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You might like Security Federal Bank if you live in Georgia or South Carolina and would rather bank with a local brick-and-mortar financial institution than with a national bank. The bank's strongest products are its checking account and CDs.
Security Federal Bank Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.5 |
| CD | 3.5 |
| Money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 3.75 |
Security Federal Bank Pros and Cons
| Pros | Cons |
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About Security Federal Bank
Security Federal Bank is a community development financial institution (CDFI) with 19 branches and 22 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 a Member FDIC bank. Up to $250,000 is safe in an individual bank account.
Is Security Federal Bank Trustworthy?
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.
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 U.S. Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Security Federal 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 FAQs
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.
Security Federal bank locations serve residents in Georgia and South Carolina. You'll find branches in the following cities in South Carolina: Aiken, Clearwater, Columbia, Graniteville, Irmo, Lexington, North Augusta, Ridge Spring, Wagener, Warrenville, and West Columbia. The bank also has branches in Augusta and Evans, Georgia.
Yes. You can use Zelle through the Security Federal Bank mobile app.
Yes, Security Federal Bank is a legitimate financial institution. It is monitored by the FDIC.
Security Federal Bank Account Reviews
Security Federal Bank Regular Savings Account
$5 monthly service fee
0.50%
$100
- Possible to waive monthly service fee
- Low interest rate
- $5 monthly service fee
- Must keep at least $100 in account to earn interest
- 19 branches and 22 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.
Security Federal Bank Freedom Checking Account
$5 monthly service fee
None
$100
- Possible to waive monthly service fee
- Overdraft protection available
- $100 minimum opening deposit
- $5 monthly service fee
- $2 out-of-network ATM fee if you exceed the monthly limit
- $35 overdraft fee
- $5 overdraft protection transfer fee
- 19 branches and 22 ATMs in South Carolina and Georgia
- To waive the $5 monthly service fee, maintain a $100 daily account balance
- Overdraft protection that links your checking account to another Security Federal Bank account
- Member FDIC
Security Federal Bank Freedom Checking may be a good choice if you regularly maintain at least $100 in your account. That way, you'll waive the $5 monthly service fee.
Security Federal Bank CD
2.00% to 4.30%
$500
- Solid interest rates compared to other brick-and-mortar banks
- $500 minimum opening deposit
- Standard CD terms
- Online banks may offer higher interest rates on CDs
- Standard-to-high early withdrawal penalties
- 19 branches and 22 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
$7 monthly service fee
0.50% to 3.20%
$1,500
- Possible to waive monthly service fee
- ATM or debit card available
- Low interest rate
- $1,500 minimum opening deposit
- $7 monthly service fee
- No checks included
- 19 branches and 22 ATMs in South Carolina and Georgia
- Earn 0.50% APY on account balances under $10,000
- Earn 1.30% APY on account balances between $10,000 and $49,999.99
- Earn 2.20% APY on account balances between $50,000 and $99,999.99
- Earn 3.20% APY on account balances of $100,000 or more
- 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 $1,500 in your account so you can waive the account's monthly service fee.
Otherwise, the Security Federal Bank Regular Savings Account will likely be a better choice since it has lower minimum balance requirements.
How Security Federal Bank Compares
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 may be appealing if you're searching for high savings and CD rates.
Meanwhile, Synovus Bank has the Synovus Plus program, which offers perks like higher interest rates on savings accounts and a free out-of-network bank ATM fee reimbursement each month.
You may qualify for Synovus Plus if you open the Synovus Plus 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 vs. First Horizon Bank
See how Security Federal Bank stacks up to another Southern bank: First Horizon Bank.
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 CDs. The bank has lower minimum opening deposit requirements.
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.
Why You Should Trust Us: How We Reviewed Security Federal Bank
For our Security Federal Bank review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, minimum opening deposit requirements, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
