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Security Federal Bank Review

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Security Federal Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Security Federal Bank first started operating in 1922 and has its headquarters in Aiken, South Carolina. It owns assets of $869 million as well as deposits totaling $708 million, which makes it a medium-size bank. Security Federal Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked Security Federal Bank at a 4.2 out of 5 stars, suggesting it is a great choice and should warrant serious consideration. Security Federal Bank has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Security Federal Bank's standard checking account does not have a monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best option for accruing the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

With a savings rate of 0.10%, Security Federal Bank ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.90% and 2.00%, respectively, while its highest-yielding money market account has a rate of 0.20%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Security Federal Bank's Savings Rates Compare

Security Federal Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Security Federal Bank has generally low fees compared to the national average. With no monthly fee, Security Federal Bank is ideal for those who want a simple checking account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable in comparison to other U.S. banks. Also, it has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Security Federal Bank refunds their out-of-network ATM fees, making getting cash a free and convenient process.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Security Federal Bank is a brick-and-mortar bank, with 16 total bank locations in Georgia and South Carolina. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Security Federal Bank's online and mobile banking services get high praise from users. Out of 35 ratings across iOS and Android platforms, the Security Federal Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can access Security Federal Bank's mobile app to manage your finances by looking at current statements, transferring money as well as reaching support representatives. Security Federal Bank gets a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Security Federal Bank ranks as a medium-size bank and manages $869 million in assets as well as deposits totaling $708 million. Security Federal Bank has a strong Texas Ratio of 6.79%, indicating a tiny chance of failure. Additionally, Security Federal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Security Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.02% APY $500
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$500 for all terms
Money Market Account 0.2% APY $25000

Security Federal Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Security Federal Bank does not have the best savings rate, which means you should consider taking a look elsewhere 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 Federal Bank's CD rates are fair compared to the average U.S. bank.

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Find a Security Federal Bank Near Me

Security Federal Bank has 16 physical branches across the U.S.

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