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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
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 consumers comparing profile details. The institution's small size and listed focus mean fewer services and less operational convenience than larger banks.
This is state-level context for Banks consumers in Philadelphia, PA. It does not confirm that Second Federal Savings and Loan Association of Philadelphia or this specific location is licensed.
State regulator
Pennsylvania Department of Banking and Securities
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Second Federal Savings and Loan Association of Philadelphia offers 10 services including Passbook Savings accounts, Money Market accounts, Certificates of Deposit (CDs), IRA accounts (as CDs), Residential mortgages for homeowners, and 5 more.
Second Federal Savings and Loan Association of Philadelphia has profile signals associated with 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.
Key strengths: 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. Areas to consider: No checking accounts, limiting the bank as a primary financial institution; No online banking, debit cards, or credit cards available.
In the Banks category, comparable providers include American Bank, Philadelphia Letter Carriers, Tioga Franklin Savings Bank. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
Second Federal is profile signals 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 consumers comparing profile details who need transactional banking services or broader credit access.
Review this provider profile and compare source-linked details before choosing what to do next.
Profile signals: Local banking with personal service, Review this provider profile and compare source-linked details before choosing what to do next.
Eagle One FCU is a credit union serving Philadelphia Letter Carriers and eligible members with savings, checking, loans, and credit cards.
Google rating from 10 reviews
Profile signals: Philadelphia Letter Carriers and their eligible family members seeking full-service banking, Postal workers needing union-affiliated financial services and member-owned structure benefits
Tioga Franklin Savings Bank is a Philadelphia-based full-service bank offering personal and business checking, savings accounts, CDs, and loan services with competitive promotional rates.
Google rating from 9 reviews
Profile signals: Philadelphia-area residents seeking traditional community bank checking and savings accounts, Savers with $10,000+ available for CD laddering at rate claims to verify
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