Advertiser Disclosure

Reviews

Latino Community Credit Union Review: Checking, Savings, CDs and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Latino Community Credit Union’s checking account options

Regular Checking

This is Latino Community Credit Union’s basic checking account, which requires no minimum opening deposit.
APYMinimum Balance Amount to Earn APY
0.10%
$250
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0 when minimum balance of $250 is maintained; if not maintained, monthly fee is $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

Anyone who is looking for a low-cost checking account and can maintain the minimum balance requirement may enjoy this account. The $250 balance requirement is pretty low compared to other banks. If the balance is not met, a $2 monthly fee is charged. This account earns interest, which is an added benefit.

This account comes with a Visa debit card for ATM access and purchases. There is an option to receive e-statements for this account, which comes with online banking access. Consumers can clear 50 checks for free each month on this account. After that, a $1 fee applies per check.

How to get Latino Community Credit Union’s Regular Checking

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

CashPoints Global

This checking account is designed for those who send money abroad or travel frequently.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $2
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign multicurrency transactions, 1% fee. Single currency transactions, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: Debit transactions are limited to the amount in the account, so overdraft fees cannot be incurred.

Individuals who travel frequently or need to send money abroad will be best suited for the CashPoints Global checking account. This account is also marketed by Latino Community Credit Union as suitable for anyone who shops online.

This account requires no minimum balance, which is nice, but it’s noninterest-bearing. It comes with a Visa debit card and ATM access. There is an unavoidable $2 monthly maintenance fee.

This account comes with an option to receive e-statements. Account holders may designate authorized users on the account such as a student or family member in another country through the CashPoints Global feature.

How to get Latino Community Credit Union’s CashPoints Global

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Checking

The Youth Checking account is a starter checking account targeted toward teens ages 13 to 19.
APYMinimum Balance Amount to Earn APY
0.10%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: No fee
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month. Transactions beyond this amount will be charged a $30 fee.

The Youth Checking account is intended as an account to help teens “get a head start on life.”

Teens will earn interest on their account balance, which offers a nice incentive. They can receive e-statements on the account, access the account via online banking, access ATMs via a Visa debit card and basically have all the same privileges that come with the Regular Checking account for adults.

This account is best for teens who want to start learning about money and earn some interest on their checking account balance.

How to get Latino Community Credit Union’s Youth Checking

Apply to become a credit union member. You must be ages 13 to 19. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s checking accounts compare

While the institution advertises its checking account interest rates as being above average, they are not the best available when compared to the best online checking accounts.

Better checking account interest rates can be found elsewhere. The CashPoints Global and Youth Checking accounts do not require a minimum balance, which is on par with some of the best accounts available. They are enticing for consumers who want an account with no balance requirement.

Latino Community Credit Union’s savings account options

Regular Savings

Regular Savings is Latino Community Credit Union’s basic deposit account. It comes with a low initial deposit requirement, allowing almost anyone to begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

The Regular Savings account at Latino Community Credit Union allows individuals to open a savings account and begin saving with a very low opening deposit. This account would be good for anyone who wants to start saving but is intimidated by opening and minimum balance requirements.

There is a $2 monthly maintenance fee on this account, but only if balance drops below the $10 opening balance requirement. This account does earn interest — twice the rate on Latino Community Credit Union’s Regular Checking account.

Account holders can opt to receive e-statements and can access their account via ATMs. This account is opened as part of the new credit union membership process.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Regular Savings

This account is automatically opened for new credit union members.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Holiday Savings

This unique account offers a savings vehicle with one caveat: You cannot access your money until the end of October.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: N/A (withdrawals are not permitted from this account)
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is best for someone who wants to save but may lack the necessary discipline. This account is touted as a Holiday Savings account to help consumers save money for holiday expenses. While deposits can be made into this account throughout the year, none of the money is available until the end of October, when the entire account balance is transferred to an account chosen by the member.

While this account is intended for holiday saving, it could be used for any savings milestone.

This account would not be good for anyone who plans to make withdrawals from their savings account or needs access to their money prior to Oct. 31 of each year.

This account earns interest and comes with other basics, such as e-statements, access to ATMs and online banking.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Holiday Savings

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Youth Savings

The Youth Savings account is a starter savings account for teens that requires a minimal opening deposit.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0 if minimum balance is maintained; otherwise, $2 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is best for anyone ages 13 to 19 who wants to open a savings account with specific goals — a car, college or something else.

The $10 minimum initial deposit requirement is low, which could help encourage teens to begin saving. If that balance is maintained, there is no monthly maintenance fee. This account does earn interest.

