First Federal Savings and Loan Association of Lakewood Review

Overview

First Federal Savings and Loan Association of Lakewood Bank started in 1935 with headquarters in Lakewood, Ohio. First Federal Savings and Loan Association of Lakewood owns $2 billion in assets and $1 billion in deposits, classifying it as a large bank. First Federal Savings and Loan Association of Lakewood lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, First Federal Savings and Loan Association of Lakewood is a solid contender in your bank search, with a rating of 4.3 stars out of 5 from the SmartAsset experts. First Federal Savings and Loan Association of Lakewood offers a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Federal Savings and Loan Association of Lakewood has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, First Federal Savings and Loan Association of Lakewood's most basic checking account does not carry a monthly maintenance fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for accruing the most income from your deposits while having easy access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

With a savings rate of 0.05%, First Federal Savings and Loan Association of Lakewood ranks poorly in comparison to the national average. First Federal Savings and Loan Association of Lakewood's one-year CD earns at a rate of 1.60% and the five-year CD has a rate of 2.42%, while its highest-yielding money market account earns at a rate of 0.25%. Given First Federal Savings and Loan Association of Lakewood's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How First Federal Savings and Loan Association of Lakewood's Savings Rates Compare

First Federal Savings and Loan Association of Lakewood Bank generally has extremely low fees compared to the average U.S. bank. With no monthly fee, First Federal Savings and Loan Association of Lakewood is ideal for people who want a basic banking experience. For those who will need cash in a pinch, First Federal Savings and Loan Association of Lakewood is ideal because it charges no out-of-network ATM fees. First Federal Savings and Loan Association of Lakewood unfortunately doesn't refund out-of-network ATM charges, which means you'll have to find a First Federal Savings and Loan Association of Lakewood ATM or pay the fee.

First Federal Savings and Loan Association of Lakewood Bank is a brick-and-mortar bank, with 18 total bank locations in Ohio. It also offers access to mobile and web apps for simple access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. ET; Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET;. First Federal Savings and Loan Association of Lakewood gets unsatisfactory reviews from users for its mobile app. The First Federal Savings and Loan Association of Lakewood mobile app rates a 3.2 out of 5 (with 48 reviews on Apple and Android) compared to the national average of 3.8. First Federal Savings and Loan Association of Lakewood's mobile app lets you control your accounts by checking current statements, transferring money and reaching customer service. First Federal Savings and Loan Association of Lakewood gets an exceptional consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

First Federal Savings and Loan Association of Lakewood ranks as a large bank and handles assets totaling $2 billion as well as deposits totaling $1 billion. Its Texas Ratio is 3.17%, signifying that First Federal Savings and Loan Association of Lakewood is in outstanding financial health and far from failure. Additionally, First Federal Savings and Loan Association of Lakewood is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

First Federal Savings and Loan Association of Lakewood Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Federal Savings and Loan Association of Lakewood does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Federal Savings and Loan Association of Lakewood's CD rates are fair compared to the average U.S. bank.

Find a First Federal Savings and Loan Association of Lakewood Near Me

First Federal Savings and Loan Association of Lakewood has 18 locations in the U.S.