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The bottom line: Third Federal is best for people who want to bank in person and live near a branch in Ohio or Florida. Although you can bank online with Third Federal, the best online banks pay higher rates and compound interest more frequently.
Third Federal Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Checking | 3.75 |
| Savings | 3.75 |
| CD | 3.75 |
| Money market | 3.25 |
| Trustworthiness | 5 |
| Total | 4 |
Third Federal Pros and Cons
| Pros | Cons |
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Third Federal Savings
no monthly service fee
0.05% to 0.30%
$10
- No monthly service fees
- $10 minimum opening deposit
- Unlimited monthly transactions
- Need $100,000 to earn highest APY
- Find higher APY elsewhere
- Interest compounded monthly, not daily
- 37 branches in Ohio and Florida
- Open account online, available nationwide
- APY increases at $25,000 and $100,000
- Interested compounded monthly, paid monthly
- FDIC insured
The Third Federal High-Yield Savings Account is a good option if you're looking for an affordable savings account. The minimum opening deposit is pretty low at $10, and there are no monthly service fee.
But if your priority is earning a high interest rate on your savings balance, then you might want to look elsewhere.
Third Federal Checking
$12 monthly service fee
0.01% to 0.05%
$10
- $10 minimum opening deposit
- Earn interest on balances of $10 or more
- Link to savings or HELOC for overdraft protection
- 4 free ATM withdrawals per month
- $12 monthly service fee
- $33 overdraft fee
- Once you've used up 4 free ATM withdrawals in a month, $1.50 fee for each withdrawal
- Doesn't reimburse fees charged by out-of-network ATM provider
- Interest compounded monthly, not daily
- 37 branches in Ohio and Florida
- Free access to Fifth Third Bank ATMs for the first 4 monthly withdrawals, then $1.50 fee per withdrawal
- Open account online, available nationwide
- Waive $12 monthly fee by maintaining average daily balance of $1,500 in checking, OR in all your Third Federal bank accounts combined
- APY increases at $25,000
- Interest compounded monthly, paid monthly
- FDIC insured
The Third Federal Checking Account is a fine account if you qualify to waive the $12 monthly service fee and don't use ATMs too often.
Third Federal doesn't have its own ATM network, but you can use Fifth Third ATMs for free, up to four times per month. Starting with your fifth ATM withdrawal in a month, you'll pay a $1.50 fee. Third Federal doesn't reimburse any fees an out-of-network ATM provider may charge.
Third Federal CDs
1.50% to 4.00%
$500
- Competitive APY
- Variety of term length options
- $500 minimum deposit
- Standard-to-high early withdrawal penalties
- Interest doesn't compound for terms of 179 days or less
- Interest only compounds quarterly for terms of 180 days or more
- 37 branches in Ohio and Florida
- Open account online, available nationwide
- Term lengths from 7days to 6 months
- Early withdrawal penalties are as follows: 1 month interest for terms of 91 days or less, 3 months interest for terms of 92 days to 1 year, 6 months interest for terms of more than 1 year but less than 3 years, 12 months interest for terms of 3 years to less than 4 years, 18 months interest for terms of 4 years or more
- For terms of 179 days or less, interest is not compounded and is paid at maturity
- For terms of 180 day or more, interest is compounded quarterly and paid quarterly
- FDIC insured
You might like Third Federal if you want to open a longer-term CD. Terms of three years or longer pay competitive rates, and the $500 minimum deposit is lower than what many banks require.
Consider compound interest before you open a CD, though. Third Federal only compounds interest on most CDs quarterly, and the higher your balance is, the more this will affect you.
Third Federal doesn't compound interest at all for CD terms of 179 days or less, but this should only apply to certain Special CDs.
Third Federal Money Market
no monthly service fee
0.05% to 0.30%
$5,000
- Competitive APY for higher balances
- No monthly service fees
- Can only open at Florida branches
- $5,000 minimum opening deposit
- Lower APY for smaller balances
- Interest compounded monthly, not daily
- No debit card or paper checks
- Limit of 6 withdrawals per month
- Only available to people who open an account at a Florida branch
- 16 Florida branches
- Minimum balance of $5,000 to earn APY; rate increases at $25,000 and $100,000
- Interest compounded monthly, paid monthly
- FDIC insured
You can only open a Third Federal Money Market Account in person at a branch in Florida. You can't open one online or at an Ohio branch.
There are some drawbacks to this account even if you are able to open one in Florida. The $5,000 minimum deposit is pretty steep, and you won't earn any interest on balances under $5,000. On the plus side, this account doesn't charge monthly fees.
How Third Federal Savings & Loan Works
Third Federal Savings & Loan is a physical bank with branches in Ohio and Florida. You can open its' savings account, checking account, and CDs online regardless of where you live in the US, but you can only open its' money market account at a branch in Florida.
The bank doesn't have its own ATM network, but you can use Fifth Third Bank ATMs nationwide. Withdraw from a Fifth Third Bank ATM for free four times per month, then pay $1.50 for each withdrawal.
The Third Federal mobile app has received 4.8 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
Speak to a live customer service representative by calling Monday through Thursday, 8:30 a.m. to 5:00 p.m. ET; Friday, 8:30 a.m. to 6:00 p.m. ET; or Saturday, 8:30 a.m. to 1:30 p.m. ET. Branches are closed Sundays. There's no live online chat feature, but you can send a secure email or have a customer support representative call you.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Is Third Federal Savings & Loan trustworthy?
Third Federal Savings & Loan has not gone through any recent public controversies.
We also use ratings from the Better Business Bureau to show how a bank resolves customer complaints and whether it has transparent business practices. Third Federal Savings & Loan has an A+ rating from the BBB.
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Third Federal High-Yield Savings Account
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PNC High Yield Savings® Account
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Chase Premier Savings℠ Account
How Third Federal Compares
Third Federal Review vs. PNC Bank Review
PNC Bank has branches in 21 states and DC, so you might like this bank if you travel outside of Florida or Ohio regularly and still want to be able to walk into a branch.
You may prefer Third Federal if you want a more traditional banking experience. You can open a traditional savings account with PNC, but you'll earn a low rate. To get a high APY, you'll need to open a PNC High Yield Savings® Account — which is only available to those who don't live near a branch.
You could also open a PNC Bank Virtual Wallet® account, which is a digital account that keeps your checking and savings all in one place, and you can earn a competitive APY on your savings pocket.
Third Federal Review vs. Chase Review
One of Chase's main strengths is its national presence. With branches in 32 states and DC, it's relatively easy to find a branch when you travel domestically.
You might not find either bank's interest rates especially inspiring. If you want to bank with a brick-and-mortar institution but also want to earn money, then you might prefer Chase. Even though its rates are low, Chase pays sign-up bonuses if you meet qualifications for certain accounts. You can earn $150 for opening a Chase Savings℠ account.
Your choice between Chase and Third Federal could also come down to monthly fees. Depending on which accounts you want to open, you may find one bank charges a lower fee or makes it easier to waive the fee.
Why You Should Trust Us: How We Reviewed Third Federal
We rate bank accounts on a scale from one to five stars. For Third Federals checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For the bank's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
