Founded in 1928, Security Bank has assets totaling $788 million as well as $673 million in deposits, making the institution a medium-size bank. Security Bank, whose headquarters are in Midland, Texas, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a poor 3.1 stars out of 5, Security Bank proves it is a lower-rated bank that might not serve all your needs. Security Bank offers a diversity of product offerings, including savings accounts, checking accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.03%, Security Bank ranks poorly as compared against the national average. Security Bank's one-year CD earns at a rate of 0.10%, while its highest-yielding money market account earns at a rate of 0.05%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.
How Security Bank's Savings Rates Compare
Security Bank typically has high fees in comparison to the average U.S. bank. Additionally, at $29.00, Security Bank's overdraft fee is slightly greater than the national average overdraft fee. Security Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll need to find a Security Bank ATM or eat the withdrawal fee.
Security Bank is a brick-and-mortar bank, with 12 total branches in Texas. With mobile and web apps, Security Bank makes mobile banking straightforward, even on the go. Security Bank's online and mobile banking services get fairly high ratings from users. Out of 56 customer reviews on iOS and Android platforms, the Security Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). Security Bank's mobile app allows you to manage your funds by monitoring monthly statements, transferring money and accessing support representatives. Security Bank receives an excellent consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Security Bank is currently a medium-size bank with $788 million in assets and deposits totaling $673 million. Security Bank's Texas Ratio is 7.98%, denoting a small opportunity of failure. Additionally, Security Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare Security Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.03% APY||$100|
|Certificates of Deposit|| ||$3000 for all terms|
Security Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Security Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Security Bank's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Security Bank Near Me
Security Bank has 12 physical branches in the U.S.Back to Overview