As a trusted cornerstone in the banking industry, First Federal of Lakewood takes pride in offering a wide range of financial solutions tailored to meet the unique needs of people. From competitive CD rates to personalized banking services, the bank is dedicated to helping you achieve your financial goals.

Let’s find out the details further;

First Federal of Lakewood CD Rates Offers

The most prominent CD rates for First Federal of Lakewood are as follows;

3 Month CD

  • Minimum Deposit: $500
  • Interest Rate: 0.10%
  • APY: 0.10%

3 Month CD Special

  • Minimum Deposit: $500
  • Interest Rate: 3.50%
  • APY: 3.55%

Considerations: This is a special offer with a significantly higher interest rate, making it an attractive option for those looking for short-term investment growth. Minimum deposit remains reasonable at $500.

Pros & Cons

Low minimum deposit ($500)Low interest rate (0.10%)
Short-term, quick liquidityLimited earning potential in the short term

6 Month CD

  • Minimum Deposit: $500
  • Interest Rate: 0.15%
  • APY: 0.15%

6 Month CD Special

  • Minimum Deposit: $500
  • Interest Rate: 4.92%
  • APY: 5.00%

Considerations: Offers an elevated interest rate for the 6-month term, providing an opportunity for accelerated growth. With a reasonable minimum deposit, it caters to those seeking higher returns in a relatively short period.

Pros & Cons

Moderate interest rate (0.15%)Intermediate term with moderate returns
Low minimum deposit ($500)Limited access to funds for 6 months

9 Month CD

  • Minimum Deposit: $500
  • Interest Rate: 0.20%
  • APY: 0.20%

9 Month CD Special

  • Minimum Deposit: $500
  • Interest Rate: 4.68%
  • APY: 4.75%

Considerations: Combines the benefits of a 9-month term with an elevated interest rate. Designed for individuals seeking a higher return on investment without committing to a longer-term CD.

Pros & Cons

Moderate interest rate (0.20%)Longer term with moderate returns
Low minimum deposit ($500)Limited access to funds for 9 months

Are First Federal of Lakewood CD Rates Competitive?

First Federal of Lakewood’s CD rates demonstrate competitiveness by offering a spectrum of terms with attractive interest rates, catering to both short-term liquidity needs and those seeking higher returns within a reasonable time frame.

The 3-month CD, with a minimum deposit of $500 and an interest rate of 0.10%, provides a solid option for those seeking short-term liquidity and a reasonable minimum investment. The 3-month CD Special⁺, however, stands out with a remarkably high-interest rate of 3.50%, surpassing many standard offerings in the market. This special CD’s competitiveness is rooted in its elevated interest rate, offering a lucrative opportunity for short-term investment growth.

Moving to the 6-month CD, the interest rate at 0.15% maintains competitiveness for the term, providing a middle ground for those seeking a balance between returns and accessibility. Meanwhile, the 6-Month CD Special⁺ shines with a substantial interest rate of 4.92%, positioning it as a highly competitive option for individuals willing to commit to a slightly longer short-term investment.

Similarly, the 9-month CD and 9-month CD Special⁺ strike a balance between moderate interest rates (0.20% for the former and 4.68% for the latter) and accessible minimum deposits.

Overview First Federal of Lakewood 

First Federal of Lakewood is happily built within the northern Ohio community for the community. We are connected with over 150 local organizations including nonprofit 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 activities 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 money for our community to use their talents to unlock their 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.


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.

Locations First Federal of Lakewood

We offer 17 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.

Avon Branch, Brunswick Branch, North Royalton Branch, Strongsville Branch, Garfield Heights Branch, Avon Lake Branch, North Ridgeville Branch, Olmsted Township Branch and others.

Frequently Asked Questions

What is the minimum deposit required for First Federal of Lakewood’s 3-month CD?

The minimum deposit for the 3-month CD at First Federal of Lakewood is $500.

How does the interest rate for the 6-month CD compare to industry standards?

The interest rate for the 6-month CD at First Federal of Lakewood is 0.15%, which is competitive within industry standards for similar short-term deposits.

Explain the terms and conditions of the 6 Month CD Special.

The 6-Month CD Special requires a minimum deposit of $500 and offers a high-interest rate of 5.25%, making it an attractive short-term investment with enhanced returns.

Is there a penalty for early withdrawal on the 9-month CD Special⁺?

Yes, there may be penalties for early withdrawal on the 9-Month CD Special.

How often is interest compounded for the 3-Month CD Special⁺?

Interest for the 3-Month CD Special is typically compounded periodically, and the specifics can be found in the account’s disclosure documents.