Ohio-based Third Federal Savings & Loan (Third Federal) began the week by raising the rate on its 39-month CD Special (2.25% APY). The minimum deposit is $500, with no stated balance cap.
The CD Special is also available as an IRA (Traditional, Roth, SEP) earning the same APY, with the same funding requirements.
A year ago, the 39-month CD Special offered a lackluster 1.30% APY, its lowest rate since DA began tracking it. In the past twelve months, there have been five rate increases, adding a total of 90 bps. In another example of the flattening yield curve, the 39-month CD Special’s rate is only 25 bps lower than that of both the 60- and 72-month CDs (2.50% APY).
Third Federal is also offering three other CD Specials, none of which are as competitive as the 39-month.
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The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.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:
At least 3 years, but less than 4 years - loss of 12 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 $13.2 billion and more than 307,000 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 5.45% (excellent) based on September 30, 2017 data. Third Federal has an excellent capitalization level (11.37%), the result of holding $13.66 billion in assets with $1.55 billion in equity. Please refer to our financial overview of Third Federal Savings & Loan (FDIC Certificate # 30012) for more details.
Eighty 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 Special Compares
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 39-Month CD Special APY currently ranks second.
The above rates are accurate as of 1/9/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.