It also comes with the basics such as the option to receive e-statements, online banking and ATM access. There is no overdraft protection on this account. To be a member of Latino Community Credit Union, this account must be opened if you’re ages 13 to 19.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Youth Savings

Visit a local branch to open this account. All account holders must be credit union members first — and must be ages 13 to 19.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Children Savings

The Children Savings account is for those 12 and younger, and is intended to help them learn about money and begin saving.
APYMinimum Balance Amount to Earn APY
0.20%
$10
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Latino Community Credit Union, this account will help teach children about the value of money and encourage saving. The account requires a low opening deposit amount and a low minimum balance. The Children Savings account comes with membership to Tita’s Savings Club, a savings program for youth.

The account must be jointly opened and held with a parent, grandparent or other adult. There is no monthly maintenance fee on this account, which is nice. This account earns interest.

Once the account holder reaches age 13, their account will be converted to a Youth Savings account. All account holders for this account must first be a member of Latino Community Credit Union. Checks cannot be written on this account, and Automated Clearing House debits are not allowed on the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Children Savings

Visit a local branch to open this account. All account holders must be credit union members first and must be 12 or younger.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s savings accounts compare

Each account offers different features or is geared toward a specific age group.

But when compared to the best online savings accounts, the APY on the accounts that provide interest are nowhere near the highest rate available. Consumers looking for a high interest rate on savings accounts should look elsewhere.

Latino Community Credit Union’s CD rates

Regular Certificates of Deposit

These are the bank’s regular CD products, available in varying terms. Rates may change at any time.
TermAPY
6 months1.50%
12 months1.70%
18 months1.80%
24 months2.00%
36 months2.15%
48 months2.20%
60 months2.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months

These CDs would be best for anyone who does not need access to their money for six to 60 months and would like to earn interest.

The CDs require a $500 minimum initial deposit, with rates fixed by duration.

Latino Community Credit Union’s CDs come with an option to receive e-statements and online access to the account. Interest on these CDs accrues daily but is not compounded.

How to get Latino Community Credit Union’s Regular CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Cash Back Certificates of Deposit

These CDs provide cash back when they’re opened.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This CD would be good for anyone who can meet the $5,000 opening balance requirement and would like to receive a little extra incentive for their investment via the cashback perk.

The bonus is 1% of the total deposit amount rounded to the nearest cent. This bonus comes in addition to interest earned on the CD. The CD must be kept for at least one year from the date of opening; otherwise, the bonus amount will be forfeited.

These CDs come with online banking and an option to receive e-statements. Organizational members cannot open these CDs. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Cash Back CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Good Homes Vibrant Communities CD

These CDs are intended to support the goal of first-time homeownership.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 months; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for a first-time homebuyer with the minimum $500 opening deposit amount who can agree to the reasonable terms.

Latino Community Credit Union sees homeownership as a key way for families to build and transfer wealth across generations.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Good Homes Vibrant Communities CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

Next Generation CD

These CDs are intended to support an investment in the future by supporting children.
TermAPY
6 months Fixed rates depending on term
12 months Fixed rates depending on term
18 months Fixed rates depending on term
24 months Fixed rates depending on term
36 months Fixed rates depending on term
48 months Fixed rates depending on term
60 months Fixed rates depending on term
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days of interest or all interest accrued or earned, whichever is less, for certificates of six, 12 or 18 month duration; 180 days of interest or all interest accrued or earned, whichever is less, for certificates of 24 months or more

This account would be best for anyone who can meet the $500 minimum opening deposit amount, can agree to the minimum terms and would like to support their family’s next generation.

According to Latino Community Credit Union, money invested in this CD will “circulate in” and “benefit your community,” namely in the form of helping local families who want to invest in their children’s future. Basically, the bank will use this money to offer loans to families with children.

These CDs come with online banking and an option to receive e-statements. Interest is accrued daily but does not compound.

How to get Latino Community Credit Union’s Next Generation CDs

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s CD rates compare

The rates for the Regular CDs are OK, but not the best available when compared to the best CD rates. A careful examination of the duration of a CD product — along with the interest rate — would be best before investing. The higher-term CDs offered by Latino Community Credit Union come close but may have a higher term than other CDs with the same interest rate.

