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Third Federal CD Rates: November 2024

1 day ago
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Fact checked by Michael Rosenston
Reviewed by Michael J Boyle

JohnnyGreig / Getty Images

JohnnyGreig / Getty Images

Along with traditional banking products such as home loans, bank accounts, and retirement accounts, Third Federal also offers certificates of deposit (CDs) with APRs of up to 6.50%. 

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.

Third Federal Special CD Account Overview

Third Federal Standard CD Account Overview

Third Federal Retirement CD Account Overview

Third Federal Bonus CD Account Overview

Compare Third Federal Savings & Loan CD Rates

Third Federal Savings & Loan CDs: Key Features

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. 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. 

Pros and Cons of Third Federal CDs

Pros

  • Variety of options

  • Competitive rates

  • Low minimum

Cons

  • Early withdrawal penalty

Pros Explained

  • Variety of options: Third Federal offers a variety of CD types to fit your needs and to provide flexibility with various terms.
  • Competitive rates: The rates on Third Federal CDs are competitive, with rates of up to 6.5%.
  • Low minimum: With Third Federal retirement CDs, you can put down as little as $100.

Cons Explained

  • Early withdrawal penalty: Like with most CDs, you’ll face an early withdrawal penalty if you take out your funds before the end of the term. The amount of the penalty varies by CD.

About Third Federal Savings & Loan

First opened in 1938, today Third Federal Savings & Loan operates in 25 states and Washington D.C. 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.

Alternatives to Third Federal CDs

  • High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates than what Third Federal CDs offer. See the best high-yield savings account rates to compare how much you could earn.
  • High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The best high-interest checking accounts give you easy access to your money.
  • Certificates of deposit (CDs): You can also choose from a range of CDs from other financial institutions.
  • Money market account: Money market account can also provide a return on your savings. Check the best money market account rates to see how it compares.
  • Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid.

Frequently Asked Questions (FAQs)

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

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