Security Federal Bank is a community development financial institution (CDFI) with 19 branches and 22 ATMs in South Carolina and Georgia. The bank caters to residents who prefer banking with a local brick-and-mortar institution over a national bank.
One of Security Federal Bank's standout products is its checking account, which offers free checking and the potential to waive monthly service fees. Additionally, the bank provides high-interest rates on CDs compared to other traditional banks.
Customer service is available by phone during specific hours throughout the week, and the bank's mobile app has received high ratings on both the Google Play and Apple stores.
Security Federal Bank is a Member FDIC bank, ensuring that individual accounts are protected up to $250,000. The bank has also maintained a positive reputation, receiving an A+ rating from the Better Business Bureau.
As a CDFI, Security Federal Bank serves low-income and disadvantaged communities, with a focus on addressing banking barriers. The bank is actively involved in partnerships with over 15 local non-profit organizations, including the Affordable Housing Coalition of South Carolina and Aiken County Habitat for Humanity.
For customers interested in savings options, Security Federal Bank offers a Regular Savings Account with a $5 monthly service fee that can be waived by maintaining a $100 balance. The bank's Freedom Checking account is another attractive option for those who maintain a $100 balance to avoid fees.
When it comes to CDs, Security Federal Bank requires a minimum deposit of $500 and offers competitive interest rates. However, customers should be aware of potential early withdrawal penalties depending on the chosen term.
Comparing Security Federal Bank to other regional banks like Synovus Bank and First Horizon Bank, customers can weigh the benefits of each institution based on their specific banking needs. Synovus Bank offers perks through its Synovus Plus program, while First Horizon Bank provides straightforward checking account options.
In conclusion, Security Federal Bank stands out as a reliable local banking option for residents of Georgia and South Carolina, offering a range of products and services tailored to meet the needs of the community.
