Third Federal Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Low opening required amounts
  • Variety of accounts offered
  • Online Savings Plus account
  • Competitive interest rates


  • Tiered interest rates on accounts
  • CD early withdrawal penalty high
  • Checking account has monthly fees
  • Cannot open all accounts online

What You Need to Know

Third Federal accounts have low opening required amounts. The high yield checking account requires $10 to open. CDs only require $500 to open. Third Federal money market account requires a high amount. That account requires $5,000 to open.

Third Federal offers a variety of accounts. Those accounts include personal deposit and business accounts. Those accounts include checking, savings, and money market accounts. The CDs range in terms from 30-days to 10-years. Lending and credit cards are also offered through Third Federal.

The Third Federal Online Savings Plus account is an entirely online account. This account requires $5,000 to open and to earn interest. There are no monthly fees and no limit on monthly transactions.

Interest rates for Third Federal accounts are competitive. They are higher than other brick and mortar bank accounts. The interest rates are competitive with other online accounts.

Third Federal accounts have tiered interest rates. The money market and savings account require a balance of $100,000 to earn the best interest rates. The checking account requires a $25,000 balance to earn the best rate. Balances under these amounts earn interest, just not the most competitive rate.

Third Federal CDs have high penalties for withdrawing money before the maturity date. CDs from one to three years require six months’ worth of interest. CD terms over four years require 18 months’ worth of earned interest.

The Third Federal checking account has a monthly fee. The fee is $7 a month. Waive that fee by keeping an average daily balance of $1,500 in the account. That average balance can come from all Third Federal accounts or just your checking account.

Not all Third Federal account can be opened online. To open a money market or checking account must be in a branch location. You can open a savings account and CDs longer than 6-month terms online.

Cool Things

Loyalty Perks Program

Third Federal customers are automatically enrolled in the Loyalty Perks Program. Some of the perks include discounts on closing costs or home equity loan rates. Higher interest rate on a CD and the ability to relock your mortgage rate for a lower cost are other perks. To be eligible, you must have a deposit account for six months or a mortgage with Third Federal. Other terms and conditions may apply.


Third Federal started in 1938, in Cleveland, Ohio. At this time, nearly one-third of Cleveland residents were unemployed or underemployed. Ben and Gerome Stefanski were the founders of the bank. They applied for the charter to start the bank while on their honeymoon.

After World War II, veterans took advantage of the GI Bill, allowing them to buy homes. This helped Third Federal business grow. Between 1950 to 1970 Third Federal expanded and opened other branches around Cleveland.

In 1987, Third Federal had over $12 billion in assets, with over 1,000 employees. Ben and Gerome’s son, Marc, took over as president and CEO.

Today, Third Federal headquarters remain in the same Cleveland neighborhood. Their mission remains the same then as now. They help families achieve their dream of owning their own and being financially secure.

Awards and Recognition

  • Corporate Partner-of-the-Year, Vibrant City Awards
  • Corporate Citizenship Award for City of Cleveland
  • Community Reinvestment Award, Honorable Mention, Excellence in Cross-Sector Collaboration

Giving Back

Third Federal Foundation funds and supports an organization called Broadway-P16. This is a network of nonprofit and community-based organizations. They work together with the Cleveland Metropolitan School District. They work to provide safe, healthy, and productive learning environments for children. Broadway P-16 serves mostly the children in the Slavic Village neighborhood. They develop programs to help with reading, STEM, school attendance, and college readiness.

Frequently Asked Questions

Is Third Federal FDIC insured?

Yes. Third Federal is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

Debit or ATM cards, electronic transfers, checks, or by visiting local branch locations.

Does Third Federal offer mobile banking?

Yes. Through mobile banking, you can view account balances and transfers. You can transfer money between Third Federal accounts. You can view loan amounts and make loan payments. With the mobile app, you can also make mobile check deposits.

Is Third Federal free?

Only the checking account has a monthly fee. That fee is $7 a month. Waive that fee by keeping $1,500 in the account, or a combined balance between other accounts.

Is Third Federal a good bank?

Third Federal interest rates are competitive with online accounts. The accounts have tiered interest rates. To earn the most competitive rate requires a large balance in the accounts. They offer a variety of personal deposit and business accounts. Only the checking account has a monthly fee. Not all accounts can be opened online.

Is Third Federal secure online?

Third Federal use various tools and security to protect your information. They are continually monitoring their systems to ensure account security.

Does Third Federal offer competitive interest rates?

Yes. Each of the Third Federal accounts offers competitive interest rates. The accounts have tiered interest rates. To earn the most competitive rate requires a large sum. Lower balances still earn interest, just not the most competitive rate.

Can I use Third Federal for my business accounts?

Yes. Checking, savings, money market accounts, and CDs are available for businesses. Lending and credit cards are also offered for businesses through Third Federal.

How is Third Federal online banking different from the online banking my bank offers?

The interest rates are more competitive. Not all accounts can be opened online.

Do Third Federal checking accounts pay interest?

Yes. The Third Federal checking account earns interest. The accounts have tiered interest rates. To earn the most competitive rate requires a $25,000 balance. Lower balances earn interest, just not the most competitive rate.

How do I reach customer service?

By phone, email, or mail. Customer service has specific hours they are open. Those times are on the website.

Does Third Federal offer bill pay?

Third Federal does not offer bill pay at this time.

Can I deposit cash?

Only at a branch location. Make deposits into online accounts through electronic transfers or by mailing a check.

How long do transfers take?

The first $200 of the deposit is available the same day. The remaining amount will be available on the second business day. Deposits over $5,000 may take longer to fund.

Can I sign up for direct deposit to Third Federal accounts?

Yes. You can have money directly deposited into Third Federal accounts.

Bank Contact Information

National Headquarters
7007 Broadway Ave.
Cleveland, OH 44105

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