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Security First Bank Review

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Security First Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Security First Bank started in 1924 and has its headquarters in Lincoln, Nebraska. It owns assets of $961 million and deposits totaling $769 million, which makes it a medium-size bank. Security First 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 in-person service, in addition to its online and mobile offerings. We ranked Security First Bank at a 4.3 out of 5 stars, suggesting it is a great choice and should warrant serious consideration. Security First Bank provides customers with an array banking products, including savings accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Security First Bank offers an option without a monthly fee. Finding an institution with no-fee checking, in addition to a high interest rate savings account is the best option for gaining the highest income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.05%, Security First Bank ranks poorly in comparison to the average U.S. bank. Security First Bank's one-year CD has a rate of 1.00% and the five-year CD has a rate of 2.78%, while its highest-yielding money market account has a rate of 0.15%. Given Security First Bank's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Security First Bank's Savings Rates Compare

Security First Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Security First Bank generally has extremely low fees in comparison to the average U.S. bank. Security First Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Security First Bank does not reimburse out-of-network ATM fees, which means you will have to find a Security First Bank ATM or pay the cost of withdrawal.

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

4.0
SmartAsset Average: 3.7

Security First Bank is a brick-and-mortar bank, with 32 total bank locations in Nebraska and South Dakota. With mobile and web apps, Security First Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 4:30 p.m. MT. Security First Bank's online and mobile banking services receive reasonably good scores from customers. The Security First Bank mobile app rates a 4.0 out of 5 (with 25 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Security First Bank's app to manage your accounts by monitoring current statements, sending and receiving money as well as accessing customer service. Security First Bank gets an exceptional consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Security First Bank ranks as a medium-size bank and manages assets totaling $961 million and deposits totaling $769 million. Security First Bank's Texas Ratio is 2.03%, indicating that Security First Bank is in superb financial well-being and unlikely to fail. Additionally, Security First 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.

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Compare Security First Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.51% APY
  • 36 Month: 2.02% APY
  • 60 Month: 2.78% APY
$500 for all terms
Money Market Account 0.1% APY $1

Security First Bank offers several deposit products including savings accounts, money market accounts and CDs to give you many options to manage your money. Security First 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 First Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Security First Bank Near Me

Security First Bank has 32 branches across the U.S.

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