | Monthly fee | Other products | |
|---|---|---|---|---|---|---|
 | 3.0 | 0.05% to 0.70% | $10 | $0 | Checking accounts, money market accounts, CDs, retirement accounts, mortgages, home equity loans | Learn more |
 | 1.0 | 4.65% | $100 | $0 | Money market, CDs, home loans | Get Started |
 | 1.2 | 4.65% | $0 | $0 | Virtual wallet, checking, credit cards, prepaid cards, mortgages, home equity lines of credit, refinancing, auto loans, personal loans, student loans, business accounts | Learn more |
Third Federal FAQ
What is the interest rate at Third Federal?
A Third Federal savings account currently earns up to 0.70%. Its checking account earns up to 0.05%, and its CDs earn 3.00% to 5.25%. HELOC and mortgage rates depend on your credit score.
What credit score do you need for a Third Federal HELOC?
Third Federal doesn’t state its minimum credit score requirements for HELOCs on its website. Oftentimes, lenders require a minimum score of 620 but prefer scores of at least 700.
Where is Third Federal not available?
You can’t use Third Federal if you live in these states: Alabama, Alaska, Arizona, Arkansas, Delaware, Hawaii, Idaho, Kansas, Louisiana, Maine, Mississippi, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, West Virginia and Wyoming.
What is the annual fee for the Third Federal HELOC?
Third Federal HELOCs have a $95 annual fee. However, the bank doesn’t charge any application fees, origination fees or prepayment penalties if you pay your loan off early.
Is Third Federal legit?
Third Federal is a mutual association that was founded in 1938 in Cleveland, Ohio, by Ben and Gerome Stefanski. Over the years, Third Federal has consistently received high ratings for financial strength and stability. Your deposits with Third Federal are also FDIC-insured, so your money is protected up to the maximum amount allowed by law.
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- 4,565,917 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Nov. 18, 2024
I would leave zero stars if I could. My representative did not listen, cut me off and had no interest in assisting. I own two properties as I am moving. Both are paid off and yet I was told I didn't prove residency despite providing a deed and utility bill for my new address.
Reviewed May 30, 2024
Many thanks to Caleb ** of your Sarasota location. I met with Caleb to discuss an issue with my existing HELOC. He was compassionate, professional and understanding of my situation. He took ownership and became my advocate in resolving the situation. Great Job, Caleb!
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Third Federal Company Information
- Company Name:
- Third Federal
- Address:
- 7007 Broadway Ave.
- City:
- Cleveland
- State/Province:
- OH
- Postal Code:
- 44105
- Country:
- United States
- Website:
- www.thirdfederal.com