2024 Review: Is Security Federal Bank the Right Choice for You?
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If you’re calling Georgia or South Carolina home and prefer the warmth of a local bank over a faceless national giant, Security Federal Bank is worth your attention. With standout checking accounts and competitive CDs, this bank is all about supporting their community while keeping your banking experience personal and accessible.
Your Go-To Guide: Security Federal Bank Review
The Good, The Bad, and Everything In Between
Meet Security Federal Bank
Security Federal Bank is a proud community development financial institution (CDFI) with a network of 19 branches and 22 ATMs scattered across South Carolina and Georgia. They take their commitment to customer service seriously, offering support every day of the week to cover your banking needs.
With a stellar mobile app rated 4.6 stars on Google Play and an impressive 4.8 stars on Apple’s App Store, you can manage your finances at your fingertips, anytime, anywhere.
Rest easy knowing that your deposits are safeguarded as Security Federal Bank is a member of the FDIC, meaning your money is insured up to $250,000.
How Trustworthy Is Security Federal Bank?
Security Federal Bank has steered clear of any major controversies lately. Plus, their reputation shines brightly with an A+ rating from the Better Business Bureau, showcasing their dedication to transparency and customer satisfaction.
The Impact of Community Development Financial Institutions
Community Development Financial Institutions (CDFIs) make waves by empowering low-income and underserved communities. Certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund, Security Federal Bank is committed to breaking down banking barriers. They also collaborate with over 15 local nonprofits to drive change in their community.
Your Questions Answered: Security Federal Bank FAQs
Absolutely! Your accounts at Security Federal Bank are insured by the FDIC. You can safely store up to $250,000 in individual accounts or $500,000 in joint accounts.
Yes, Security Federal Bank serves residents across Georgia and South Carolina. You can find branches in cities like Aiken, Columbia, and Augusta, among others.
You can absolutely use Zelle through the Security Federal Bank mobile app for quick and easy money transfers.
Yes, Security Federal Bank is a legitimate institution and is monitored by the FDIC, ensuring the safety of your funds.
Security Federal Bank Account Reviews
Security Federal Bank Regular Savings Account
Security Federal Bank Regular Savings Account
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.50%
Minimum Opening Deposit
$100
- Possible to waive monthly service fee
- Low interest rate
- $5 monthly service fee
- Must maintain at least $100 to earn interest
- 19 branches and 22 ATMs in South Carolina and Georgia
- Waive the $5 monthly service fee by keeping at least $100 daily
- Interest compounded and deposited monthly
- Member FDIC
The Security Federal Bank Regular Savings Account could be a hit for those who typically maintain $100 or more in their savings. Meeting this requirement lets you sidestep that monthly fee and earn some interest.
Security Federal Bank Freedom Checking Account
Security Federal Bank Freedom Checking
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$100
- Possible to waive monthly service fee
- Overdraft protection available
- $100 minimum opening deposit
- $5 monthly service fee
- $35 overdraft fee
- 19 branches and 22 ATMs in South Carolina and Georgia
- Waive the $5 monthly service fee by maintaining a $100 daily balance
- Member FDIC
Security Federal Bank Freedom Checking might be perfect if you regularly keep at least $100 in your account. Doing so allows you to avoid that pesky monthly fee!
Security Federal Bank CD
Security Federal Bank CD
Annual Percentage Yield (APY)
2.00% to 4.30%
Minimum Opening Deposit
$500
- Competitive interest rates compared to other community banks
- Standard CD terms
- Online banks may offer higher interest rates
- Potentially steep early withdrawal penalties
- 19 branches and 22 ATMs in South Carolina and Georgia
- Terms range from 3 months to 5 years
- Early withdrawal penalties range from 3 to 18 months of interest
- Interest compounded and deposited monthly
- Member FDIC
Opening a CD at Security Federal Bank might be appealing if you want to secure a solid interest rate with a low minimum deposit of just $500. Just keep in mind the potential early withdrawal penalties that could apply.
Security Federal Bank Money Market Account
Security Federal Bank Money Market Account
Fees
$7 monthly service fee
Annual Percentage Yield (APY)
0.50% to 3.20%
Minimum Opening Deposit
$1,500
- Option to waive monthly service fee
- ATM or debit card access
- Minimum deposit of $1,500 required
- Low interest rate
- $7 monthly service fee
- 19 branches and 22 ATMs in South Carolina and Georgia
- Earn up to 3.20% APY depending on balance
- Interest compounded and deposited monthly
- Member FDIC
If you’re comfortable keeping at least $1,500 in your account, the Security Federal Bank Money Market Account could be worth exploring. Otherwise, consider the Regular Savings Account for a lower minimum balance requirement.
How Does Security Federal Bank Stack Up?
Security Federal Bank vs. Synovus BankBoth banks operate in the same regions, making them direct competitors. Security Federal Bank stands out with impressive savings and certificate of deposit (CD) rates, while Synovus Bank provides added perks like its Synovus Plus program, which includes higher interest rates and monthly reimbursement for out-of-network ATM fees.
Security Federal Bank vs. First Horizon BankComparing these two Southern banks? Your choice depends on the types of accounts you’re looking for. Security Federal Bank shines when it comes to CDs, thanks to lower minimum opening deposits. In contrast, First Horizon Bank offers straightforward checking accounts, free from common fees.
Why Trust Us: How We Reviewed Security Federal Bank
When crafting this review, we evaluated Security Federal Bank’s products and services based on strict editorial standards. Our ratings are based on a five-star scale and consider critical factors like interest rates, fees, customer support, and user experience.
Your financial journey deserves the best tools and insights. We hope this review helps you make an informed decision about your banking needs!
