First Federal of Lakewood offers many certificate of deposit options with the longest and highest paying CD offering .5% APY for 5 years with a $500 minimum deposit.
Options for CDs at First Federal of Lakewood:
The next best option through First Federal of Lakewood is a 4 year certificate with .45% APY with the same minimum deposit. The interest is paid out at maturity.
The shortest term option we offer is 1 year with a .3% APY with the same $500 minimum deposit and with interest paid out at maturity.
We also offer jumbo CDs with minimum deposits of $100,000 at an APY of .15%.
Why a certificate of deposit? If you have cash on hand and aren’t planning to use it, but want to see it grow your wealth, consider a CD because a certificate of deposit is an ultra low risk investment. You need not worry about a stock market issue, as certificates of deposit provide slow, steady, predictable growth. They also renew automatically, so send us in writing of your desire to end your CD. Cancelling early is subject to penalty.
Starting a certificate of deposit with First Federal of Lakewood is as easy as joining our bank, then opening a checking or savings account to deposit the earned interest.
We offer 20 branches in northern Ohio with many located in and near Cleveland. We also offer several dedicated ATMs in the area. Our branches are located fairly close together for your convenience.
First Federal of Lakewood is happily built within the northern Ohio community for the community. We are connected with over 150 local organizations including non profit partners, educational systems, and housing assistance centers.
FFL recently offered up to $842,000 to help build a recreation center for Lakewood High School. This includes a raised track for athletic actiivtes and an additional $150,000 if the school district can raise more money from other donors. These actions reflect First Federal of Lakewood’s dedication to supporting our community with financial help, especially when it supports our local youth and education systems.
We also love to support our local businesses and especially recently, have had the opportunity to provide small businesses with Paycheck Protection Program loans to sustain businesses and their employees during the COVID pandemic.
Our entire goal is to provide financial education as well as the money for our community to use their talents to unlock their own opportunities. We offer personal and business loans as well as commercial real estate loan opportunities. Your ability to grow, adapt, and thrive matters to us because our community matters to us. We give 5% of our proceeds back to the community and encourage our employees to use work time to volunteer within community organizations and volunteer for community boards.