Security Service Federal Credit Union Review 2022: Competitive Rates and Benefits
GOBankingRates Score
Navy Federal Credit Union
-
APYs
4.8
-
Benefits
4.6
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Products
4.7
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Customer Service
4.7
Pros
- Affordable minimum opening deposits
- Interest-bearing checking account with low or no maintenance fee
- Access to 5,000 shared branches and 30,000 free ATMs nationwide
- Extended customer service hours on weekdays
- Possibility to skip a payment on certain loans
Cons
- Membership is limited to those who live in Texas, Colorado or Utah; who are military or DoD at bases in those states; and their household members
- Limited service area
- Limited number of SSFCU-owned branches
Security Service Federal Credit Union Overview
Security Service Federal Credit Union was established in 1956 with eight members and $25 in deposits. Over 55 years later, SSFCU has grown to more than 770,000 members and over 9.5 billion in total assets.
While the credit union only has 66 branch locations in Texas, Colorado and Utah, members have access to 5,000 shared branches and a nationwide network of 30,000 ATMs that will allow them to complete basic banking tasks.
You can qualify to become a member of Security Service Federal Credit Union if you meet the following requirements:
- You live, work, worship, attend school, volunteer or own a business in Texas, Colorado or Utah.
- You are a member of a military branch or a Department of Defense employee at specific bases in the SSFCU service area.
- You are a family household member of an existing member.
Security Service Federal Credit Union offers a full menu of products, including checking and savings accounts, money market accounts, certificates, home and vehicle loans, investments and insurance. And as a credit union, its interest rates are very competitive because credit unions are owned by their members and therefore have no shareholders.
These and other reasons are why GOBankingRates ranked SSFCU as one of the Best Credit Unions and Top 100 Banks in its annual Best Banks rankings. Here’s more about what the credit union has to offer its members.
Key Features
When it comes to choosing a new financial institution, the banking experience is important. Security Service Federal Credit Union earned a 4.7 overall score out of 5 from GOBankingRates for the following outstanding features.
APYs
Security Service Federal Credit Union has competitive rates.
The Power Protected Checking account pays to APY based on the balance. The Basic, Youth and Club Savings accounts pay APY on all balance tiers. The money market account pays up to APY. Certificates pay from to APY depending on balance and certificate type.
Benefits
SSFCU’s minimum opening deposits either don’t exist or are affordable. The same goes for monthly fees. Checking accounts do not require a minimum opening deposit, and savings options only require a $5 minimum opening deposit.
And while the money market account requires a minimum opening deposit of $1,000, that amount is more affordable than the $2,500 or $10,000 some other financial institutions require. The money market account does have a monthly service fee of $10, but it’s relatively easy to avoid. All you have to do is maintain a $1,000 minimum monthly balance.
The Power Checking account and Power Youth Checking account do not have monthly fees. And while the Power Protected Checking account charges a $6 monthly fee, the account has some pretty impressive benefits that may make the fee worth it.
The Basic, Youth and Club Savings account options and the certificate accounts do not have monthly fees.
Products
Take a closer look at Security Service Federal Credit Union’s most popular bank accounts.
Checking Accounts
Security Service Federal Credit Union offers three checking accounts.
Power Protected Checking has no minimum opening deposit or monthly balance requirement, but it does have a $6 monthly service fee. The fee can be waived — but only if you have at least a $50,000 average daily balance in a Power Protected Checking account. However, the account includes in-depth 24/7 identity theft protection, including dark web and social media monitoring and mobile phone protection, which may make the monthly fee worth it. The account also pays to APY depending on balance.
If you’re looking for a more basic checking account, Power Checking has no minimum opening deposit, minimum balance requirements or monthly maintenance fees. You can view your statements online for free or opt for a $3 paper statement charge. And you can personalize your debit card.
Lastly, SSFCU’s Power Youth Checking account is designed for teens ages 13 to 17 and has no minimum opening deposits. The account is also free of minimum balance requirements and monthly maintenance fees. Teens can personalize their debit cards and eStatements are free with the account.
Savings Accounts
Security Service Federal Credit Union offers three savings accounts. Every member must either open a share account in the form of a Basic Savings account or a Youth Savings account to join SSFCU.
To open a Basic Savings account, a $5 minimum opening deposit is required. No monthly fee applies to this account, but you must maintain at least a $5 minimum balance. The account pays APY across all balance tiers.
SSFCU’s Youth Savings account is available to children under 18 who qualify for membership. The account requires a $5 minimum opening deposit and a $5 minimum balance but has no monthly maintenance fee. Like the Basic Savings account, this account pays a APY across all balance tiers.
No matter what your short-term savings goal is, a Club Savings account can help you achieve it. Like the other savings accounts, a $5 minimum opening deposit is required. Account holders are free to deposit any funding amount at any time. However, withdrawals from this account are not allowed, which can help you make uninterrupted progress toward your savings goal. On Oct. 31, the funds in your Club Savings account will automatically transfer to your Basic Savings account so that you can withdraw them for use on Nov. 1.
Money Market Accounts
Security Service Federal Credit Union offers a money market account for those who want to earn a higher interest rate but also have check-writing and ACH privileges.
A $1,000 minimum opening deposit is required, and a $1,000 minimum daily balance is required to waive the $10 monthly service fee. Interest rates on money market accounts range from APY to APY, with higher balances earning higher APYs.
