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Security State Bank Review

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

Overview

Security State Bank was founded in 1903 with its headquarters in Centralia, Washington. It has $450 million in assets along with deposits totaling $388 million, making it a medium-size bank. Security State Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. On the whole, Security State Bank is a great choice and should warrant serious consideration, with a rating of 4.3 stars out of 5 from the SmartAsset team. Security State Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Security State Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best bet for accruing the most 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

3.1
SmartAsset Average: 3.5

Security State Bank has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. Security State Bank's one-year CD has a rate of 0.60% and the five-year CD has a rate of 2.07%, while its highest-yielding money market account has an APY of 0.05%. Given Security State Bank's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Security State Bank's Savings Rates Compare

Security State Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Security State Bank has generally extremely low fees compared to other U.S. banks. With no monthly fee, Security State Bank is ideal for those who want a simple banking experience. Security State Bank does not refund out-of-network ATM charges, meaning you'll need to find a Security State Bank ATM or accept the withdrawal fee.

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

4.4
SmartAsset Average: 3.7

Security State Bank is a brick-and-mortar bank, with 12 total bank locations in Washington. It also offers access to mobile and web apps for an easy mobile-banking experience. Security State Bank receives great feedback from users for its mobile app. Out of 8 customer reviews on Apple and Android platforms, the Security State Bank mobile app is scored at 4.8 out of 5 (compared to the national average of 3.8). Security State Bank's mobile app lets you manage your accounts by monitoring account balances, sending and receiving funds and accessing customer service. Security State Bank receives a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Security State Bank ranks as a medium-size bank with $450 million in assets as well as $388 million in deposits. Security State Bank's Texas Ratio is 11.66%, suggesting that the bank is in fine financial health and far from failure. Additionally, Security State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.66%
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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.03% APY $1
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.70% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.51% APY
  • 60 Month: 2.07% APY
$5000 for all terms
Money Market Account 0.05% APY $10000

Security State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Security State 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 State Bank's CD rates are fair compared to the average U.S. bank.

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Find a Security State Bank Near Me

Security State Bank has 12 physical branches across the U.S.

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