Security Service Federal Credit Union Review: Competitive Rates and Easily Waived Monthly Fees

GOBankingRates Score

4.5
Quick Take: Security Service Federal Credit Union offers a full range of financial services and products at competitive rates. Monthly maintenance fees are nonexistent or easily waived. However, the credit union has a limited service area across a handful of states.
  • Minimum Opening Deposits
    4.5
  • Monthly Fees
    4.5
  • Customer Service
    4.5
  • Rates
    4.5
How did we calculate this?

Pros

  • Affordable minimum opening deposits
  • Low or no monthly maintenance fees
  • Extended customer service hours on weekdays
  • Possibility to skip a payment on certain loans

Cons

  • Limited service area
  • Limited number of SSFCU-owned branches

About Security Service Federal Credit Union

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 any of 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 or household member of an existing member of SSFCU.

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.

Checking Accounts

Security Service Federal Credit Union offers three checking accounts. Here’s a look at each option.

Power Protected Checking Account

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 0.05% to 0.49% APY depending on balance.

Power Checking Account

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.

Power Youth Checking Account

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. Here are the details for each account the credit union offers.

Basic Savings Account

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 0.05% APY across all balance tiers.

Youth Savings Account

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 0.05% APY across all balance tiers.

Club Savings Account

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 offers one money market account. Here’s what you need to know.

Money Market Account

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 0.05% APY to 0.25% 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 Certificate

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. The following terms and rates are based on a $500 minimum opening balance:

  • Three months: 0.15% APY
  • Six months: 0.40% APY
  • One year: 0.50% APY
  • Two years: 0.60% APY
  • Three years: 0.90% APY
  • Five years: 1.00% APY
  • Seven years: 1.10% APY

Future Builder Certificate

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. Future Builder certificates pay 0.45% APY with a minimum opening deposit of $250. To earn Jumbo rates, a $25,000 minimum opening deposit is required. Jumbo rates range from 0.50% to 0.55% APY.

Banking Experience

When it comes to choosing a new financial institution, the banking experience is important. SSFCU earned a 4.5 overall score from GOBankingRates for the following outstanding features.

Minimum Opening Deposits

SSFCU’s minimum opening deposits either don’t exist or are affordable. 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.

Monthly Fees

Monthly fees are the exception, not the rule at SSFCU.  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. 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.

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. CT, and Saturday from 9 a.m. to 6 p.m. CT. 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.

Rates

Security Service Federal Credit Union has competitive rates. The Power Protected Checking account pays 0.05% to 0.49% APY. The Basic, Youth and Club Savings accounts pay 0.05% APY on all balance tiers. The money market account pays up to 0.25% APY. The Traditional certificates pay from 0.15% to 1.20% APY depending on balance, and the Future Builder certificates pay from 0.45% to 0.55% APY depending on balance.

Editor’s Favorite

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.

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 0.35% APY and one that offers up to 0.80% APY, whereas Security Service Federal Credit Union has one money market account that pays a maximum of 0.25% 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 0.01% APY on all balance tiers for its Way2Save Savings account, while SSFCU offers 0.05% APY across all balance tiers for its Basic Savings account.

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 can I withdraw from Security Service Federal Credit Union?
    • At an ATM, you can withdraw up to $650 per day with your ATM card and up to $1,000 per day with your debit Mastercard. As an account owner making a withdrawal directly from the bank, you may typically withdraw any portion of your account balance, including the entire balance, at any time.
  • Does Security Service Federal Credit Union have Zelle?
    • No. Security Service Federal Credit Union does not offer Zelle or other peer-to-peer options for money transfer.
  • 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.

Karen Doyle 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 Jan. 10, 2022.

Editorial Note: This content is not provided by Security Service Federal Credit Union. 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.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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