Latino Community Credit Union’s money market account option

Money Market

Latino Community Credit Union says its Money Market account will offer a “better” return on a “bigger” balance.
APYMinimum Balance Amount to Earn APY
1.01%
$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: No fee if minimum balance is maintained; otherwise, $5 a month
  • ATM fee: No fee within CashPoints ATMs network. For all other completed ATM inquiries or transactions, 75 cents each. For all other incomplete ATM inquiries or transactions, 35 cents each. Foreign transactions involving multicurrency, 1% fee. Foreign transactions involving single currency, 0.80% fee.
  • ATM fee refund: N/A
  • Overdraft fee: $5 overdraft protection, up to six transactions per month; transactions beyond this amount will be charged a $30 fee

This Money Market account would be best for someone looking for more interest than the standard savings accounts offered by Latino Community Credit Union. This account does require a $500 minimum balance amount to earn APY and to avoid monthly fees.

This account earns interest and comes with the basics: an option for e-statements, online banking and ATM access.

The Money Market account would not be well-suited for anyone who wouldn’t be able to keep the minimum balance in the account.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get Latino Community Credit Union’s Money Market account

Apply to become a credit union member. Once a member, the account can be opened online.

LEARN MORE Secured

on Latino Credit Union’s secure website

NCUA Insured

magnifying glass

How Latino Community Credit Union’s money market account compares

When compared on an interest rate basis, this account just barely is on par with the best money market rates available. But many of the accounts with the best rates do not require much of a minimum balance, which the Latino Community Credit Union Money Market account does.

Overall review of Latino Community Credit Union’s banking products

Latino Community Credit Union offers some nice niche products. It has products to encourage saving for those younger than 18, and for teens to learn how to use a checking account. This is better than most institutions, which either offer nothing or just one youth savings account — and forget about checking.

For those who want to invest in a “cause,” the CD products that are closely connected to Latino Community Credit Union’s loan products are worth a look.

The adult checking, savings and money market accounts cover the basics and are nothing special. They do not offer the best interest rates available.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

Advertiser Disclosure

Reviews

M&T Bank Reviews: Checking, Savings, CD, and Money Market Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

M&T Bank checking account options

MyChoice Plus Checking

M&T Bank’s MyChoice Plus Checcking account offers a few benefits including no fees at non-M&T ATMs and interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $14.95 (may be waived by maintaining an average daily balance of $2,500 or by having direct deposits totaling at least $1,500).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Unlimited
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Plus Checking is a step up from the EZChoice checking and offers a small amount of interest. In addition, it has a no-fee ATM policy and unlimited refunds on other banks’ ATM fees. The monthly maintenance fee is comparatively steep so it would be best to maintain the daily minimum balance or meet the direct deposit requirements to avoid the charge. This account also comes with a few perks like discounts on personal loans through M&T Bank.

Consumers most likely to benefit from this account would be those looking for more robust account features than what the EZChoice Checking offers. The MyChoice Plus Checking offers access either online or via smartphone. In addition, this account is better for those who frequently access non-M&T ATMs due to traveling for work or leisure. This checking account does earn interest.

The requirements to avoid the monthly fee are a bit tricky. If the consumer isn’t paying attention or maintaining a significant monthly balance they could easily fall under the minimum and be charged. However, it’s nice that this account offers some interest, but it isn’t a high enough rate to write home about.

How to get M&T Bank’s MyChoice Plus Checking

Consumers can apply to open a MyChoice Plus Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Plus Checking account as a personal account, not for business. Applicants should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

MyChoice Premium Checking

MyChoice Premium Checking account is M&T Bank’s “top-tier” checking account, offering a higher interest than other checking accounts at the bank along with special rates on select CDs and money market accounts when paired with the checking account.

APY

Minimum Balance Amount

0.01%

$1

0.03%

$50,000

0.05%

$100,000

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $24.95 (may be waived with maintaining an average daily balance of $7,500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs or for non-M&T Bank ATMs.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The MyChoice Premium Checking is best for consumers who want to be rewarded for maintaining a relationship with M&T Bank. This is M&T Bank’s top of the line checking account that anyone age 18 or older can apply for. This account comes with premiums and discounts on other banking services such as when opening a M&T Select CD or taking out a loan. This account also offers premium interest rates – by M&T Bank’s standards – and tiered interest. The more money you keep in your checking account, the higher interest rate you will earn.

This account requires a high minimum balance to avoid a hefty monthly fee or by meeting other transaction requirements. See account terms & conditions. This account is going to best for someone who uses their checking account more like a savings account, keeping a high balance, or a high-income earner.

How to get M&T Bank’s MyChoice Premium Checking

Consumers can apply to open a MyChoice Premium Checking account online via the bank’s website or in person at any M&T Bank branch. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Premium Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

M&T Classic Checking With Interest

M&T Classic Checking With Interest is a checking account designed for people age 50 and older, offering the typical benefits of a personal checking account along with interest.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4.95 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The M&T Classic Checking With Interest is sort of a hybrid account offering some interest and the basics – but only for those age 50 or older. This is a good option if the individual does meet the age requirement and wants an account with a low minimum balance requirement along with some interest.

