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Security Service Federal Credit Union Review 2024

Updated February 1, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 2.6 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

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
Sponsored offers
Info

These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 5/27/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/27/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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

  • Checkmark

    SSFCU offers both free and interest-bearing checking accounts.

  • Checkmark

    Most accounts have low or no minimum balance requirements.

  • Checkmark

    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 Logo

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Security Service Federal Credit Union banking products

2.6
/5
Rating: 2.6 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
0.05%
Rating: 1 stars out of 5
1/5
Info
Minimum balance to earn interest:
$5.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$3.00
Rating: 3 stars out of 5
3/5
Info
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info
FEATURES
Invest Rate
0.05% APY
Info
Loan
$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

  • Checkmark

    Only $5 is needed to open a savings account.

  • Checkmark

    There’s no monthly service fee.

  • Checkmark

    Members can make unlimited ATM withdrawals.

Cons

  • The APY is meager.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Security Service Federal Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

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.