Ohio-based Third Federal Savings & Loan (Third Federal) ended the week by raising the rate on its 49-month CD Special (2.15% APY). The minimum deposit is $500, with no stated balance cap.
In the past ten months, the 49-month CD Special has added 90 bps in four rate increases. Interestingly, the 49-month CD Special’s rate is higher than that of the 60-month CD (2.00% APY) and 72-month CD (2.05% APY).
As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:
The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.
For accounts with a term of:
4 years or more - loss of 18 months’ interest
Headquartered in Cleveland, Ohio, Third Federal Savings & Loan’s product line is available to all U.S. residents and resident aliens, 18 years or older.
Not to be confused with the Cincinnati-based Fifth Third Bank, Third Federal is the fifth largest bank in Ohio, with assets in excess of $13.3 billion and nearly 312,000 customer accounts.
Opening a CD Special can be done online, by phone (800.THIRD.FED), or at any of the 21 Ohio branches, located in the Greater Cleveland metropolitan area, or the 17 Florida branches, located along both the Atlantic and Gulf coasts.
Third Federal Savings & Loan has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.92% (excellent) based on March 31, 2017 data. Third Federal has an excellent capitalization level (11.27%), the result of holding $13.37 billion in assets with $1.51 billion in equity. Please refer to our financial overview of Third Federal Savings & Bank (FDIC Certificate # 30012) for more details.
Nearly 80 years ago in the depths of the Great Depression, almost one-third of all Cleveland residents were unemployed or underemployed.
To keep the dream of home ownership alive, Ben S. Stefanski and his wife, Gerome, applied for a federal charter to create a savings and loan association in the vicinity of East 70th Street and Broadway Avenue. In fact, the Stefanskis were so committed to the idea that they applied for the charter on their honeymoon.
With the initial $50,000 in capital provided by members of the Slavic Village neighborhood, Third Federal Savings and Loan Association opened its first office on Broadway Avenue on May 7, 1938.
Beyond organic growth and expansion, much of Third Federal has remained the same, with its headquarters housed in the Slavic Village neighborhood and with a member of the Stefanski family serving as the Bank’s President and CEO.
How the CD Compares
When compared to the 167 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 49-Month CD Special APY currently ranks third.
The above rates are accurate as of 7/22/2017.