One of the perks with this account is enjoying discounts on standard check orders. This is the checking account to consider if the consumer is nearing retirement or enjoying retirement. This account does earn interest.

There is a small monthly maintenance fee for this account, but if the account holder maintains a modest balance they can easily avoid it. The interest rate on this account won’t fund a vacation anytime soon, but it’s better than no interest.

How to get M&T Bank’s M&T Classic Checking With Interest

Consumers can apply to open a M&T Classic Checking With Interest account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 50 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the M&T Classic Checking With Interest account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

EZChoice Checking

The EZ Choice Checking Account from M&T Bank is a checking account that is marketed as a no-worries account. Along with no worries, it comes with no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the U.S.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

The EZChoice Checking comes with no monthly maintenance fee, no minimum balance requirement and “no worries,” according to M&T Bank. It’s really just a basic, no-frills, no-interest account.

This account could be best suited for people who are looking for a simple checking account and who are comfortable accessing their checking account via their smartphone or online and want to avoid a monthly maintenance fee. However, overdraft fees are high so it would be best to make sure this account does not get overdrawn.

How to get M&T Bank’s EZChoice Checking

Consumers can apply to open a EZChoice Checking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. Citizen and have a government-issued ID ready along with their Social Security number. Applicants should also be ready to provide their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the EZChoice Checking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

Basic Banking

The Basic Banking account at M&T Bank comes with no minimum balance requirement along with a low monthly fee – it’s no frills and “covers the basics.”
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3.00
  • ATM fee: No fee for M&T Bank ATMs. $3 for non-bank ATMs in the United States. $5 or 3% of transaction amount (whichever is greater) at ATMs outside the United States.
  • ATM fee refund: Not Available
  • Overdraft fee: $38.50 per overdraft unless certain conditions are met.

It’s hard to see the difference between this account and the EZ Choice Checking Account. But M&T Bank touts this account as being for anyone who wants a checking account to meet their basic banking needs and who prefers a no-minimum balance account. There is a low monthly maintenance charge for this account, but the charge is about the equivalent of buying a large coffee each month. This account does not earn interest, but it does come with smartphone or online access.

How to get M&T Bank’s Basic Banking

Consumers can apply to open a Basic Banking account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer ready when they apply. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the Basic Banking account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

magnifying glass

How M&T Bank’s checking accounts compare

Choosing from the five different checking accounts that M&T Bank offers could get a little confusing. But when comparing M&T Bank’s checking accounts to the best online checking accounts, the choice is clear: It’s not M&T Bank.

The nation’s best online checking accounts offer no or a low minimum balance requirement – along with high interest rates. However, if your preference is to use a nearby brick-and-mortar bank – with a local connection and access to ATMs without fees – M&T could be an option. The Classic Checking With Interest account for customers age 50 and older is also a nice alternative, if you qualify.

M&T Bank savings account options

M&T Starter Savings Account

Designed for teens and children, the M&T Starter Savings Account offers youth their first shot at saving along with no minimum opening deposit required.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $1
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The M&T Starter Savings Account is best for one audience – those under age 18. It’s a nice option to teach young people how to begin saving. Teens and children can sign up for an account. A custodian who can use the account to help teach them how to save and manage money wisely may be required for sign up. M&T Bank is showing they care about education and money management among youth by offering this account.

What is also nice about this account is that it requires no minimum balance and there is no monthly fee so if the account holder lets their balance run low they won’t be penalized. While this is a youth account, once opened, the account does not end when the holder reaches 18.

This account does earn interest. But, where this account falls short is with what is a pretty low interest rate. Teens or pre-teens may not be too excited about saving when they realize it’s going to take a large balance to generate enough money for back-to-school clothing shopping or a meal out with their friends.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s M&T Starter Savings Account

Consumers can apply to open an M&t Starter Savings Account in person at any M&T Bank location. Applicants must be under age 18 and have a birth certificate ready along with their Social Security number. An account custodian, age 18 or older, may be required to be placed on the account.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

Relationship Savings

M&T Bank’s only other savings product is the Relationship Savings account, which is intended for adults and is interest bearing.

APY

Minimum Balance Amount

0.02%

$1

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $7.50 (may be waived with maintaining an average daily balance of $500 or more or by meeting other transaction requirements).
  • ATM fee: None.
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you are an adult seeking to bank with M&T and open a savings account – you have one option – Relationship Savings. This account offers the exact same interest rate as the under age 18 account, however, it comes with an adult-like monthly fee.

