Dedicated to Deposits: Deals, Data, and Discussion

Special 6-Year CD Rate at Third Federal - Available Nationwide


Third Federal Savings and Loan (OH)

Last month I reported on a special 45-month CD at Third Federal Savings & Loan. That didn’t last long. It has been replaced by a special 6-year CD. This new 6-year CD has a 2.00% APY with a minimum deposit of $500. This special is listed in the bank’s CD page as of 8/15/2013. According to the bank's disclosure, the early withdrawal penalty is 18 months’ interest. This applies to CDs with terms of 4 years or more.

Third Federal has a long history of offering competitive 6-year CDs. I remember back in February 2009 when it was offering a 4% APY. A few readers commented about how bad of a deal this was. One said “4% for 6 years? A sucker play.” I’m sure those who opened this CD back then are appreciating still earning 4% on their money. This shows that it’s very hard to predict interest rates.

Available Nationwide

There’s an online application which can be accessed by clicking on the “buy now” link that’s to the right of each CD in Third Federal’s rate table. According to the application’s FAQ, you can fund the CD with an electronic transfer (ACH) or by mailing a check. Maximum deposit for an ACH transfer is $100,000, and the maximum deposit by check is $500,000. IRA CDs cannot be opened online.

When I called Third Federal last month, I was told the CDs are nationally available. I’m afraid I wasn’t impressed with the helpfulness of the Third Federal CSRs. They didn’t seem experienced with CDs.

It would probably be easier to open the CD at one of Third Federal offices. Third Federal branches are located in Ohio and in South Florida (both on the east and west coast).

Don't confuse Third Federal with Fifth Third. They're two different banks.

Third Federal is a sizable bank with $11 billion in assets. It has an overall health score at of 4 stars (out of 5) with a Texas Ratio of 11.42% (above average). Please refer to our financial overview of Third Federal for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 30012).

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  Tags: CD rates, Third Federal Savings and Loan (OH), Ohio, Florida

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