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First Federal Savings and Loan Association of Lakewood Review

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First Federal Savings and Loan Association of Lakewood Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1935, First Federal Savings and Loan Association of Lakewood Bank has assets totaling $2 billion along with deposits totaling $1 billion, classifying it as a large bank. First Federal Savings and Loan Association of Lakewood, whose headquarters are in Lakewood, Ohio, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, First Federal Savings and Loan Association of Lakewood is a great bank that you should seriously consider, with a rating of 4.3 out of 5 stars from our team. First Federal Savings and Loan Association of Lakewood has the complete slate of product offerings, including 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 compared to the average savings account. If you're interested in stress-free personal checking, First Federal Savings and Loan Association of Lakewood's most basic checking does not have a monthly charge. Banks that offer free checking as well as a high savings APY are the best option for getting the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.05%, First Federal Savings and Loan Association of Lakewood ranks poorly compared to the average U.S. bank. First Federal Savings and Loan Association of Lakewood's CDs feature a rate of 1.60% and 2.42% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.25%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

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

First Federal Savings and Loan Association of Lakewood Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Federal Savings and Loan Association of Lakewood Bank typically has extremely low fees compared to the average U.S. bank. First Federal Savings and Loan Association of Lakewood's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. First Federal Savings and Loan Association of Lakewood doesn't reimburse out-of-network ATM fees, which means you'll have to locate a First Federal Savings and Loan Association of Lakewood ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

First Federal Savings and Loan Association of Lakewood Bank is a brick-and-mortar bank, with 18 total branches in Ohio. It also offers access to mobile and web apps for easy access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking services receive mediocre scores from users. Out of 48 ratings across both iOS and Android platforms, the First Federal Savings and Loan Association of Lakewood mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). First Federal Savings and Loan Association of Lakewood's mobile app allows you to manage your finances by checking monthly statements, transferring money as well as accessing support representatives. First Federal Savings and Loan Association of Lakewood gets a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First Federal Savings and Loan Association of Lakewood is currently a large bank with assets totaling $2 billion as well as $1 billion in deposits. First Federal Savings and Loan Association of Lakewood has an excellent Texas Ratio of 3.17%, signifying a negligible likelihood of 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

3.17%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare First Federal Savings and Loan Association of Lakewood to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $2500
Checking Account 0.05% APY $50
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 2.22% APY
  • 36 Month: 1.96% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.42% APY
$500 for all terms
Money Market Account 0.15% APY $10000

First Federal Savings and Loan Association of Lakewood Bank offers 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 taking a look elsewhere 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.

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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.

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