CD Rates
Certificates, the credit union equivalent of CDs, provide a guaranteed interest rate for a specified period of time. Typically, the higher the balance, or the longer the term, the higher the interest rate. Security Service Federal Credit Union offers two different types of certificates to its members.
Traditional certificates require a $500 minimum opening deposit and offer terms of three months to seven years. Annual percentage yields depend on the balance and length of the term, with higher balances and longer terms earning higher APYs. SSFCU certificates pay from to APY.
SSFCU’s one-year Future Builder certificate has a $250 minimum opening deposit and allows unlimited additional deposits and withdrawals of up to 50% of the certificate’s balance per day during the term.
Customer Service
Security Service Federal Credit Union’s customer service stands out because there are multiple ways to get in touch. The Member Contact Center has extended weekday hours, which is helpful if you have a question or issue that needs to be resolved by a human being outside of traditional working hours.
To get in touch, call 888-415-7878 Monday-Friday, 7 a.m. to 10 p.m. CST, and Saturday from 9 a.m. to 6 p.m. CST. Another way to get in touch is by emailing your question or comment to serviceteam@ssfcu.org.
SSFCU also has dedicated support numbers for everything from online banking to ID theft assistance, and you can find those numbers on the SSFCU website.
How Security Service Federal Credit Union Stands Out
Besides the competitive rates on your balances, Security Service Federal Credit Union’s ID monitoring service provides 24/7 identity theft protection, dark web and social media monitoring, and even mobile phone coverage as a feature of the Power Protected Checking account.
You could easily spend $20 or more per month just for identity theft protection alone from another source.
Security Service Federal Credit Union vs. Competitors
It’s important to shop around if you’re thinking of changing banks or opening an account with a new bank. Here’s how Security Service Federal Credit Union stacks up to the competition.
Security Service Federal Credit Union vs. Navy Federal Credit Union
Navy Federal Credit Union has five checking account offerings to choose from, all of which earn interest, while SSFCU offers three checking accounts, and only one is interest-bearing.
However, Navy Federal Credit Union’s membership requirements are very narrow, while SSFCU’s requirements are much less stringent.
Security Service Federal Credit Union vs. Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union offers two money market account options — one that offers up to APY and one that offers up to APY, whereas Security Service Federal Credit Union has one money market account that pays a maximum of APY.
However, SSFCU allows members to open a money market account with as little as $1,000, while Randolph-Brooks Federal Credit Union requires a $2,500 minimum opening deposit on both of its account options.
Security Service Federal Credit Union vs. Wells Fargo
With 4,900 branches across the nation, you’re likely not too far from a Wells Fargo location, whereas full-service SSFCU branches are limited to 66 branches in a handful of states.
Security Service Federal Credit Union is owned by its members, however, and therefore can offer higher interest rates than Wells Fargo. For example, Wells Fargo offers APY on all balance tiers for its Way2Save Savings account, while SSFCU offers APY across all balance tiers for its Basic Savings account.
How To Apply
To open a Security Service Federal Credit Union, you can apply online. You’ll need to select your membership qualification, then provide your personal details. The application will ask for your name, address, date of birth, Social Security number and drivers license number, as well as your address and contact info.
Who Security Service Federal Credit Union Is Best For
SSFCU is best for individuals that are eligible for membership, meaning you live, work, worship, attend school, volunteer or own a business in Texas, Colorado, or Utah, or you’re a member of a military branch or a Department of Defense employee at specific bases in the SSFCU service area or you’re a family household member of an existing member.
For those who qualify, Security Service Credit Union offers a full menu of products, including checking and savings accounts, money market accounts, CDs, home and vehicle loans, investments and insurance, ideal for handling all your financial needs in one place. Plus, interest rates are very competitive, since credit unions are owned by their members and therefore have no shareholders.
Final Take
With a full range of financial services and products, competitive interest rates and membership benefits, SSFCU is worth considering. The catch is whether or not you have ties to one of the credit union’s service areas.
Security Service Federal Credit Union FAQ
Here are the answers to some commonly asked questions about Security Service Federal Credit Union.- How much money can you withdraw from Security Service Federal Credit Union ATMs?
- The maximum ATM withdrawal amount from Security Service Federal Credit Union is $650 per day.
- What are the interest rates at Security Service Federal Credit Union?
- Security Service Federal Credit Union has competitive rates of 0.10% to 0.20% APY on select checking accounts, 0.05% APY on all savings account balances and up to 0.10% APY on money market accounts. Certificates pay from 1.40% to 3.90% APY depending on balance and certificate type.
- What is Security Service Federal Credit Union's routing number?
- SSFCU's routing number is 314088637.
- Is Security Service Federal Credit Union FDIC insured?
- No. However, like most credit unions, deposits at Security Service Federal Credit Union are insured by the National Credit Union Administration, up to $250,000 per depositor.
- Does Security Service have monthly fees?
- The Power Checking account and Power Youth Checking account don't have monthly fees. Power Protected Checking account charges a $6 per month. The Basic, Youth and Club Savings account options and the certificate accounts do not have monthly fees. The money market account does have a monthly service fee of $10, but can be waived if you maintain a $1,000 minimum monthly balance.
Karen Doyle and Cynthia Bowman contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 15, 2022.
Editorial Note: This content is not provided by Security Service Federal Credit Union, Navy Federal Credit Union, Randolph-Brooks Federal Credit Union or Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Security Service Federal Credit Union, Navy Federal Credit Union, Randolph-Brooks Federal Credit Union or Wells Fargo.
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