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Overall bank rating
|Feature||Insider rating (out of 5)|
|Money market account||3.5|
Pros and cons
Security Federal Bank Regular Savings Account
If your priority is earning a high interest rate, the
Security Federal Bank Classic Personal Checking Account
Security Federal Bank CD
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 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
|Account||Standout feature||Monthly requirements|
|Earn 1.25% APY on an account balance under $10,000||
|Earn 2% cash back on debit card purchases (up to $6 per month)||
|Get refunds for iTunes, Amazon, or Google Play purchases (up to $10 per month)||
|Earn 0.50% APY on an account balance under $50,000||
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.
GA and SC
AL, GA, FL, SC, and TN
Kasasa bank accounts
Free checking account with Synovus Plus eligibility
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
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.
GA and SC
AL, AR, TN, FL, GA, LA, MS, NY, NC, SC, TX, and VA
Kasasa bank accounts
Free checking account with no overdraft transfer fees
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
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