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.

2.00%$500-Third Federal Savings and Loan (OH)66 Month CD Special
1.25%$500-Third Federal Savings and Loan (OH)17 Month CD Special
Accounts mentioned in this post. Rates as of June 24, 2017.

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The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.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

    More than 1 year, but less than 3 years - loss of 6 months’ interest
    At least 3 years, but less than 4 years - loss of 12 months’ interest
    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 sixth largest bank in Ohio, with assets in excess of $12.8 billion and nearly 320,000 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 17 Florida branches, located along the Atlantic and Gulf coasts.

Bank Overview

Third Federal Savings & Loan has an overall health grade of "A" at, with a Texas ratio of 6.30% (excellent) based on September 30, 2016 data. In the past year, Third Federal has increased its total non-brokered deposits by $31.29 million, an above average annual growth rate of 0.37%. 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 Special Compares

When compared to the 182 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 38-Month CD Special APY currently ranks third.

The above rates are accurate as of 2/7/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

me1004   |     |   Comment #1
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. 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 couldn't even fall back on the ACH because of their outgoing limit.
cumulus   |     |   Comment #2
Especially useful information me1004; thanks for posting.
me1004   |     |   Comment #3
BTW, Ken, I wrote the post will all the paragraphs. But as you see, that was eliminated. I saw someone else about a week ago talking about that, his paragraphs not coming through. Might be something going wrong with the Website. It would have been easier to read with the paragraphs.
Ken Tumin
Ken Tumin   |     |   Comment #4
Thanks for the post and sorry for the paragraph issue. We'll try to get this fixed so newlines don't get removed.
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