For the past several years, Ohio-based Third Federal Savings & Loan (Third Federal) has been offering CD Specials, usually in “non-standard” term lengths. Third Federal currently has four CD Specials, with the 59-month (3.50% APY) and 45-month (3.15% APY) having the most competitive rates. The minimum deposit is $500, with no stated balance cap.
The CD Specials are also available as IRAs (Traditional, Roth, SEP) earning the same APY, with the same funding requirements.
Added to the product line last March, the 59-month CD Special had a decidedly uncompetitive 2.00% APY, which dropped to 1.90% within two weeks. Yesterday’s 160 bps increase was the first rate change since late March.
The 45-month CD Special has only been offered for three months. With an initial 3.00% APY, the rate was increased in late September to the current 3.15% APY.
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The penalty on the amount withdrawn will be a loss of interest, whether earned or not, as follow: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 at least 3 years, but less than 4 years – loss of 12 months’ interest
A term of 4 years or more – loss of 18 months’ interest
Headquartered in Cleveland, Ohio, Third Federal Savings & Loan offers its High Yield Savings account and CDs online to all U.S. residents and 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 sixth largest bank in Ohio, with assets in excess of $13.8 billion and nearly 310,000 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 "A" at DepositAccounts.com, with a Texas Ratio of 4.78% (excellent) based on June 30, 2018 data. In the past year, Third Federal has increased its total non-brokered deposits by $124.55 million, an above average annual growth rate of 1.61%. 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 Specials Compare
When compared to 183 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 59-Month CD Special APY currently ranks second.
When compared to 171 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 45-Month CD Special APY currently ranks third.
The above rates are accurate as of 10/20/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.