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Fact checked by Michael RosenstonReviewed by Michael J Boyle
First opened in 1938, today Third Federal Savings & Loan operates in 25 states and Washington D.C. Along with traditional banking products such as home loans, bank accounts, and retirement accounts, Third Federal also offers certificates of deposit (CDs).
CDs can be a low-risk way to save money while accruing interest, especially when interest rates are high or rising. Let’s take a look at Third Federal CD rates, the key features of this product, and how it compares against other savings options.
Important
Third Federal’s CD rates may vary by location, and the rates listed below may not be available in all ZIP codes. The APYs listed below use NYC ZIP code 10001 and are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.
Third Federal Special CD Account Overview
| CD Term | APY | Minimum Deposit |
| 7 days | 4.50% | $500 |
| 5 month Raise Your Rate | 4.75%–5.25% | $500–$100,000 |
| 5 Month New Money CD Special | 5.15% | $500 |
| 19 month special | 4.60% | $500 |
| 29 month special | 4.50% | $500 |
| 39 month special | 4.40% | $500 |
| 49 month special | 3.75% | $500 |
| 59 month special | 3.50% | $500 |
See the best CD rates today before choosing the CD that is best for you.
Third Federal Standard CD Account Overview
| CD Term | APY | Minimum Deposit |
| 3 months | 3.00% | $500 |
| 6 months | 3.00% | $500 |
Third Federal Retirement CD Account Overview
| CD Term | APY | Minimum Deposit |
| 5 month Raise Your Rate | 4.75%–5.25% | $500–$100,000 |
| 19 month special | 4.60% | $500 |
| 29 month special | 4.50% | $500 |
| 39 month special | 4.40% | $500 |
| 49 month special | 3.75% | $500 |
Third Federal Bonus CD Account Overview
| CD Term | APY | Minimum Deposit |
| 6 months | Month 1: 6.00% Months 2–6: 4.50% | $500 |
| 36 months | Year 1: 5.25% Years 2–3: 3.50% | $500 |
| 60 months | Year 1: 5.25% Years 2–5: 3.50% | $500 |
Third Federal Savings & Loan CDs: Key Features
Third Federal CD Account: Key Features
| APY Range | 3.50%–6.00% |
| Minimum Deposit | $100–$500 |
| Term Range | 3–72 months |
| Early Withdrawal Penalty | 91 days or less: 1 month’s interest 92 days through 1 year: 3 months’ interest More than 1 year, but less than 3 years: 6 months’ interest At least 3 years, but less than 4 years: 12 months’ interest 4 years or more: 18 months’ interest |
Third Federal has a robust CD offering, with four different choices available for savers. Of particular interest is the retirement CD, with a minimum deposit of just $100. This is higher than the national average for CDs of any term, and the low minimum makes saving money much more accessible.
Also interesting is the bonus CD option, which offers a variable APR based on the year in which you’re earning interest. Taking advantage of the bonus CD allows you to earn higher rates overall.
Important
Be sure to withdraw the funds during the seven-day grace period when your CD matures, or it’ll automatically roll over into a new CD.
About Third Federal Savings & Loan
Third Federal Bank operates in 25 states and the District of Columbia. Despite its smaller size, however, it maintains a strong presence and has more than $14 billion in assets.
The rates on nearly all its CD products either meet or beat the national average, which is 1.86% for one-year CDs. Third Federal offers its banking services, including CDs, nationwide online and over the phone.
Compare CD Rates
Is Third Federal Savings & Loan FDIC Insured?
Yes, Third Federal is FDIC insured. This means that any accounts you have with the bank, including certificates of deposit (CDs), will be federally insured up to $250,000.
Can You Have Multiple CD Accounts at Third Federal?
Yes, you can have multiple CD accounts at Third Federal. Generally speaking, there is no limit to the number of CDs you can open at a bank. In fact, CD laddering, in which you open CDs of varying terms, is a savings technique designed to earn higher interest while keeping your money secure and relatively liquid.
What Is the Minimum Deposit for a CD Account at Third Federal?
The minimum required deposit for your CD varies based on which product you open. Retirement CDs require as little as $100, while other CDs have a minimum $500 deposit.
Is There an Early Withdrawal Penalty for CD Accounts at Third Federal?
Yes, there is an early withdrawal penalty for any CDs that you open at Third Federal Bank. The amount that you’ll be charged varies depending on the length of the CD, so you’ll want to factor that cost into your withdrawal.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
Read the original article on Investopedia.