Third Federal Savings & Loan Adds Competitive 49-Month CD Special

POSTED ON BY

Deal Summary: 49-month CD Special, 2.00% APY, $500 minimum deposit

Availability: Nationwide

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The penalty on the amount withdrawn will be a loss of interest, whether earned or not, as follow: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    The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.

Interest is compounded and credited quarterly and “may be withdrawn without penalty only during the term in which it is earned.”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.

Availability

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.

Bank Overview

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.

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
jimdog
  |     |   Comment #1
Morgan Stanley sells 5yr CDs for 3 percent now and treasuries sell for 2.8%.
Third Federal Savings & Loan Ups 39-Month CD Special Rate Again
Deal Summary: 39-month CD Special, 1.50% APY, $500 minimum deposit

Availability: Nationwide

Ten days ago, Ohio-based Third Federal Savings & Loan (Third Federal) was offering 1.25% APY on its 39-month CD Special, making it the highest-rate CD in the 3-year nationally available category.

The good news is the 39-month CD Special is still offering a top rate; the better news is that rate is now 1.50% APY.

Note: The majority of the information in this blog post has not changed from my February 7 blog post, but...

Continue Reading
Third Federal Savings & Loan Boosts 39-Month CD Special Rate
Deal Summary: 39-month CD Special, 1.25% APY, $500 minimum deposit

Availability: Nationwide

Ohio-based Third Federal Savings & Loan (Third Federal) has been offering CD Specials (usually in “non-standard” term-lengths) for the past few years. The latest CD Special is a 39-month, which currently earns 1.25% APY. The last time the 39-month CD Special had a competitive rate was in January 2018: the APY was 2.25%, following five rate increases (totaling 90 bps) in the previous twelve months.

There are three other CD Specials currently being offered, none...

Continue Reading
Third Federal S&L Adds Nationally Available 55-Month CD Special
Deal Summary: 55-month CD Special, 1.05% APY, $500 minimum deposit

Availability: Nationwide

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. At the beginning of the month, Third Federal added a 55-month CD Special earning 1.05% APY. Of the five CD Specials currently available, the 55-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....

Continue Reading
Third Federal Savings & Loan Ups 59-Month CD Special
Deal Summary: CD Specials – 59-month (3.50% APY) and 45-month (3.15% APY), $500 minimum deposit

Availability: Nationwide

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,...

Continue Reading
Third Federal S&L Raises 39-Month CD Special
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.

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...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.