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Security Service Federal Credit Union Review 2024

Written by

René Bennett

Edited by

Marc Wojno

Updated February 1, 2024

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At a glance

3.9

Bankrate Score

CDs

Checking

Savings

MMA

Overview

Security Service Federal Credit Union (SSFCU) is best for those looking to open a free or an interest-bearing checking account and who live or have certain affiliations in Colorado, Texas or Utah, or have a connection to a military base where the credit union operates.

Highlights

Low Min Deposit

Overall

Security Service Federal Credit Union’s many deposit account offerings include a free checking account as well as an interest-bearing one that comes with built-in identity theft protection. The credit union also offers several share certificate terms that earn yields above national averages. However, the other savings and money market accounts are mediocre in terms of APYs. Minimum deposit requirements are low or nonexistent for most accounts.

Pros

SSFCU offers both free and interest-bearing checking accounts.
Most accounts have low or no minimum balance requirements.
Members have access to 30,000 fee-free ATMs and 5,000 shared branches.

Cons

Better rates can be found for savings, share certificates and money market accounts elsewhere.
Membership is limited to those who live or have certain affiliations in Colorado, Texas or Utah or who have a connection to select military bases.
SSFCU charges an above-average overdraft fee.

Security Service Federal Credit Union banking products

2.6

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.05%

1/5

Minimum balance to earn interest:

$5.00

5/5

Monthly service fee:

$3.00

3/5

Minimum balance to avoid fee:

$100.00

5/5

Access to funds:

Great

5/5

FEATURES

0.05% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 4/2/2024

$5 minimum deposit to open

Security Service Federal Credit Union savings overview

Having a share savings account and at least $5 in it is required to maintain membership with SSFCU. There is no monthly service fee for the savings accounts.

The APY earned on the Basic Savings account is below average. While most types of transactions against the account are limited to six per month, members are allowed to make unlimited withdrawals from the account through an ATM.

Pros

Only $5 is needed to open a savings account.
There’s no monthly service fee.
Members can make unlimited ATM withdrawals.

Cons

The APY is meager.

We appreciate your patience as we continue to collect rates information for Security Service Federal Credit Union. Check back again soon.

Security Service Federal Credit Union

APY

National average APY

How do we get this data?

4.9

Bankrate Score

Compare top CD rates

FEATURES

1.40% – 3.90% APY

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 4/2/2024

$500 minimum deposit to open

3 months – 5 years

Security Service Federal Credit Union CD overview

SSFCU offers many share certificate terms, ranging from three months to seven years. APYs are tiered, increasing incrementally at each of the following minimum deposit requirements: $250, $500, $25,000, $50,000 and $100,000. All yields are above national averages.

Pros

Many term options are available.
Only $250 is required to open a one-year certificate, though at least $500 is needed for most terms.
Members get rewarded with a better APY both for opening a longer term and for depositing a higher balance.

Cons

Higher rates can be found elsewhere.

We appreciate your patience as we continue to collect rates information for Security Service Federal Credit Union. Check back again soon.

Security Service Federal Credit Union

APY

National average APY

Term length

How do we get this data?

2.4

Bankrate Score

Compare top money market rates

Security Service Federal Credit Union money market overview

SSFCU’s Money Market account requires $1,000 to open, and at least $1,000 is needed in the account to waive the $10 monthly service fee.

The account allows for six free check withdrawals and ACH transfers per month, but it does not come with a debit card. It earns interest at tiered rates, with the highest possible rate offered on balances of over $250,000. But even the highest APY isn’t competitive.

Pros

The account includes check-writing privileges.

Cons

There’s a $10 monthly fee for balances below $1,000.
The account doesn’t come with a debit or ATM card.
Much higher APYs on money market accounts can be found at other financial institutions.

4.4

Bankrate Score

Compare top checking rates

Security Service Federal Credit Union checking overview

SSCFU’s Power Checking account doesn’t require a set minimum opening deposit or charge a monthly service fee. Account holders have fee-free access to more than 30,000 ATMs in the Co-op network, and you can personalize your debit card by adding a photo.

