Security Federal Bank was founded in 1922 and is headquartered in Aiken, South Carolina. Security Federal Bank has $869 million in assets along with $708 million in deposits, ranking it as a medium-size bank. Security Federal Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.2 out of 5 stars, suggesting Security Federal Bank is a solid contender in your bank search. Security Federal Bank offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Security Federal Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Security Federal Bank offers an option without a maintenance or monthly fee. Institutions that offer free checking and a high interest rate savings account are your best option for returning the most income from your deposits while maintaining easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Security Federal Bank features a savings rate of 0.10%, which is fair compared to the national average. Its one-year CD has a rate of 1.10% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account earns at an APY of 0.20%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.
How Security Federal Bank's Savings Rates Compare
Security Federal Bank typically has low fees compared to the national average. With no monthly fee, Security Federal Bank's checking account is ideal for people who need a hassle-free banking experience. 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 as compared against the national average. Also, at $35.00, it has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Security Federal Bank reimburses their out-of-network ATM fees, making getting cash a free and convenient process.
Security Federal Bank is a brick-and-mortar bank, with 16 total branches in Georgia and South Carolina. With mobile and web apps, Security Federal Bank makes mobile banking convenient, even on the go. Security Federal Bank's online and mobile banking platforms get positive ratings from users. The Security Federal Bank mobile app has been given a 4.6 out of 5 (out of 35 customer reviews on iOS and Android) compared to the national average of 3.8. Security Federal Bank's mobile app lets you manage your funds by monitoring monthly statements, transferring money and accessing customer service. Security Federal Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Security Federal Bank ranks as a medium-size bank and manages assets totaling $869 million and deposits totaling $708 million. Security Federal Bank has a strong Texas Ratio of 6.79%, indicating a small opportunity 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
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 Federal Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$100|
|Checking Account||0.02% APY||$500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.2% APY 0.2% APY||$10000 $15000|
Security Federal Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Security Federal Bank does not have the best savings rate, which means you should think about 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 Federal Bank's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a Security Federal Bank Near Me
Security Federal Bank has 16 locations across the U.S.Back to Overview