Third Federal HELOC Review

Low variable rate HELOC with no fees from a 5-star rated thrift. Independent Third Federal HELOC review: 4.5/5 for heloc. Best for No-fee variable-rate HELOC.

By Michael Hewitt, Founder & Editor-in-Chief.

Our verdict

No application, closing or annual fees is Third Federal's pitch, with a variable rate starting at Prime + 0.50%, among the lowest available. It's sold in only 26 states, and a variable rate means your payment can rise. Check your state first, then work out the payment at a higher rate.

Skip it if you live outside its 26 states, or if you need a payment that can't rise.

About Third Federal HELOC

Low variable rate HELOC with no fees from a 5-star rated thrift. Third Federal HELOC is offered by Third Federal Savings & Loan. Our editorial rating is 4.5 out of 5.

Best for: No-fee variable-rate HELOC.

Editorial grade: A (composite score 89/100).

Highlights

No application, closing, or annual fees
Low variable APR starting at Prime + 0.50%
5-star Bauer Financial rated institution

What we like

True no-fee HELOC (rare in the industry)
Among the lowest variable rates available
Strong financial stability rating

Where it falls short

Only available in 26 states
Variable rate means payments can rise

Fees, minimums, and rates

Monthly fee: $0. Minimum to open: $10,000. Current APY: 7.25%. Rates and promotional offers change often, so check the provider's own page before you apply.

How we reviewed it

This is a desk review: we have not opened an account with Third Federal Savings & Loan. It is built from Third Federal Savings & Loan's published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the HELOC shortlist. The rubric is the same for every brand.

Similar products to compare

Read our full editorial methodology for how we review products.