Third Federal CD Rates of May 2024

Third Federal Savings & Loan provides a smorgasbord of certificate of deposit (CD) options, but only a few have attractive rates. You can earn up to a competitive 5.25% annual percentage yield (APY) on its special CD terms, though you’re likely to get a better deal on most CD terms at other financial institutions.

Account details and APYs are accurate as of April 10, 2024 and were found using the ZIP code 78705.

About Third Federal certificates of deposit

Third Federal has four types of CDs, with minimum deposit requirements ranging from $100 to $100,000 and yields from 1.50% to 5.25% APY. While the Standard CDs aren’t worth your attention, the others could be. 

• Third Federal certificates of deposit: Almost all three traditional CDs here have unimpressive yields. The seven-day term offers the highest yield at 4.50%, while the three– and six-month terms both offer 3.00% APY. The minimum deposit to open a standard CD is $500.
• Third Federal Special CDs: You can find 10 term options starting at seven days and capping at 59 months with competitive rates ranging from 3.50% to 6.00% APY. 
• Third Federal Retirement CDs: There are eight terms, ranging between five and 49 months, and your options include special rates. Yields range from 3.75% to 5.25% APY.
• Third Federal Bonus CDs: These are step-up CDs, meaning their rates change automatically during their terms. Rates are set when you open the CD. Both the 36- and 60-month terms offer an introductory 5.25% APY for the first year, then 3.50% APY for each year after. This makes the blended APY 4.17% and 3.90% respectively, both of which are competitive. 

The CD will automatically renew when it matures if you don’t withdraw your funds and close the account within the seven-day grace period. If you got a CD Special, it’ll renew at the non-special rate, which may not be competitive.

OVERVIEW OF THIRD FEDERAL CDS RATES
Minimum deposit	$100 to $100,000, depending on the CD type and term
Term lengths	7 days; 3, 5, 6, 12, 18, 24, 29, 30, 36, 49, 48, 60 and 72 months
Compounding schedule	Quarterly or at maturity, depending on the term length
Early withdrawal penalty	Terms of 91 days or fewer: one months’ interest Terms of 92 days to one year: three months’ interest Terms greater than one year but less than three years: six months’ interest Terms of three years to less than four years: 12 months’ interest Terms of four years or greater: 18 months’ interest
Grace period for penalty-free withdrawals after maturity	Seven days

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How to get a Third Federal CD 

You can open a CD in person, online or over the phone. The bank has branches in Ohio and Florida. Regardless of your preferred method, you’ll need to have the following information and documents:

• A legal form of identification. This can be your driver’s licence, passport or state ID card.
• Your personal information. You’ll need your Social Security number, date of birth, address, phone number and email address.
• A way to fund the account. Cash, check or electronic transfer can work. If you’re planning to fund your new CD with a transfer, you should have the routing and account number of the account you’re transferring from.

Remember, the minimum deposit requirements range from $100 to $100,000, depending on the CD type and term. 

How Third Federal CD rates compare

Although Third Federal has strong Special CD rates, its Standard CDs don’t hold up when compared to other banks.

TERM	THIRD FEDERAL STANDARD CD RATES (APY)	QUONTIC BANK CD RATES (APY)	SALLIE MAE BANK CD RATES (APY)	BREAD SAVINGS CD RATES (APY)
6 months	3.00%	5.05%	4.80%	N/A
12 months	N/A	4.50%	4.95%	5.25%
2 years	N/A	4.50%	4.50%	4.65%
3 years	N/A	4.40%	4.00%	4.25%
4 years	N/A	N/A	N/A	4.15%
5 years	N/A	4.30%	4.00%	4.15%

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Other products Third Federal offers

While Third Federal offers a wide variety of bank services, its deposit yields are a little disappointing. 

• Third Federal Interest Checking. You’ll earn only 0.05% APY on all balance tiers — which is lower than the national average. If you want a high-yield and not just basic checking, check out our list of the best high-yield checking accounts. 
• Third Federal Money Market Savings. You’ll need to visit a branch to open this money market account, along with $5,000 to open and earn interest. And while there are no set transaction limitations here, the bank reserves the right to require seven days’ prior notification before you can make a withdrawal.
• Third Federal Interest Savings. Third Federal has a three-tier savings system. While the minimum opening deposit is only $10, you’ll need to obtain $100,000 to earn the top rate of 0.70% APY — obtaining any less than that, down to $10, will only get you a 0.05% APY. All of those rates are rather low compared to the best high-yield savings accounts.
• Retirement Accounts. You can find Traditional IRAs, Roth IRAs and Simplified Employee Pension (SEP) options here.
• Home Loans. There are Mortgage Purchase loans, Mortgage Refinance loans and Home Equity Lines of Credit (HELOC) available. The bank doesn’t offer FHA, VA or USDA loans.

Third Federal Savings & Loan review

Third Federal Savings & Loan is a mid-sized bank that’s been around since 1938. Headquartered in Cleveland, where it was founded, it operates branches in Ohio and Florida, and offers loans and deposit accounts to customers around the country. It also partners with Fifth Third Bank so that you have access to 40,000 fee-free ATMs.

It manages its own finances in an exceedingly conservative way — operating with more than double the capital reserves required — and it takes pride in being “strong, stable and safe.” 

Frequently asked questions (FAQs)