For the past several years, Ohio-based Third Federal Savings & Loan (Third Federal) has been offering a series of CD Specials, usually in “non-standard” term lengths. In February, the 39-month CD Special offered the most competitive rate (1.50% APY) in Third Federal’s product line. While the 1.50% APY is still in effect, the 39-month CD Special APY has been outpaced as rates have continued to rise in the past two months.
Replacing the 39-month CD Special as Third Federal’s top performer is the new 49-month CD Special, which earns 2.00% APY. Of the six CD Specials currently available, the 49-month has the most competitive rate by far.
The minimum opening deposit is $500 and the maximum deposit allowed is determined by your funding method. As stated on the FAQs page,
If you are funding by check or transfer from an existing Third Federal account, the limits are as follows:
Certificates of Deposit - maximum is $500,000
If you are opening your account online and are funding by ACH transfer, the limits are as follows:
Certificates of Deposit - maximum is $100,000
The FAQs page also states,
Will you guarantee the CD interest rate, even if I choose to mail in a check for funding?
The interest rate on a Certificate of Deposit is guaranteed for 15 calendar days.
As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:
The penalty on the amount withdrawn will be a loss of interest, whether earned or not, as follow:
A term of 4 years or more – loss of 18 months’ interest
The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.
Interest is compounded and credited quarterly and “may be withdrawn without penalty only during the term in which it is earned.”
There is a seven (7) calendar day grace period before a CD automatically renews.
If you open a Certificate of Deposit account with a promotional interest rate, such as a CD Special or Retirement CD Special, this type of account will automatically renew on the initial maturity date at the non-promotional interest rate then in effect for a Certificate of Deposit with the same term. If we do not renew the account, the account will be converted at maturity to a savings account that has the lowest interest rate then paid on our interest-bearing savings accounts.
Headquartered in Cleveland, Ohio, Third Federal Savings & Loan offers its High Yield Savings account and CDs online to all U.S. citizens/resident aliens, 18 years or older. According to the online application, “these accounts can be opened as either joint or individual accounts only.”
Not to be confused with the Cincinnati-based Fifth Third Bank, Third Federal is currently the seventh largest bank in Ohio, with assets in excess of $14.51 billion and more than 283,000 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 16 Florida branches, located along both the Atlantic and Gulf coasts. As stated on the Find a Branch page,
For the safety of our customers and associates during these unprecedented times, we temporarily have changed some of our branch hours. Please enter your location information below to view an updated listing of all branches near you.
The Find a Branch page also states,
Please note that Third Federal only has branches in Ohio and Florida. Additionally, please remember that Third Federal doesn't have ATMs at its branch locations. If you're looking for an ATM, use the ATM locator below.
Third Federal Savings & Loan has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.90% (excellent) based on December 31, 2021 data. Third Federal has an above average capitalization level (10.85%), the result of holding assets of $14.12 billion with $1.53 billion in equity. Please refer to our financial overview of Third Federal Savings & Loan (FDIC Certificate # 30012) for more details.
More than 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.
Third Federal is currently the seventh largest bank headquartered in Ohio, but a lot of original "hometown" S&L has remained: its headquarters is still housed in Cleveland’s Slavic Village neighborhood and a member of the Stefanski family serves as the Bank’s President and CEO.
How the 49-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Third Federal S&L 49-Month CD Special. The following table compares the 49-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 4/15/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.