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Second Federal Savings and Loan Association of Philadelphia in Philadelphia, PA
Second Federal is a small, community-focused mutual savings bank in Philadelphia offering residential mortgages, savings accounts, CDs, and Money Market accounts since 1924.
Data compiled from public sources · Rating from CreditDoc methodology
Second Federal Savings and Loan Association of Philadelphia Review
Second Federal Savings & Loan Association of Philadelphia was founded in 1924 as the Thomas E. Coale Building and Loan Association and has operated from its current Center City location at 1727 Chestnut Street for over 75 years. The institution is a federally chartered mutual savings association owned by its depositors, with no stock or shareholders, and is regulated by the Office of the Comptroller of the Currency (OCC).
The bank maintains membership in the Federal Home Loan Bank of Pittsburgh and has achieved a 5-star rating from Bauer Financial. 95% APY for 17-month terms with a $10,000 minimum deposit. IRA accounts are available as CDs.
All savings accounts are FDIC insured up to the maximum allowed by law. For lending, the institution specializes in residential real estate mortgages for both homeowners and real estate investors. The bank deliberately does not offer checking accounts, online banking, credit cards, debit cards, or money access cards, and only lends on mortgages collateralized by real estate.
What distinguishes Second Federal is its emphasis on personalized, local service and its status as a mutual institution owned by depositors rather than shareholders. The bank has maintained stability through conservative lending practices, reporting no troubled loans and consistently setting new record highs in financial metrics including capital levels exceeding 2004 highs. Its single-location operation in Center City Philadelphia reflects a commitment to community banking rather than expansion.
Second Federal is best suited for savers seeking FDIC-insured deposit products with competitive CD rates and borrowers seeking residential real estate mortgages in the Philadelphia area. However, the absence of checking accounts, online banking, and broader lending options limits its utility as a primary financial institution for most consumers. The institution's small size and specialized focus mean fewer services and less operational convenience than larger banks.
Services & Features
Certificates of Deposit (CDs)
Correspondent lending services
FDIC deposit insurance coverage
IRA accounts (as CDs)
In-person personalized banking service
Money Market accounts
Mortgage payment calculator
Passbook Savings accounts
Residential mortgages for homeowners
Residential mortgages for real estate investors
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- All savings accounts FDIC insured up to maximum allowed by law
- Competitive CD rates (3.95% APY for 17-month terms as of website content)
- 5-star rating from Bauer Financial indicating financial strength
- No troubled loans and strong capital reserves exceeding 2004 records
- Personalized, local service with single Center City Philadelphia location for 75+ years
- Mutual ownership structure means no shareholder pressure, owned by depositors
- IRA accounts available as Certificates of Deposit with FDIC protection
- Federally chartered and regulated by OCC with Federal Home Loan Bank membership
Cons
- No checking accounts, limiting the bank as a primary financial institution
- No online banking, debit cards, or credit cards available
- Only lends on real estate-secured mortgages; does not offer personal loans or other credit products
- Single location in Center City Philadelphia restricts accessibility for non-local customers
- No ATM or money access cards, requiring in-person visits for transactions
Rating Breakdown
Value 5.0
Effectiveness 3.7
Customer Service 3.8
Transparency 4.0
Ease of Use 4.5
Frequently Asked Questions
Is Second Federal Savings and Loan Association of Philadelphia legitimate?
Yes. Second Federal Savings and Loan Association of Philadelphia is a registered company, headquartered in Philadelphia, PA, founded in 1924.
How long does Second Federal Savings and Loan Association of Philadelphia take to show results?
Account opening typically takes 1-3 business days. Loan decisions vary by product.
Quick Facts
- Founded
- 1924
- Headquarters
- Philadelphia, PA
- BBB Accredited
- No
- Certifications
- FDIC Insured FDIC Cert #29627
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Second Federal Savings and Loan Association of Philadelphia
Second Federal is best for Philadelphia-area savers and real estate borrowers who value personalized local service, financial stability, and FDIC-insured deposits over digital convenience. The main caveat is the absence of checking accounts, online banking, and non-mortgage lending products, making it unsuitable as a primary bank for most consumers who need transactional banking services or broader credit access.
Best For
- Philadelphia-area savers seeking FDIC-insured savings accounts and CDs with personalized service
- Homeowners and real estate investors in the Philadelphia region looking for residential mortgages
- Depositors who prefer mutual bank ownership with no shareholder interests over personal finance
- Customers prioritizing financial stability and community banking over modern digital services
Updated 2026-04-29
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