Power Checking account fees include a $5 monthly fee for those who elect to receive paper statements, as well as a $10 monthly inactivity fee after there have been no monetary transactions for 12 months and the balance is below $50. A $25 fee is assessed for closing the account within 90 days of opening it.

SSCFU’s Power Protected Checking account is a unique checking account that comes with built-in comprehensive identity theft protection. It costs $6 a month, which is waived with a monthly account balance of $50,000 or more. The account is also interest-bearing. Interest rates are tiered, though all balances earn at least a bit of interest.

Pros

The Power Checking account charges no minimum opening deposit and doesn’t charge service fees.
Account holders have access to more than 30,000 fee-free ATMs nationwide.
The debit card can be personalized with a photo.
The Power Protected checking account earns some interest, and it comes with identity theft protection.

Cons

The Power Checking account charges a monthly fee to those who choose paper statements.
Both checking accounts charge fees after five months of inactivity, as well as a fee if the accounts are closed within 90 days of being opened.

Bank fees

Fee	Charged?
Overdraft fee	$32.50
Non-sufficient funds fee	$32.50
Monthly maintenance fees	$0
Out-of-network ATM fee	$1.50
Excessive transaction fee	$10

Fee

Charged?

Customer experience

Members can connect with Security Service Federal Credit Union through its secure online messaging system, over the phone or by making an in-branch appointment. Its customer service hours are 7 a.m. to 10 p.m. CT on weekdays and 9 a.m. to 6 p.m. CT on Saturdays.

The credit union’s website also comes with a 24/7 virtual assistant, Ava, which can help with mobile banking, account information, finding an ATM or branch location and more.

Members can take free online courses (called “playlists”) on various financial topics, from preventing overdrafts to preparing for retirement.

Digital experience

SSFCU’s mobile app allows members to deposit checks, receive account activity alerts and schedule appointments with customer service. The app receives subpar reviews on Google Play and the Apple app store.

About Security Service Federal Credit Union

Security Service Federal Credit Union was originally established in 1957 on a military base in San Antonio, Texas, serving local members of the U.S. Air Force Security Service Command. Though it has since opened branches outside of military bases, the credit union continues to offer many of its services to those living on military bases. It has also expanded ways to be eligible for membership, which include living in states with a branch or being a member of certain military branches or units.

SSFCU operates 70 branches in Colorado, Texas and Utah, and members also have access to 5,000 branches through a shared network. It’s also part of the Co-op ATM network, letting members use nearly 30,000 ATMs nationwide. In addition to its deposit products, SSFCU also offers free courses on various financial topics.

How Security Service Federal Credit Union compares to other financial institutions

SSFCU and Pentagon Federal Credit Union, also known as PenFed, are both credit unions that serve members of the armed forces. PenFed membership is open to anyone, however, while to join SSFCU you’ll need to reside or have certain affiliations in Colorado, Texas or Utah or have a connection to a military base where the credit union operates.

Both credit unions offer competitive yields on some accounts, although PenFed offers an online savings account that earns a much higher yield than SSFCU’s savings account. Both SSFCU and PenFed offer checking accounts with no minimum deposit requirement or monthly fee, and both offer interest-bearing checking accounts with tiered rates.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Security Service Federal Credit Union Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

Security Service Federal Credit Union banking products

Security Service Federal Credit Union savings overview

Pros

Cons

Rate history for Security Service Federal Credit Union's Savings account

Security Service Federal Credit Union CD overview

Pros

Cons

Rate history for Security Service Federal Credit Union's CD accounts

Security Service Federal Credit Union money market overview

Pros

Cons

Security Service Federal Credit Union checking overview

Pros

Cons

Bank fees

Customer experience

Digital experience

About Security Service Federal Credit Union

How Security Service Federal Credit Union compares to other financial institutions

Review methodology

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