The monthly fee can be waived by maintaining a minimum daily balance or by meeting other transaction requirements. This account does earn interest. However, it’s a low interest rate so it will not amount to much, even with a large daily balance.

This account could be best suited for an adult saving for a specific goal or who wants an accessible savings account to use as an emergency fund or rainy day fund. This account does come with overdraft protection when linked to a M&T Bank checking account. This savings account is also accessible via the web or smartphone.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s Relationship Savings

Consumers can apply to open a Relationship Savings account online via the bank’s website or in person at any M&T Bank location. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number, date of birth and name of employer when they apply. The online application process should take about 10 minutes, according to M&T Bank. Only consumers can open a Relationship Savings account, not businesses or organizations. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

magnifying glass

How M&T Bank’s savings accounts compare

It’s difficult to compare a M&T Bank savings account with another account, because they are for two different audiences. However, both offer the same interest rate. The adult account simply comes with a minimum daily balance requirement.

When compared to the best online savings accounts, the interest rates offered by M&T Bank are paltry. However, the minimum balance requirement for both accounts is reasonable and lower or comparable to many of the best online savings accounts.

M&T Bank’s CD rate options

M&T Bank CD rates

M&T Bank offers basic certificate of deposit options ranging from 32 days to 72 months, some rates are promotional and can vary depending on where the consumer lives.

Term

APY

M&T Select Promo CD - 6 months

0.15%

M&T Promo CD - 12 months

0.75%

M&T Select Promo CD - 12 months

1.25%

M&T Select Promo CD - 18 months

1.01%

M&T Select Promo CD - 24 months

1.01%

M&T Select Promo CD - 36 months

1.01%

M&T Promo CD - 60 month

1.11%

*M&T Bank does not advertise all of its CD rates online. If you’d like to know the rates that are being offered for other terms, please be sure to contact M&T Bank prior to opening one of its CDs online.

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty:
    • For account terms greater than 364 days, early withdrawal penalty is $50 plus 182 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.
    • For account terms less than 365 days, early withdrawal penalty is $25 plus 91 days worth of interest on the non-interest portion of the withdrawal amount computed and without compounding and at the interest rate in effect at the time the withdrawal is made.

M&T Bank’s CDs offer consumers a way to earn while they save. The CD products offer a “rate of return you can count on,” according to M&T Bank.

These CDs would be best for someone looking for a reliable and predictable savings interest rate and who are comfortable not having access to their money for several months – or years. These CDs are also a good option for anyone seeking a low-risk investment option. CDs are available in terms from 32 days to 72 months and are fixed rate or variable rate.

Select Promo CD

M&T Bank offers a limited roster of CDs, with just five maturities available with in the Select Promo CD line. Rates are all over the board, with the highest APY paid on the 24 month maturity while the 36 month alternative pays less than the 12 month term.

Customers must deposit $1,000 to open an M&T Select Promo CD, but after that, a minimum balance of just $1 is required to earn the advertised APY. For automatically renewed CDs, customers have a 10-calendar-day grace period after maturity to withdraw funds without penalty.

Promo CD

M&T Bank’s Promo CD line is even more limited, with just 12 and 60 month offerings available. The longer-term 60 month CD pays slightly less in interest than the short 12 month CD.

After a CD is opened for a minimum $1,000, the APY can be earned on balances as small as $1. The grace period is the same as the Select Promo CDs.

There are withdrawal penalties for anyone who wants to access their money sooner than they originally agreed to on all M&T Bank CDs and the terms are confusing. It might take a math wiz to actually know how much money will be lost by early withdrawal.

How to get M&T Bank’s CDs

Consumers must visit a local M&T Bank branch in person to open a CD.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

magnifying glass

How M&T Bank’s CD rates compare

M&T Bank offers a variety of CD rates and they vary based on promotions and time to term. However, their rates are lower than the best CD rates available right now. It would be worth closely comparing M&T Bank CD rates, along with the interest rates and time periods for investing, with the best CD rates before investing.

M&T Bank money market account options

MyChoice Money Market

The MyChoice Money Market account offers tiered rates depending on the amount of money in the account.
Regular
APYIntroductory APYMinimum Balance to Earn APY
0.04%
0.05%
$1
0.34%
1.26%
$10,000
0.36%
1.26%
$25,000
0.39%
1.26%
$50,000
0.39%
1.26%
$100,000
0.39%
1.26%
$1,000,000
Premium
APYIntroductory APYMinimum Balance to Earn APY
0.05%
0.05%
$1
0.36%
1.26%
$10,000
0.39%
1.26%
$25,000
0.43%
1.26%
$50,000
0.47%
1.26%
$100,000
0.47%
1.26%
$1,000,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15 (fee waived for customers with an applicable checking account open or who keep a minimum daily balance of $2,500.)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This money market account offers tiered interest rates and they are much higher than the rates offered on the M&T e-Money Market – if you can get past the first interest rate tier. This account is best for those with a larger nest egg and who intend to let a portion of that remain untouched in the account.

