Third Federal Savings and Loan (TFSL) is a mid-sized bank based out of Cleveland, Ohio that was founded in 1938 towards the end of the Great Depression when Cleveland was the 5th largest city in the country (it now sits at #58).
Today, they have roughly $14.5 billion in assets, over 40 branches (locate them here) and are publicly traded on the NYSE (TFSL).
Despite their regional presence, they offer a number of fixed-rate CDs (certificates of deposit) and variable-rate savings accounts with competitive yields to consumers nationwide.
Third Federal Savings and Loan is member FDIC and all consumer deposits are insured up to $250,000 per depositor. To see if their CDs or savings accounts are right for you continue reading our review below.
Third Federal Savings and Loan CDs + Account Details
Third Federal Savings and Loan offers 4 types of CDs which can all be opened online. These are:
- Standard CDs – Terms ranging from 3 to 72 months.
- Special CDs – Terms ranging from 3 to 59 months.
- Retirement CDs – Terms ranging from 12 – 72 months.
- Bonus CDs – 36 month or 60 month terms available.
The retirement CDs require a minimum deposit of just $100 and the rest of them all require a minimum deposit of $500.
Standard CD Rates
| CD Term | APY |
| 3 months | 3.50% |
| 6 months | 0.50% |
| 12 months | 1.50% |
| 18 months | 1.50% |
| 24 months | 1.50% |
| 30 months | 1.50% |
| 36 months | 1.50% |
| 48 months | 1.50% |
| 60 months | 1.50% |
| 72 months | 1.50% |
To put these yields above into perspective, the current national average for a 12 month CD and a 60 month CD are 1.54% and 1.37% according to FDIC data, however, there are online banks now offering yields over the 5.00% and 4.50% APY mark for the same respective terms.
Special CD Rates
| CD Term | APY |
| 3 months | 3.50% |
| 11 months | 3.60% |
| 19 months | 3.70% |
| 29 months | 3.80% |
| 39 months | 4.00% |
| 49 months | 4.00% |
| 59 months | 4.00% |
Retirement CD Rates
These CDs are available for all types of retirement accounts including IRA, Roth, SEP, etc.
| CD Term | APY |
| 12 months | 1.50% |
| 18 months | 1.50% |
| 19 months | 3.70% |
| 24 months | 1.50% |
| 29 months | 3.80% |
| 30 months | 1.50% |
| 36 months | 1.50% |
| 39 months | 4.00% |
| 49 months | 4.00% |
| 59 months | 4.00% |
| 72 months | 1.50% |
Bonus CD Rates
| CD Term | Year 1 APY | Year 2 APY | Year 3 APY | Year 4 APY | Year 5 APY |
| 36 month | 5.50% | 3.50% | 3.50% | – | – |
| 60 month | 5.50% | 3.50% | 3.50% | 3.50% | 3.50% |
The blended APY for the entire 36 month term CD is 4.17% APY and the blended APY for the entire 60 month term is 3.90% APY.
Compounding and Crediting Interest
For CDs with terms of 3 months, interest will not compound and will be credited to your account at maturity.
For CDs with terms of 6 months to 72 months, interest will compound quarterly and will be credited back to the CD quarterly and at maturity.
You may ask Third Federal Savings to have your interest transferred to another account if you plan on using the interest payments for living expenses, however Third Federal must also agree to this request.
Grace Period and Early Withdrawal Fees
Upon the maturity of your Third Federal Savings Bank CD, you will be given a 7 calendar day grace period in which you may close out the CD or modify it in any way.
If you need access to the funds in your CD prior to its maturity you will face an early withdrawal fee.
The fee structure is as follows:
| CD Term | Early Withdrawal Fee |
| 91 days or less | 1 month’s interest |
| 92 days through 1 year | 3 months’ interest |
| more than 1 year and less than 3 | 6 months’ interest |
| 3 years to less than 4 | 12 months’ interest |
| 4 years or more | 18 months’ interest |
High Yield Savings Account
If you’re looking for a variable-rate deposit account that pays an interest on your savings but also allows you to access your funds at any time, then you may want to take a look at Third Federal Savings and Loan’s high yield savings account or money market account.
The high yield savings account comes with a minimum deposit of just $10 to open, however, the interest rate is tiered with higher balances earning slightly better yields. See table below.
| Balance | APY |
| $10 – $24,999.99 | 0.15% |
| $25k – $99,999.99 | 1.00% |
| $100k + | 1.25% |
To put these yields into perspective, the current national average for a savings account sits at just 0.39% according to FDIC data, however some online banks are paying close to the 5.00% APY mark.
Money Market Account
The money market account also features a variable rate which is tiered by deposit size. The minimum deposit and balance requirement to earn the advertised rate is steeper than Third Federal Savings and Loan’s high yield savings account at $5,000. See the table below.
| Balance | APY |
| $5,000 – $24,999.99 | 0.15% |
| $25k – $99,999.99 | 1.00% |
| $100k + | 1.25% |
To put these yields into perspective, the current national average for a money market account sits at 0.57% according to FDIC data, however some online banks are also paying close to the 5.00% APY mark like they are with high yield savings accounts.
How to Open and Fund the Account
All Third Federal Savings and Loan deposit accounts – CDs (certificates of deposit), high yield savings account and money market account can be opened in a local branch or online.
To open an account online, you can start here and follow the prompts.
You’ll first have to enter your zip code then select the deposit account you’re applying for by clicking the + icon next to it.
To complete the application you should have the following personal information readily available:
- Valid email address
- Physical personal address
- Phone number
- Driver’s license or Government issued ID
- Social security number
Once approved, you’ll need to fund the CD, savings account or money market. This will require:
- Your current bank or credit union’s routing number.
- The account number where funds will be withdrawn to fund your Third Federal Savings and Loan deposit account.
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