A retirement account IRA owner can designate specific individuals or other entities, such as a trust or a charitable organization, as IRA primary or contingent beneficiaries.

• The named beneficiaries who survive an IRA owner inherit any assets remaining after the IRA owner's death.
• If an IRA owner does not name a beneficiary or all of the beneficiaries pre-decease the IRA owner, the assets pass to the IRA owner’s estate.

Information Needed for Beneficiaries

• Name
• Taxpayer identification number (TIN)
• Date of Birth
• Current Address
• Current Phone Number
• Relationship to IRA owner

After an IRA owner's death, the named IRA beneficiaries can usually receive the IRA assets directly. Beneficiaries generally begin taking required minimum distributions from a decedent's IRA by the end of the year following the year of death or within a specified period. We encourage you to contact an IRA representative at Third Federal by calling 1-877-324-5661 for options available to the named beneficiaries.

If funding a Certificate of Deposit with a check, the funds must be received within 15 days of the account opening to receive the interest rate. 

Yes, Third Federal will accept rollover deposits into an IRA. We will accept a rollover from a Traditional, Roth, and SEP IRAs. We also accept direct rollovers from a qualified retirement plan (QRP). Third Federal Savings will rely on the representation of the employer or plan administrator and/or the participant to ensure the funds are eligible to be deposited as a rollover.

We will report the rollover / direct rollover to the Internal Revenue Service and the customer on IRS Form 5498.

*Consulting with a tax or financial advisor is recommended before making a rollover contribution.

Yes, FDIC deposit insurance is $250,000 per depositor.

FDIC allows for separate $250,000 coverage for deposits held in your name alone (single accounts), accounts with more than one person (joint accounts), accounts that name beneficiaries when you die, and certain retirement accounts such as IRAs.

For more information on FDIC insurance, please visit the FDIC website at www.fdic.gov.(Opens in a new window)

You'll need to provide the following information when opening an individual or a joint account:

• You will need a valid Driver's License, State ID or US Passport.
• A valid U.S. address and Social Security number are required.
• You must be at least 18 years old and a U.S. citizen or a U.S. resident alien.
• You will be required to provide personal information, including your birth date.
• If you choose to fund your new account via a transfer from another deposit account at another bank, you'll need to provide the routing number and account number of that deposit account.

You have 60 days from the day we send your bank statement to dispute an ACH and claim it is unauthorized.

When opening an account online, you have the option of individual or joint owner account relationship. If choosing a joint ownership relationship, you may only open the account with one primary owner and one joint owner.

Currently, retirement accounts are not available online.

Currently, an IRA account may be opened by visiting your local branch in Northeast Ohio or Florida or by calling our Customer Care Service department at 1-877-324-5661. This transaction is not available online.

Third Federal offers an array of CDs ranging from 7 days to 120 months to meet your savings needs. Our certificate accounts require a minimum deposit of $500 and your investments are insured by the FDIC (according to FDIC insurance requirement standards).

You can open an account online, by phone or by visiting one of our branch locations.

You can visit one of our branches, call us at 1-800-THIRD-FED, or apply online! 

If you apply online, the process is quick, easy and free. Simply click here to get started. 

If you withdraw any of the principal before the maturity date, you will be charged a penalty. The penalty on the amount withdrawn will be a loss of interest, whether earned or not, as follows:

For accounts with a term of:

• 91 days or less:  loss of 1 months' interest

• 92 days through 1 year:  loss of 3 months' interest

• More than 1 year, less than 3 years:  loss of 6 months' interest

• At least 3 years, less than 4 years:  loss of 12 months' interest

• 4 years or more:  loss of 18 months' interest

The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account and will be deducted from the account balance or the amount withdrawn.

Traditional IRA: Contributions may be tax-deductible and the interest earned is tax deferred. Taxes are deferred until the year in which the withdrawal is made.

Roth IRA: Contributions are not tax- deductible, however, the earnings may be tax-free on qualified distributions.

SEP: A Simplified Employee Pension (SEP) is for those who own a small business or are self-employed. Taxes are deferred until the year in which the withdrawal is made.

As long as you are working, there is no maximum age to make a contribution to a Traditional, Roth or SEP IRA. Consulting with a tax advisor is recommended before making a contribution.

For more information, visit our Retirement Accounts page.

Regular CDs and IRA CDs* can be opened with a minimum deposit of $500.

If you are funding by check or transfer from an existing Third Federal account, the limits are as follows:

• Certificates of Deposit - maximum is $500,000
• Savings Accounts - maximum is $500,000

If you are opening your account online and are funding by ACH transfer, the limits are as follows:

• Certificates of Deposit - maximum is $250,000
• Savings Accounts - $100,000

*Maximum limits on IRAs are also mandated by the Internal Revenue Service

Yes, since IRA accounts are individual accounts, you can view your own IRA accounts in Online Banking.