Third Federal S&L Raises 39-Month CD Special

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Deal Summary: 39-month CD Special, 2.25% APY, $500 minimum deposit

Availability: Nationwide

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$500-Third Federal Savings and Loan (OH)39 Month CD Special
2.50%--Third Federal Savings and Loan (OH)39 Month IRA Special (Traditional, Roth, SEP)
Rates as of April 24, 2018.

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The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.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

Availability

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.

Bank Overview

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.

Related Pages: Cleveland CD rates, Miami CD rates, Tampa CD rates, West Palm Beach CD rates, Ft. Myers CD rates, 5-year CD rates, nationwide deals

Comments
me1004
me1004   |     |   Comment #1
Easiest way to provide this alert is to simply repost what I did once before:

I had a CD with Third Fed. I alert to those from out of its area, you might find it difficult to close and get your money when it matures.

When I was opening the CD, I asked into a checking account, as I always like to open one too in order to use it to close the CD when it matures, and was told I could open one, no problem. They already knew I was from out of state. I did not open right then though, was rushing to get the CD opened. When I called back a few days later to open the checking account, I was told I can't open one, because they do not let anyone from out of state open a checking account. I actually called several more times over the course of the CD term, and was told the same thing.

I also learned as the CD was nearing maturity that I can't even ACH out any amount over $20,000, no matter whether the ACH was initiated with them or came from another financial institution.

So, I was not able to write a check to move the money, and I wasn't even able to ACH it. I could only get the money by them mailing me a check. (at this time, I'm not sure about paying to have it wired, I must have asked into that.)

This was further complicated because my CD matured on a Saturday, so the earliest they would get a check in the mail was the following Monday. I lost a almost a week of interest over this.

So beware. I would not have opened the CD if I knew I could not open the checking account, and it didn't help that I couldn't even fall back on the ACH because of their outgoing limit.
Third Federal S&L Ups Rate On 49-Month CD Special
Deal Summary: 49-month CD Special (2.15% APY) $500 minimum deposit

Availability: Nationwide

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...

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Third Federal S&L Adds Three CD Specials, Available Nationwide

Deal Summary: 17-month CD Special, 1.20%; 38-month CD Special, 1.75% APY; 66-month CD Special, 2.10% APY; $500 minimum deposit.

Availability: Nationwide

Ohio-based Third Federal Savings & Loan (Third Federal) began the week by promoting a trio of CD Specials: 17-month (1.20%), 38-month (1.75% APY), and 66-month (2.10% APY). The minimum deposit is $500, with no stated balance cap. Of the three, the 38-month CD Special is the most competitive.

As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:

Availability

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Third Federal’s New 49-Month CD Rate Special

Third Federal Savings & Loan just came out with a new CD special, and the rate is very competitive. It has a 2.00% APY with a 49-month term. The bank continues to offer two other CD specials. The best of these two is a 29-month CD with a 1.50% APY. The other one is a 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 6/11/2014. Thanks to DA member me1004 who first posted on this 49-month CD...

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Special 39-Month CD Rate at Third Federal

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...

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Special 6-Year CD Rate at Third Federal - Available Nationwide

Last month I reported on a special 45-month CD at Third Federal Savings & Loan. That didn’t last long. It has been replaced by a special 6-year CD. This new 6-year CD has a 2.00% APY with a minimum deposit of $500. This special is listed in the bank’s CD page as of 8/15/2013. According to the bank's disclosure, the early withdrawal penalty is 18 months’ interest. This applies to CDs with terms of 4 years or more.

Third Federal has a long history of offering competitive 6-year CDs. I remember...

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