Loading
Tap on the profile icon to edit
your financial details.

Third Federal Savings and Loan Association of Cleveland Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
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

Founded in 1938, Third Federal Savings and Loan Association of Cleveland Bank has $14 billion in assets along with $8 billion in deposits, classifying the institution 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 traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at an average 3.8 out of 5 stars, Third Federal Savings and Loan Association of Cleveland is a decent bank that leaves room for improvement. Third Federal Savings and Loan Association of Cleveland offers a varied choice of product offerings, 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; other popular banks have higher rates. The bank's standard checking account features a $7.00 monthly fee, which ranks on the higher end of monthly fees. Institutions that offer free checking, in addition to a high interest rate savings account are your best option for gaining the most income on your deposits while having convenient 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

With a savings rate of 0.25%, Third Federal Savings and Loan Association of Cleveland ranks poorly compared to the national average. Third Federal Savings and Loan Association of Cleveland's one-year CD has a rate of 2.25% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account has a rate of 2.00%. Given its noncompetitive savings rate, you should consider 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
Back to Overview

Fees

3.7
SmartAsset Average: 4.4

On average, Third Federal Savings and Loan Association of Cleveland charges its customers above-average fees as compared against the national average. At $7.00/month, Third Federal Savings and Loan Association of Cleveland's checking account is less than ideal for those who need an easy checking account. For those who will need cash in a pinch, it is fair because it has 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 has a considerably lower overdraft fee compared to that of other U.S. banks. Third Federal Savings and Loan Association of Cleveland does not reimburse out-of-network ATM charges, meaning you'll have to find a Third Federal Savings and Loan Association of Cleveland ATM or accept the withdrawal 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
Back to Overview

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 branches in Florida and Ohio. With mobile and web apps, Third Federal Savings and Loan Association of Cleveland makes account access straightforward, even 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, 8:30 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 receives relatively high praise from users for its mobile app. The Third Federal Savings and Loan Association of Cleveland mobile app has been given a 4.3 out of 5 (out of 160 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Third Federal Savings and Loan Association of Cleveland's app to manage your finances by checking account balances, transferring funds and accessing customer service. However, Third Federal Savings and Loan Association of Cleveland gets an average consumer satisfaction rating because of a large number of consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 3.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Third Federal Savings and Loan Association of Cleveland is a very large bank with $14 billion in assets as well as $8 billion in deposits. Third Federal Savings and Loan Association of Cleveland has a strong Texas Ratio of 5.55%, signifying a tiny opportunity of 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.

Back to Overview

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 $10
Checking Account 0.15% APY $10
Certificates of Deposit
  • 12 Month: 2.25% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.50% APY
  • 48 Month: 2.00% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Accounts 1.25% APY 2.0% APY $10000 $15000

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 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. Third Federal Savings and Loan Association of Cleveland's CD rates are fair compared to the average U.S. bank.

Back to Overview

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

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure