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Third Federal Savings and Loan


Overview / Commentary
www.thirdfederal.com
216-429-5228
7007 Broadway Avenue
Cleveland, OH 44105

Third Federal Savings and Loan is headquartered in Cleveland and is the 7th largest bank in the state of Ohio. It is also the 123rd largest bank in the nation. It was established in 1938 and as of June of 2022, it had grown to 1,003 employees at 37 locations. Third Federal Savings and Loan's money market rates are 3X the national average, and it has a B+ health rating.

Related Posts

Third Federal Savings And Loan Joins 3.00% APY Nationwide Club With 59-Month CD/IRA Special - 6/20/2022

Third Federal Savings and Loan has upped many of its CD/IRA Special rates. The Special rates for regular CD's are not particularly competitive except for the 59-Month CD Special at 3.00% APY. However, these same rates are available in IRAs and, here, they are very competitive in a couple of cases. This is because many of the regular CD rate leaders do not offer IRA's. Specifically, the Third Federal 59-Month IRA Special at 3.00% joins the First National Bank of America 60-Month IRA at the same APY as co-leaders nationally. In addition, the 49-Month IRA Special at 2.75% APY is second nationally (behind Interior FCU). Here is a summary of some of the key terms and rates for the Special CD's/IRA's. Regular CD's and IRA's have the same rates. 59-Month CD/IRA Special 3.00% APY 49-Month CD/IRA Special 2.75% APY 39-Month CD/IRA Special 2.50% APY 29-Month CD/IRA Special 2.00% APY 19-Month CD/IRA Special 1.00% APY Details on Regular CD's here https://www.thirdfederal.com/saving/certificate

Third Federal Savings & Loan Adds Competitive 49-Month CD Special - 4/15/2022

Third Federal Savings and Loan has added a nationally available 49-month CD Special, earning a competitive rate. Minimum opening deposit is $500.

Third Federal Savings & Loan Ups 39-Month CD Special Rate Again - 2/18/2022

Third Federal Savings & Loan's nationally available 39-month CD Special once again has the highest rate for any nationally available 3-year CD. $500 minimum deposit.

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Reviews (9)

Competitive Prices, Great Customer Service

Posted by: |

We have banked at Third Federal for more than 40 years. When we bought our first house we got our mortgage through them and have used them for savings accounts, CD's and other mortgages. The customer service is great, everyone is friendly, very knowledgeable and make it easy to understand.

5

Customer Service Is Top Notch!

Posted by: |

I love banking at this bank for many reasons. I love the attention the CSRs provide to every customer. On every visit it is like visiting with family. They are warm and welcoming and make you feel like they care about you and your family. There is ample parking so I am in and out very easily whenever I go there. If something looks suspicious on your account they alert you right away. Their rates are competitive and you are almost always guaranteed a loan at a decent rate. I have banked with this bank for many years and would not think about leaving because I am treated with dignity and respect by all employees and not just a number and I like that! This bank also supports humanity efforts and the community which is awesome.

6

May Want To Consider Other Options

Posted by: |

I signed up for a CD online and got a call that their trial deposit system was not working right, so I couldn't ACH funds and I would need to mail a check or go inside a branch. What kind of bank can't figure out why their computers aren't working right? Seemed sketchy to me so I decided not to do business with them.

10

Wish I Hadn't Gone This Route! BAD Customer Service!

Posted by: |

I started an application with Third Federal in mid April 2021 (after answering all their questions the application was submitted April 21st. They promised up front that the process would take from 45 to 60 days from start to finish.

I submitted everything they asked for the same day they asked. As others have complained, they asked for things I had already submitted - sometimes twice before.

My loan was finally approved mid June and I was sent a letter congratulating me which also said I would be contacted soon to sign documents.

It is now August 2021, well over three months later, and my loan has not closed!

If you are thinking it is just me, poor credit, bad debt, etc., well my FICO score is 850 out of 850. I have never missed a payment ever in the last fifty years. My income is great as well. To top it all off, my home currently is mortgaged with Third Federal with an equity line!

So if you are thinking about using this company, think again. Now on the fourth month of my loan process, I really wish I had gone with another company.

5
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Health
B+

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #30012
Year Established1938
Employees1003
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.44%
Return on Equity - YTD4.24%
Annual Interest Income$196.1MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$15.39B$14.22B
LoansQ2 2022vs Q2 2021$13.90B$12.61B
DepositsQ2 2022vs Q2 2021$9.25B$9.30B
Equity CapitalQ2 2022vs Q2 2021$1.56B$1.45B
Loan Loss AllowanceQ2 2022vs Q2 2021$69.5MM$66.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$38.3MM$49.2MM
Real Estate OwnedQ2 2022vs Q2 2021$253.00K$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Third Federal Savings and Loan; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Third Federal Savings and Loan Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.25%*†$100k*-High-Yield Savings
OTHER TIERS: 0.15% → $10 - $25k | 1.00% → $25k - $100k

Third Federal Savings and Loan Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.25%*†$100k*-Money Market Savings
OTHER TIERS: 0.15% → $5k - $25k | 0.70% → $25k - $100k

Third Federal Savings and Loan Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*†$25k*-High Yield Checking
OTHER TIERS: 0.15% → $10 - $5k | 0.45% → $5k - $25k

Third Federal Savings and Loan CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%†$500-59 Month CD Special
3.75%†$500-49 Month CD Special
3.50%†$500-39 Month CD Special
3.50%†$500-3 Year Bonus CD
3.50%†$500-5 Year Bonus CD
3.30%†$500-19 Month CD Special
3.30%†$500-3 Month CD
3.30%†$500-11 Month CD Special
3.00%†$500-29 Month CD Special
1.50%†$500-12 Month CD
1.50%†$500-24 Month CD
1.50%†$500-60 Month CD
1.50%†$500-18 Month CD
1.50%†$500-30 Month CD
1.50%†$500-36 Month CD
1.50%†$500-48 Month CD
1.50%†$500-72 Month CD
1.05%†$500-30 Day Rolling CD Special
0.50%†$500-6 Month CD

Third Federal Savings and Loan IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%†$100-59 Month IRA Special
3.75%†$100-49 Month IRA Special
3.50%†$100-39 Month IRA Special
3.30%†$100-19 Month IRA Special
3.00%†$100-29 Month IRA Special
1.50%†$100-12 Month IRA
1.50%†$100-18 Month IRA
1.50%†$100-24 Month IRA
1.50%†$100-30 Month IRA
1.50%†$100-72 Month IRA
1.50%†$100-36 Month IRA
Locations

Availability



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