At the top end of this account the interest rate actually plummets so it will not be the best bet for savers with a large sum of money to deposit.

While there isn’t a minimum opening deposit amount, the consumer must either also have an M&T Bank checking account or maintain a balance of $2,500 to avoid the monthly fee.

Per Federal Reserve Regulation D, which regulates reserve requirements for banking institutions and limits the number of preauthorized withdrawals and transfers that consumers can make from a savings account or money market account, banks may charge a fee, close the account or convert the account to a checking account as a result of excess withdrawals.

How to get M&T Bank’s MyChoice Money Market

Consumers can apply to open a MyChoice Money Market account online via the bank’s website. Applicants must be age 18 or older, a U.S. citizen and have a government-issued ID ready along with their Social Security number. Consumers should also have their full name, address, telephone number and date of birth. The online application process should take about 10 minutes, according to M&T Bank. Consumers can only use the MyChoice Money Market account as a personal account, not for business. Consumers should also have their current bank account and routing number readily available, or a check payable to M&T Bank.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

M&T Money Market

The M&T Money Market is the bank’s basic money market account, offering check writing with no minimum balance requirements or monthly maintenance fees.
APYMinimum Balance to Earn APY
0.05%
$1
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0; $3 for non-M&T Bank ATMs; greater of $5 or 3% for international ATM usage
  • ATM refund: None
  • Overdraft fee: $38.50; $12.50 with overdraft protection

The M&T Money Market account allows customers to write up to six checks — the regulatory limit — per month before incurring a $12.50 excess withdrawal fee. Otherwise, the account pays interest on all balances, with no tiers, and assesses no monthly maintenance fee. Account holders can access their information via online or mobile applications, by phone, or at an M&T Bank branch or ATM. As with other M&T Bank accounts, the Money Market account offers direct deposit capability, electronic statements and notices, and M&T Bank’s Easy Save service, allowing automated transfers between accounts.

LEARN MORE Secured

on M&T Bank’s secure website

Member FDIC

magnifying glass

How M&T Bank’s money market accounts compare

While the MyChoice Money Market offers some decent interest rates when compared to the M&T e-Money Market – neither account comes close to the best money market rates. Individuals looking to open a high earning money market account should probably look outside the M&T bank money market rates.

Overall review of M&T Bank’s banking products

M&T Bank offers a unique family of personal investing and banking products. The bank has a long history in New York state and would be an appealing location option for someone who wants a personal banking relationship and brick-and-mortar locations to visit.

The under-18 savings account is a nice touch, as is the age 50 and older checking account. If you fit into either of those categories the accounts are worth checking out. Also worth checking out are M&T Bank’s CDs as some of the rates are pretty comparable with the best rates available right now.

The other checking accounts offered by M&T Bank are a bit confusing and the money market accounts do not offer the best interest rates available – so those accounts can be passed up.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

Advertiser Disclosure

Reviews

Third Federal Savings & Loan Review: Checking, Savings, CD and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Third Federal Savings & Loan checking account options

High-Yield Checking Account

Third Federal Savings & Loan offers one checking account, the High-Yield Checking Account, which is intended for customers who want a checking account with a higher interest rate.

APY

Minimum Balance Amount to Earn APY

0.10%

$10

0.15%

$5,000

0.20%

$25,000

  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $7 per month (waived if average daily balance in all accounts combined is $1,500 or more).
  • ATM fee: $1.50 per withdrawal (after the 4th withdrawal during any 1 statement cycle).
  • ATM fee refund: None
  • Overdraft fee: Account holder must pay back the overdrafted amount along with any fees or related charges that are due.

Third Federal Savings & Loan’s High-Yield Checking Account is an interest-bearing account offering three interest rate tiers. Each tier progressively offers a higher APY as long as the account holder maintains a higher minimum balance at the same time.

This account is designed to offer a higher interest rate than other checking accounts available elsewhere. This account would be good for anyone seeking to earn a little interest on their checking account. Those who maintain a very high balance in their checking account would most benefit from this account, considering the tiered interest rates.

