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

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Updated on Wednesday, July 1, 2020

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

0.05%

$10

0.10%

$5,000

0.15%

$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.

SEE DETAILS Secured

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

Member FDIC

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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

0.05%

$10

0.15%

$25,000

0.20%

$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.

SEE DETAILS Secured

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

Member FDIC

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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

0.50%

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.

SEE DETAILS 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

0.25%

12 Months

0.50%

18 Months

0.50%

24 Months

0.50%

30 Months

0.50%

36 Months

0.75%

48 Months

0.90%

60 Months

0.95%

72 Months

1.25%

  • 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.

SEE DETAILS 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

0.50%

15 Months

2.30%

18 Months

0.50%

24 Months

0.50%

29 Months

2.50%

30 Months

0.50%

39 Months

3.00%

48 Months

0.90%

72 Months

1.25%

  • 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.

SEE DETAILS Secured

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

Member FDIC

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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.

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