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Third Federal Savings and Loan Association of Cleveland Review

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Third Federal Savings and Loan Association of Cleveland Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1938, Third Federal Savings and Loan Association of Cleveland Bank has assets totaling $14 billion along with deposits totaling $8 billion, classifying it as a very large bank. Third Federal Savings and Loan Association of Cleveland, whose headquarters are in Cleveland, Ohio, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Third Federal Savings and Loan Association of Cleveland is a bank with better alternatives, with a score of 3.8 out of 5 stars from our experts. Third Federal Savings and Loan Association of Cleveland provides customers with a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Third Federal Savings and Loan Association of Cleveland has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account maintains a $7.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for gaining the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

Third Federal Savings and Loan Association of Cleveland has a savings rate of 0.25%, which is poor in comparison to the national average. Third Federal Savings and Loan Association of Cleveland's one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 3.00%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Third Federal Savings and Loan Association of Cleveland's Savings Rates Compare

Third Federal Savings and Loan Association of Cleveland Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.7
SmartAsset Average: 4.4

On average, Third Federal Savings and Loan Association of Cleveland charges its customers above-average fees in comparison to the national average. Its checking account has a monthly fee of $7.00, which makes it fair for anyone looking for a simple account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the average U.S. bank. Also, at $33.00, Third Federal Savings and Loan Association of Cleveland's overdraft fee is markedly lower than the average U.S. overdraft fee. Third Federal Savings and Loan Association of Cleveland unfortunately does not reimburse out-of-network ATM fees, which means you will need to find a Third Federal Savings and Loan Association of Cleveland ATM or pay the fee.

Monthly Fee $7.00 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

3.3
SmartAsset Average: 3.7

Third Federal Savings and Loan Association of Cleveland Bank is a brick-and-mortar bank, with 38 total bank locations in Florida and Ohio. With mobile and web apps, Third Federal Savings and Loan Association of Cleveland makes account access easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:30 a.m. to 5:00 p.m. ET; Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 1:30 p.m. ET. Third Federal Savings and Loan Association of Cleveland's online and mobile banking services get moderately high ratings from customers. The Third Federal Savings and Loan Association of Cleveland mobile app rates a 4.3 out of 5 (with 160 ratings on iOS and Android) compared to the national average of 3.8. You can access Third Federal Savings and Loan Association of Cleveland's app to manage your finances by reviewing current statements, sending and receiving money and accessing support representatives. However, Third Federal Savings and Loan Association of Cleveland receives a fair consumer satisfaction rating because of a high number of complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Third Federal Savings and Loan Association of Cleveland is currently a very large bank and owns assets totaling $14 billion and deposits totaling $8 billion. Third Federal Savings and Loan Association of Cleveland has a strong Texas Ratio of 5.55%, signifying that the bank is in fine financial health and far from failure. Additionally, Third Federal Savings and Loan Association of Cleveland is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.55%
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 Third Federal Savings and Loan Association of Cleveland to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $50
Checking Account 0.15% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.70% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 3.00% APY
$500 for all terms

Third Federal Savings and Loan Association of Cleveland Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Third Federal Savings and Loan Association of Cleveland does not have the best savings rate, which means you should consider looking 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. Third Federal Savings and Loan Association of Cleveland's CD rates are fair in comparison to the national average.

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Find a Third Federal Savings and Loan Association of Cleveland Near Me

Third Federal Savings and Loan Association of Cleveland has 38 branches in the U.S.

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