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.
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.
|2.10%||$500||-||Third Federal Savings and Loan (OH)||66 Month CD Special|
|1.75%||$500||-||Third Federal Savings and Loan (OH)||38 Month CD Special|
|1.20%||$500||-||Third Federal Savings and Loan (OH)||17 Month CD Special|
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The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account, and will be deducted from the account balance or the amount withdrawn.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.
Third Federal Savings & Loan has an overall health grade of "A" at DepositAccounts.com, 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 DepositAccounts.com that require a similar minimum deposit and are available nationally, Third Federal Savings & Loan's 38-Month CD Special APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.85% APY||37-month CD Special||RTN Federal Credit Union|
|1.81% APY||3-Year Share Certificate||Melrose Credit Union|
|1.75% APY||38-Month CD Special||Third Federal Savings & Loan|
The above rates are accurate as of 2/7/2017.