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.

History

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

Bank Contact Information