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Read our editorial standards. The bottom line: You might like Security Federal Bank if you live in Georgia or South Carolina and would rather bank with a brick-and-mortar financial institution than an online bank. The bank’s strongest products are its free checking account , CDs , and Kasasa bank accounts.
Kasasa bank accounts are rewards savings and checking accounts provided by the financial services company Kasasa. Overall bank rating Feature Insider rating (out of 5) Savings 3. 5 Checking 4 CD 3.
75 Money market account 3. 5 Trustworthiness 5 Total 4 Pros and cons Pros Cons Certified as a community development financial institution and serves the local community Free checking account High interest rates on CDs compared to other brick-and-mortar banks Kasasa checking accounts and savings account Possible to waive monthly service fees Branches available only in select cities in GA and SC Low interest rate on savings and money market account Monthly service fees on savings and money market account Security Federal Bank Regular Savings Account Security Federal Bank Regular Savings Account Annual Percentage Yield (APY) 0. 10% APY Minimum Deposit Amount $100 3.
5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 5 out of 5 Stars Editor’s Rating Learn more Security Federal Bank Regular Savings Account 3. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
5 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 10% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Possible to waive monthly service fee Cons Low interest rate $5 monthly service fee Must keep at least $100 in account to earn interest Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information 17 branches and 18 ATMs in South Carolina and Georgia To waive the $5 monthly service fee, keep at least $100 in your account daily Must keep at least $100 in your account to earn interest Interest compounded and deposited monthly Member FDIC The Security Federal Bank Regular Savings Account could be a good option if you usually keep at least $100 in your savings account. By meeting this requirement, you’ll waive the $5 monthly service fee and earn interest. If your priority is earning a high interest rate, the Security Federal Bank Saver might be worth exploring.
Security Federal Bank Classic Personal Checking Account Security Federal Bank Classic Personal Checking Account Annual Percentage Yield (APY) None Minimum Deposit Amount $50 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Editor’s Rating Learn more Security Federal Bank Classic Personal Checking Account 4 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) None Minimum Deposit Amount $50 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros No monthly service fees Overdraft protection available 2 free withdrawals at out-of-network ATMs per month Cons $50 minimum opening deposit $3 paper statement fee $2 out-of-network ATM fee if you exceed the monthly limit $35 overdraft fee $5 overdraft protection transfer fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information 17 branches and 18 ATMs in South Carolina and Georgia Overdraft protection that links your checking account to another Security Federal Bank account $5 transfer fee if you utilize overdraft protection Waive the $3 paper statement fee by signing up for online statements First 2 out-of-network ATM withdrawals each month are free (although the ATM provider may charge you a fee); after that, it’s $2 Member FDIC The Security Federal Bank Classic Personal Checking Account is a solid free checking account.
It doesn’t charge any monthly service fees, and you may make two free withdrawals at out-of-network ATMs per month without being charged by Security Federal Bank. If the ATM provider charges you a fee, you won’t be reimbursed by Security Federal Bank, though. Security Federal Bank CD Security Federal Bank CD Annual Percentage Yield (APY) 0.
05% APY to 0. 75% APY Minimum Deposit Amount $500 3. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
75 out of 5 Stars Editor’s Rating Learn more Security Federal Bank CD 3. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 75 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.
05% APY to 0. 75% APY Minimum Deposit Amount $500 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Solid interest rates compared to other brick-and-mortar banks $500 minimum opening deposit Standard CD terms Cons Online banks may offer higher interest rates on CDs Standard-to-high early withdrawal penalties Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information 17 branches and 18 ATMs in South Carolina and Georgia Terms range from 3 months to 5 years CD early withdrawal penalties: 3 to 18 months of interest depending on the term you choose Interest compounded and deposited monthly Member FDIC Security Federal Bank may be appealing if you’d like to open a CD. The bank only requires $500 to open a CD, and you’ll earn a solid interest rate compared to other brick-and-mortar banks. The only downside to opening an account is that the CD early withdrawal penalties may be high depending on which term you choose.
Security Federal Bank Money Market Account Security Federal Bank Money Market Account Annual Percentage Yield (APY) 0. 05% APY to 0. 15% APY Minimum Deposit Amount $1,500 3.
5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3. 5 out of 5 Stars Editor’s Rating Learn more Security Federal Bank Money Market Account 3. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.
5 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 05% APY to 0. 15% APY Minimum Deposit Amount $1,500 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Pros Possible to waive monthly service fee ATM or debit card available Cons Low interest rate $1,500 minimum opening deposit $7 monthly service fee No checks included Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information 17 branches and 18 ATMs in South Carolina and Georgia Earn 0. 05% APY on account balances under $10,000 Earn 0.
10% APY on account balances between $10,000 and $100,000 Earn 0. 15% APY on account balances over $100,000 Interest compounded and deposited monthly Member FDIC The Security Federal Bank Money Market Account might be a decent choice if you plan to keep at least $100,000 in your account so you can earn 0. 15% APY and waive the account’s monthly service fee.
Otherwise, the Security Federal Bank Regular Savings Account will likely be a better choice since it pays a 0. 10% APY if you have $100 or more in your account. Security Federal Bank regular accounts vs.
Kasasa accounts Kasasa is a financial services company that works with local financial institutions to offer special perks on bank accounts, like high interest rates or cash back. Security Federal Bank has four Kasasa bank accounts — Kasasa Cash Checking, Kasasa Cash Back Checking, Kasasa Tunes Checking, and Kasasa Saver. These accounts have zero monthly service fees.
