Savings Accounts

We’re here to help you save! Meet your goals with the account right for you. Contact us to talk through your options.

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Select the Savings Account that Fits Your Goals

Statement Savings

⭐A savings account for everyone

This account offers an easy way to start your savings journey! The more you keep in the account, the more your money grows.

  • Minimum to open: $10
  • $1 monthly fee is waived if daily balance is at least $100

Everyone can start saving with the Statement Savings Account. The more you keep in the account, the more your money grows! If you’re just starting out, this may be your ideal account. It keeps things simple and allows you to start saving immediately. 

If you’re looking to maintain a balance of at least $10,000, you’ll want to check out our Money Market Accounts. 

As of 5/1/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $15,0000.05%0.05%
$15,000 to $24,9990.15%0.15%
$25,000 or more0.20%0.20%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

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Select Money Market

⭐Perfect for a wealth-building strategy

Earn a higher interest rate on your balance to make your money work harder for you.

  • Minimum to open: $10,000
  • $10 monthly fee is waived if daily balance is at least $10,000

Savings accounts can do more than store money for special purchases — they’re part of a wealth-building strategy. The Select Money Market account is a step in that direction. When you’re able to save at least $10,000, this may be your best choice.

Unlike a basic savings account, a money market account offers the best of both worlds: higher interest rates and easy access to your money. You earn a more competitive interest rate compared to a regular savings account, meaning your savings works harder for you.

Whether you’re saving for a dream vacation, a down payment on a home, or simply building a rainy-day fund, a Select Money Market account is a trusted tool in building a more financially secure future.

As of 5/1/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $25,0000.35%0.35%
$25,000 to $99,9990.60%0.60%
$100,000 to $249,9990.70%0.70%
$250,000 or more0.80%0.80%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

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Money Market Special

⭐The fastest growth option for higher balances

If you’re able to maintain a larger balance, you can qualify to earn our highest interest rate!

  • Minimum to open: $25,000
  • $15 monthly fee is waived if daily balance is at least $25,000

Your wealth-building strategy gets its biggest boost in our Money Market Special account. Your money grows at its fastest in this account. When you’re able to save at least $25,000, this may be the account for you.

There’s an added bonus— as a mutual bank, we reinvest your investments directly back into the communities we serve. This means while your money earns you interest, it’s helping your neighbors advance their goals whether it’s buying a home or building a business. 

As of 5/1/2025

BalanceAPY*Interest Rate*
$0.01 – $24,9990.35%0.35%
$25,000 or more3.75%3.69%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

**Promotional rates available for new money only. New money is defined as money not currently on deposit with the bank.

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Health Savings Account

⭐Save for future medical expenses

Did you know you can choose First Federal Lakewood for your Health Savings Account (HSA)? Qualified contributions are generally tax-deductible so you can grow your savings tax-free.

  • Minimum to open: $50
  • Setup fee is only $10
  • No monthly fee

Good News! If you have qualifying high-deductible health insurance coverage, you’re eligible for a HSA. You can open your account with us and enjoy both competitive rates and the mutual bank difference.

Opening a health saving account can be one of the wisest financial decisions you make. The money in the account bears interest, and you can withdraw funds at any time for qualified medical expenses. Plus, qualified contributions are generally tax-deductible. That means you can grow your savings tax-free.

As a mutual bank, we reinvest your funds to support our local communities. It’s banking with a purpose. 

Contact us today to learn more about our HSA option.

As of 5/1/2025

BalanceAnnual Percentage Yield (APY)*Interest Rate
under $2,5000.10%0.10%
$2,500 to $4,9990.15%0.15%
$5,000 or more0.20%0.20%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

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Ohio Homebuyer Plus Savings Account

If you’re a current Ohio resident and have plans to buy a home in Ohio, this high interest savings account may be perfect for you!

  • Minimum to open: $500
  • Maximum contribution: $100,000
  • Free to set up
  • No monthly fee
  • Must be an Ohio resident at least 18 years old
  • Receive $100 off closing costs* if you get your mortgage through us

Achieving your dream of homeownership in Ohio is easier than ever. The Ohio Homebuyer Plus Savings Account helps you earn interest faster with competitive rates so you can get in your home quicker. Funds must be used within five years and toward the downpayment or closing costs of a primary residence in Ohio.

Plus, if you get your mortgage through us, you can receive $100 off closing costs! Connect with our team today at homebuyerplus@ffl.net to learn more about the Ohio Homebuyer Plus Savings Account.

  • Watch the introduction to the Ohio Homebuyer Plus here.
  • Ohio Homebuyer Plus FAQ’s
  • For more information about the Ohio Homebuyer Plus program, click here.
  • Individuals are required to review the Ohio Homebuyer Plus participation statement before opening an account through this program. Review the participation statement here.

As of 5/1/2025

BalanceInterest RateAPY
$0-$2,4996.00%6.17%
$2,500 – $24,9995.00%5.12%
$25,000 – $100,0004.00%4.07%
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* To be eligible for $100 off closing costs: The borrower must have an active, qualified Ohio Homebuyer Plus Savings Account with First Federal Lakewood, open for at least 30 days and the new home purchase loan on an eligible primary residence must be originated with First Federal Lakewood. The $100 credit will be applied toward the origination fee on the purchase of a primary residence, only one $100 credit per loan is allowed. This offer cannot be combined with other offers and is subject to change without notice. All loans are subject to credit and underwriting approval. Other fees and restrictions may apply. Contact a Mortgage Loan Originator for full details.

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Meeting Your Financial Needs

Now Is the Time to Invest in a Certificate of Deposit

Pair an interest bearing account with a Certificate of Deposit and watch your balance take off. By investing in your future, you invest in your community. It’s the mutual bank difference.
Learn More about CDs

Let’s Talk Through Your Situation

Everyone’s situation is different, and our experts are here to talk through yours. Whether you’re opening a new account or applying for a mortgage, contact us today.
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Save with Confidence

Want to learn more? We have articles, videos and resources to help you save with confidence.