Where this account gets tricky is with the minimum balance requirement. Unless you maintain the balance (either in the checking or among all of their accounts combined), you will incur a monthly maintenance fee on the account. Because of this, this account would probably not work well for anyone who keeps a low balance in the checking account or who knows they will frequently draw the account down to the minimum or close to $0.

This checking account comes with a free Third Federal Debit Card which allows account holders to make purchases anywhere Debit MasterCard® is accepted. The card can also be used for cash withdrawals at any Fifth Third Bank ATM. This is a nice feature considering Third Federal’s limited brick-and-mortar locations and Fifth Third’s wider national presence. This checking account also comes with online banking access.

How to get Third Federal Savings & Loan’s High-Yield Checking Account

Visit a Third Federal Savings & Loan branch location to open a checking account.

LEARN MORE Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

magnifying glass

How Third Federal Savings & Loan’s checking account compares

The bank’s sole checking account — the High-Yield Checking Account — compares well with the best online checking accounts out there. The interest rate is a little higher than a few competitors, but only if you can maintain the $25,000 minimum balance set for the Tier 3 APY. Many online banking competitors, however, offer better interest rates regardless of tier.

Third Federal Savings and Loan’s minimum balance requirement to avoid monthly fees is middle of the road among top checking accounts, not the highest nor the lowest. The High-Yield account might make sense if you live near a branch in Ohio or Florida — or if you live near one of the many Fifth Third Bank ATMs nationwide.

Third Federal Savings & Loan Savings Account Options

High-Yield Savings Account

Third Federal Savings & Loan’s High-Yield Savings Account is touted to “pay you the highest rate.”

APY

Minimum Balance Amount to Earn APY

0.10%

$10

0.20%

$25,000

0.70%

$100,000

  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $10 to $100,000 depending on tier, but the bare minimum is $10
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 per withdrawal (after the 4th withdrawal during any 1 statement cycle).
  • ATM fee refund: N/A
  • Overdraft fee: Account holder must pay back the overdrafted amount along with any fees or related charges that are due.

This savings account is interest-bearing, and like the checking account offered by the bank, this account has a three-tier structure. Each tier offers a progressively higher APY at a higher minimum balance.

The account can be opened as either a regular savings account or as an IRA account, depending on customer preference. The account charges no monthly fees (if the minimum balance requirement is maintained) and no limit on monthly transactions.

This account would be best for anyone looking to open a basic savings account and earn interest on their balance. Tier 2 and Tier 3 balance requirements are quite high and possibly higher than what the average account holder would have in a savings account that is being used as a rainy day fund.

Where this account falls short is that most customers would probably look at this account for the Tier 1 option with the lower minimum balance requirement, which is reasonable. Customers with higher amounts in their savings account would probably want to look for a money market or CD to earn better interest. Further, Third Federal Savings & Loan describes this savings account as offering “easy access” to your funds.

Per Federal Reserve Regulation D, you are allowed up to six certain debits per month. Go over that limit, and the bank may charge a fee, close the account or convert the account to a checking account.

How to get Third Federal Savings & Loan’s High-Yield Savings Account

Customers can apply for a High-Yield Savings Account through Third Federal Savings & Loan via online application. The bank says it takes about five minutes to complete the application process. When applying online, have a valid driver’s license or state ID ready, along with your Social Security number. Applicants must be age 18 or older, and a U.S. citizen or a U.S. resident. The account can be opened as an individual account or as a joint account.

LEARN MORE Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

magnifying glass

How Third Federal Savings & Loan’s saving account compares

Most of the best online savings accounts offer account holders a full percentage point of interest or more. When compared with these top accounts, Third Federal Savings & Loan’s rates are not the highest available.

Third Federal Savings & Loan CD Rates

Special CD

The Third Federal Savings & Loan Special CD is a promotional CD.

Term

APY

30 Days

1.60%

3 Months

2.00%

15 Months

2.30%

29 Months

2.50%

39 Months

3.00%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 91 days or less: loss of 1 months’ interest
    92 days through 1 year: loss of 3 months’ interest
    More than 1 year, less than 3 years: loss of 6 months’ interest
    At least 3 years, less than 4 years: loss of 12 months’ interest
    4 years or more: loss of 18 months’ interest

Third Federal Savings & Loan advertises these CD products as having great rates with low minimums and as an easy account to open.

The Special CD is offered in several terms, from 30 days to 39 months and at varying rates of interest. The Special CD would be good for anyone who wants to earn a bit of interest income on their nest egg.

The $500 minimum opening balance requirement to open a Special CD is low and reasonable, making it an accessible savings vehicle for someone who only has a small balance to invest. Interest rates bump to higher levels the longer you choose to invest your money.