Below, we’ve also outlined why each account stands out and the requirements you’ll need to fulfill to earn these perks. If you prefer a more straightforward bank account, you might like the Security Federal Bank Regular Savings Account or Security Federal Bank Classic Personal Checking Account instead. Account Standout feature Monthly requirements Security Federal Bank Cash Checking Account Earn 1.
25% APY on an account balance under $10,000 At least 1 ACH credit or debit transaction At least 12 debit card purchases Sign up for online statements Security Federal Bank Cash Back Checking Account Earn 2% cash back on debit card purchases (up to $6 per month) At least 1 ACH credit or debit transaction At least 12 debit card purchases Sign up for online statements Security Federal Bank Kasasa Tunes Checking Get refunds for iTunes, Amazon, or Google Play purchases (up to $10 per month) At least 1 ACH credit or debit transaction At least 12 debit card purchases Sign up for online statements Security Federal Bank Saver Earn 0. 50% APY on an account balance under $50,000 Only available if you have a Kasasa Cash or Kasasa Cash Back checking account At least 1 ACH credit or debit transaction At least 12 debit card purchases Sign up for online statements How Security Federal Bank works Security Federal Bank is a community development financial institution with 17 branches and 18 ATMs in South Carolina and Georgia. Customer service is available by phone 8:30 a.
m. to 6 p. m.
ET Monday through Wednesday, 8:30 a. m. to 7 p.
m. ET on Friday, 9 a. m.
to 4 p. m. ET on Saturday, and 1:30 p.
m. to 4 p. m.
ET on Sunday. The bank’s mobile app has 4. 6 out of 5 stars in the Google Play store and 4.
8 out of 5 stars in the Apple store. Security Federal Bank is FDIC insured . Up to $250,00o is safe in an individual bank account.
Security Federal Bank trustworthiness and BBB rating Security Federal Bank hasn’t been involved in any recent public controversies. We also share ratings from the Better Business Bureau, which assesses businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices. Security Federal received an A+ rating from the BBB.
A good BBB rating doesn’t necessarily mean your relationship with a business will be perfect. You may want to talk to current customers or read online customer reviews to see if Security Federal Bank is right for you. The role of community development financial institutions Community development financial institutions, or CDFIs , serve low-income and disadvantaged communities.
Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. In 2020, Security Federal Bank participated in the Paycheck Protection Program and helped provide $127 million in PPP loans to 2,800 small businesses impacted by the COVID-19 pandemic. The brick-and-mortar bank is also partnered with over 15 local non-profit organizations, including the Affordable Housing Coalition of South Carolina and Aiken County Habitat for Humanity.
Security Federal Bank vs. Synovus Bank Synovus Bank is available in the same states as Security Federal Bank. See how the two brick-and-mortar banks compare.
Security Federal Bank Synovus Locations GA and SC Locations AL, GA, FL, SC, and TN Standout feature Kasasa bank accounts Standout feature Free checking account with Synovus Plus eligibility Learn more Learn more Both banks have free checking accounts, so your best option might depend on which perks you prefer. Synovus Bank has the Synovus Plus program, which offers perks like higher interest rates on savings accounts and a free out-of-network ATM fee reimbursement each month. You may qualify for Synovus Plus if you open the Synovus Free Checking Account .
To earn perks, you must have a minimum monthly deposit of $5,000 in your checking account or a balance of at least $25,000 across all your Synovus accounts. Security Federal Bank has Kasasa checking and savings accounts. To get rewards from the bank’s rewards checking accounts or high-yield savings account, you must do the following each month: make at least 1 ACH credit or debit transaction, complete at least 12 debit card purchases, and sign up for online statements.
To open the Kasasa Saver account, you’ll also need to open a Kasasa Cash or Kasasa Cash Back checking account first. Security Federal Bank vs. First Horizon Bank See how Security Federal Bank stacks up to another Southern bank: First Horizon Bank .
Security Federal Bank First Horizon Bank Locations GA and SC Locations AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, and VA Standout feature Kasasa bank accounts Standout feature Free checking account with no overdraft transfer fees Learn more Learn more Choosing between these two banks will likely depend on the accounts you’d like to open. You might lean more toward Security Federal Bank if you’re searching for rewards bank accounts. Security Federal Bank has four Kasasa bank accounts.
Meanwhile, First Horizon Bank might be a better choice if you’d like a straightforward checking account that makes it easy to avoid common bank fees. The First Horizon Bank FirstView Checking Account doesn’t charge monthly service fees and offers free overdraft protection. In comparison, the Security Federal Bank Classic Personal Checking Account charges a fee for utilizing overdraft protection.
Frequently asked questions Is Security Federal Bank FDIC insured? Yes, Security Federal Bank accounts are FDIC insured. You may keep up to $250,000 in individual bank accounts or $500,000 in joint bank accounts, and your money will be secure. Where is Security Federal Bank located? Security Federal bank locations serve residents in Georgia and South Carolina.
You’ll find branches in the following cities: Aiken, SC Augusta, GA Clearwater, SC Columbia, SC Evans, GA Graniteville, SC Irmo, SC Lexington, SC North Augusta, SC Ridge Spring, SC Wagener, SC Warrenville, SC West Columbia, SC Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team.
Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.
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