Dedicated to Deposits: Deals, Data, and Discussion

Special 39-Month CD Rate at Third Federal


Third Federal Savings and Loan (OH)

Update 4/25/14: The term of this special CD has been reduced from 39 months to 29 months.

Third Federal Savings & Loan is offering a competitive CD special. It has a 1.50% APY with a 39-month term. There’s also a special 19-month CD with a 1.00% APY. Minimum deposit is $500. These special rates are listed in the bank’s CD page as of 4/16/2014. According to the bank's disclosure, the early withdrawal penalty for the 39-month CD is 12 months’ interest. That’s a harsh penalty.

Third Federal has a long history of offering competitive 6-year CDs. but the 6-year CD rate is currently only 1.75% APY which isn’t anything to get excited about.

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 year, 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).

Bank Overview

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

Third Federal is a sizable bank with more than $11 billion in assets. It has an overall health grade at of a B+ with a Texas Ratio of 10.57% (excellent). Please refer to our financial overview of Third Federal for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 30012).

How This CD Rate Compares

The highest 36-month CD rate that’s nationally available and that doesn’t require a checking account is 1.66% APY at Melrose Credit Union.

Another option to a CD with a term around 3 years is to go with a top 5-year CD that has a mild early withdrawal penalty. Barclays is one good option. It has a 5-year CD with a 2.25% APY and an early withdrawal penalty of 6 months of interest. If you decide to hold this CD only until 3 years, the effective yield after the penalty would be 1.88%. You can compare other CDs and other early withdrawal penalties in our Early Withdrawal Penalty Calculator.

The above rates are accurate as of 4/16/2014.

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of

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

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Comment #1 by Anonymous posted on
Hey Tumin......Waz Suup Dude????? Hey man.....the Fed just said interest rates aint a chagin and will stay low.......what do you think, man? Can they ever go up with our debt being so big? I doubt it.  Low rates are here forever.

Comment #2 by Anonymous posted on
this is crazy 1.50% for 39 thanks!

Comment #3 by Sylvia posted on
Something else to keep in mind about Third Federal's EWP:  it's absolute, "whether earned or not," according to disclosure.  

For those not living near a branch who want to close their accounts, a check is the only option.  Bank will accept an incoming ACH to fund account, but won't do outgoing ACHs at closure.  Outgoing wire transfers also a no-go unless you can submit request in person at a branch.  I learned this from a CSR, who had me on hold while she consulted an authority.

Comment #4 by Anonymous posted on
EWP are not time/earnings dependent...i.e. "you" withdraw at any time in the term...that triggers the EWP. (period)  That is why knowing they are AND objecting to any thought that "they" can make retroactive changes in the EWP is helpful besides the "fact" that changing the EWP should also trigger a failure to disclose the true interest rate!!1