How to get Third Federal Savings & Loan’s Special CDs

Customers can apply for a Special CD through Third Federal Savings & Loan via an online application. The bank says it takes about five minutes to complete the application process. When applying online, have a valid driver’s license or state ID ready, along with your Social Security number. Applicants must be age 18 or older, and a U.S. citizen or a U.S. resident. The account can be opened as an individual account or as a joint account.

This CD can also be opened over the phone by calling 1-800-THIRD-FED or in person at any full-service branch.

LEARN MORE Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

Standard CD

The Third Federal Savings & Loan Standard CD is their basic everyday CD product.

Term

APY

6 Months

1.70%

12 Months

1.25%

18 Months

1.00%

24 Months

1.00%

30 Months

1.00%

36 Months

1.25%

48 Months

1.75%

60 Months

2.10%

72 Months

2.15%

  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 91 days or less: loss of 1 months’ interest
    92 days through 1 year: loss of 3 months’ interest
    More than 1 year, less than 3 years: loss of 6 months’ interest
    At least 3 years, less than 4 years: loss of 12 months’ interest
    4 years or more: loss of 18 months’ interest

The Standard CD is Third Federal’s basic CD product. Terms last from six months up to 72 months, allowing for short-term or long-term investing options.

The Standard CD would be best for anyone seeking to invest money in a CD, and who finds the Special CD rates to not be high enough or the right amount of time for the money they are investing. Customers should look at both product lines closely and compare rates before investing.

The Standard CD is advertised as being a CD easy-to-open account with a low minimum balance requirement.

How to get Third Federal Savings & Loan’s Standard CDs

Customers can apply for a Standard CD at Third Federal Savings & Loan via online application. The bank says it takes about five minutes to complete the application process. When applying online, have a valid driver’s license or state ID ready, along with your Social Security number. Applicants must be age 18 or older, and a U.S. citizen or a U.S. resident. The account can be opened as an individual account or as a joint account.

This CD can also be opened over the phone by calling 1-800-THIRD-FED or in person at any full-service branch.

LEARN MORE Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

Retirement CD

Third Federal Savings & Loan’s Retirement CD is offered as an investment vehicle for retirement.

Term

APY

12 Months

1.25%

15 Months

2.30%

18 Months

1.00%

24 Months

1.00%

29 Months

2.50%

30 Months

1.00%

39 Months

3.00%

48 Months

1.75%

72 Months

2.15%

  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 91 days or less: loss of 1 months’ interest
    92 days through 1 year: loss of 3 months’ interest
    More than 1 year, less than 3 years: loss of 6 months’ interest
    At least 3 years, less than 4 years: loss of 12 months’ interest
    4 years or more: loss of 18 months’ interest

The minimum investment term for a Retirement CD is one year, making it (at a minimum) a longer-term investment vehicle than the other Third Federal Savings & Loan CD options.

The interest rate increases with longer term CDs, capping out at a 72 month CD. Those looking to open a CD and use it as a vehicle for retirement investing should look at the Retirement CD product line.

Third Federal Savings & Loan advertises these CDs as easy to open and requiring low minimums. As the bank requires these CDs to be opened in person at a brick-and-mortar branch, they are probably best suited for customer who reside in Ohio or Florida.

How to get Third Federal Savings & Loan’s Retirement CDs

Visit a Third Federal Savings & Loan branch location to open a retirement CD.

LEARN MORE Secured

on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

magnifying glass

How Third Federal Savings & Loan’s CD rates compare

Compared with the best CD rates available, Third Federal Savings & Loan’s products hold up. Not every CD is a good buy but several of them — depending on the interest rate and duration — are on par with the competition. Look closely at the Special CDs in particular when shopping CD products through this institution. The Retirement CD might also be compared with the best IRA CD rates when shopping for a retirement investment CD.

Overall review of Third Federal Savings & Loan’s banking products

Overall, Third Federal Savings & Loan offers some interesting products and they do try to offer high interest rates on checking and savings accounts — when compared with many brick-and-mortar locations (many of which offer no interest on checking accounts).

However, when compared with online banking options, this bank has some competition. Their checking account and savings accounts are reasonable options for interest-bearing accounts if you live in Ohio or Florida where this institution operates.

Looking at the CD options, these are the best bet as the rates are fairly competitive when compared with the best CD products available. Third Federal Savings & Loan’s low balance requirement makes the CD products relatively accessible for any investor.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Holly Hammersmith
Holly Hammersmith |

Holly Hammersmith is a writer at MagnifyMoney. You can email Holly here