Employee Advantage Benefits Program

Make your employee benefits package more attractive to your workforce with a special program that’s also great for your business.

This premier suite of free and discounted banking services comes with no fees for you or your employees and no minimum or maximum participation requirement. The program lets you offer your employees a number of flexible, feature-filled checking and savings account options, plus special rates and offers on loans, CDs, mortgages, and more.

Employee Advantage helps increase participation in your automated payroll program, which can help reduce your administrative costs. It also promotes banking in your community, helping to strengthen the local economy and business climate. Plus, the financial education courses that are offered will enhance your workforce’s financial know-how.

All of which makes Employee Advantage a win-win situation for all.

Employee Advantage* Features:
  • Flexible checking account options to fit your lifestyle
  • .25% mortgage rate discount1
  • .25% interest rate reduction on our auto and marine installment loans2
  • An extra .25% added to our standard Certificate of Deposit (CD) rates3
  • Access to the Employee Advantage Money Market Account, which is .10% over current standard Money Market rates
  • FREE First Federal Lakewood Investment Services consultation
  • A Health Savings Account with no monthly service fee, debit card access and setup fee waived4


* The Employee Advantage program account features are subject to change without notice. Some restrictions may apply. To receive any of the benefits of the Employee Advantage program, a participant must have or open a new checking account with a minimum opening balance of $50.00 and a monthly direct deposit of $500 and/or monthly usage of online bill pay. Free first box of checks includes select styles only.
1 Restrictions may apply. Offer valid for new purchase loan applications dated on or after 1/1/2018. May not be combined with other special loan programs or discounts. Loan and rate subject to credit approval. For adjustable products the rate discount will be applied to the initial rate and the margin. An appraisal and home owners insurance are required. Contact a Loan Originator for full details. Available only for loans on owner-occupied properties residential properties located in First Federal Lakewood’s assessment area (Cuyahoga, Geauga, Lake, Lorain and Medina counties).
2 The .25% interest rate deduction will be based on the final interest rate quoted for the product selected. All loans are subject to credit approval and standard underwriting guidelines. Offer valid for new auto and marine loan applications dated after January 1, 2018.
3 An additional 0.25% will be added to the interest rate of any new, non-promotional Certificate of Deposit (CD) in effect at the time of deposit. Renewals of this CD will be at the regular interest rate for the term selected. The minimum balance to open the CD(s) and earn interest is $500.00 and the maximum amount to receive promotional interest rate is $250,000.00. A penalty may be imposed for early withdrawal. (DirectSave, Step, Tier Advantage, and promotional CDs excluded)
4 $50 minimum balance to open

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