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Explore Security Service Federal Credit Union’s suite of bank accounts

Choose from a range of banking products for personal and business use – but only in three states.

Updated

Security Service Federal Credit Union
Security Service Federal Credit Union (SSFCU) has several fee-free checking and savings account options for business and personal use. But its interest rates are low and it has a limited service area.

Am I eligible?

You qualify for an SSFCU membership if:

  • You live, work, worship, attend school, volunteer or own a business in Texas, Colorado or Utah
  • You work for or at specific military bases within SSFCU’s service area
  • You’re a family or household member of an existing member

What banking products does SSFCU offer?

Personal banking

  • Power Checking account. A fee-free account with no minimum balance or monthly fee as long as you sign up for paperless statements and open a basic or youth savings account.
  • Power Youth Checking account. Teens don’t pay a monthly fee and receive a personalized debit card with this basic checking account.
  • Power Protected Checking account. Get up to $1,000 in mobile phone coverage, 24/7 identity theft protection, and 10 cents cash back on purchases with this interest-bearing checking account.
  • Basic Savings account. Pay no monthly fees when you have a combined balance of $100 across SSFCU accounts.
  • Youth Savings account. A savings account for children that offers no monthly service fee.
  • Club Savings account. This holiday savings account doesn’t allow withdrawals, but it automatically converts to a Basic Savings account annually on November 1, so you can use the funds for the holidays.
  • Money Market account. Requires a $1,000 opening deposit, but has checkwriting privileges and earns variable interest.
  • Traditional CD. Terms start at three months and you’ll need $500 to get started.
  • Future Builder CD. Make penalty-free withdrawals and deposits before maturity with $250.
  • IRA CD. This tax-advantaged account has three-month to seven-year terms.

Business banking

  • Classic Business checking account. There’s no minimum balance requirement with this basic account, but you’re capped at 50 transactions a month.
  • Premium Business Checking account. This account features breach and identity theft protection, telehealth services for employees, a legal plan and more. But you’ll need to maintain at least $50,000 in the account to avoid the $20 monthly fee.
  • Not-for-Profit Business Checking account. You can only make up to 10 fee-free transactions a month with this account.
  • Business Savings account. No minimum balance or monthly service fee, plus dividends accrue daily.
  • Business Money Market account. Interest rates range from 0.30% to 0.85%, plus no monthly fee with a minimum daily balance of $1,000.
  • Traditional Business CD. Pay no account fees, accrue interest daily and use this account as collateral for a loan.
  • Future Builder Business CD. This account lets you make additional deposits and withdrawals before maturity. But you may face a penalty for withdrawals exceeding 50%.
  • IRA Fixed-Rate CD. Employees can save for retirement with this fee-free account.

Other products

  • Loans. Choose from personal, auto, home, student and business loans.
  • Credit cards. SSFCU has four credit card options, one specifically for travel rewards.
  • Investments. Create a trust or invest in mutual funds, stocks, bonds, annuities, REITs and more.
  • Insurance. SSFCU offers life insurance, long-term care insurance and annuities for individuals and businesses.

How does Security Service Federal Credit Union compare to other banks and services?

Founded in 1956, Security Service Federal Credit Union has over 925,000 members and controls more than $8 billion in assets. It has over 70 SSFCU-branded branch locations in Texas, Colorado and Utah and offers a wide range of products for businesses and consumers alike. This credit union partners with CO-OP, Stripes and Security Service to offer in-person banking at over 5,000 branches and free ATM access at over 30,000 ATMs nationwide.

Checking accounts

Pros

  • Low minimum deposits. Checking account deposits are as low as $5, so you can open an account and start managing your money today.
  • Minimal fees. Most SSFCU checking accounts are free to open and maintain. Those that do have fees provide several ways to avoid them.
  • Account perks. Power Protected Checking account holders get access to identity theft protection, mobile phone coverage, cash back on purchases, interest and more.

Cons

  • Hidden fees. Although there are minimal upfront fees, many customer reviews on the SSFCU site complain about hidden fees. Expect to pay $61 for international wires, $25 for stop payments, $32.50 for overdrafts, $5 for debit card replacements and $1.50 for non-network ATMs.
  • Low rates. Interest rates on the Power Protected Checking account only go up to 0.95% — and that’s with a balance of over $250,000.
  • No online application for business accounts. While you can open personal checking accounts online, you must visit a local branch or call customer service to open a business account.

Savings accounts

Pros

  • Low deposits for savings accounts. Open a savings account with as little as $5.
  • Daily compound interest. You’ll earn interest on yesterday’s interest, which means your savings grows even faster than it would with other compounding methods.
  • Specialized accounts. SSFCU offers youth savings accounts for kids and club savings accounts for holiday expenses.

Cons

  • Low APYs. Savings accounts at SSFCU only earn 0.1% APY, while high-yield accounts at other institutions have APYs of 1.5% or more. Money market accounts top out at 0.85%, but that’s with a $250,000 balance.
  • High opening deposits for money markets. You’ll need an opening deposit of at least $1,000 if you want the added perks of a money market account.
  • Excessive transaction fee. SSFCU charges a $10 fee each time you make more than six outgoing transactions a month.

CDs

Pros

  • Competitive APYs. SSFCU has tiered interest rates, so the more you save, the more you’ll earn. Rates top out at 1.9% depending on the CD type, term and the size of your opening deposit.
  • Several CD types. Open a Future Builder CD if you want penalty-free withdrawals, an IRA CD if you want to save for retirement or a traditional CD if you want to lock in the highest rate.
  • Low opening deposits. All you need is $250 to open a Future Builder CD and $500 to open an IRA or traditional CD.

Cons

  • Unclear interest rates. CD rates vary by area, so you’ll need to enter your zip code on SSFCU’s website to see which rates you qualify for.
  • Early withdrawal penalties. Expect to pay a penalty equal to 30 to 360 days’ interest if you need to access your money before maturity.
  • High opening deposit for jumbo CDs. Most banks require at least $100,000 to open a jumbo CD. But you’ll need at least $250,000 to open one with SSFCU.

Overall banking

Pros

  • ATM and branch network. It partners with CO-OP, Stripes and Security Service to bring customers more than 5,000 branches and 30,000 ATMs nationwide.
  • Variety. Choose from 18 personal and business banking products.
  • Military member perks. Through the Operation Salute the Strong Program, SSFCU offers deployment services, discounted loan rates and service-related resources tp military members.

Cons

  • Small service area. SSFCU only services Texas, Colorado and Utah, so you won’t be able to join if you live outside of this area.
  • Limited customer service. Unlike other credit unions, you can’t live chat with a rep and there’s no availability on Sundays.
  • Low APYs. SSFCU has low APYs across the board, so it may not be an ideal choice if you’re looking to grow your money fast.

    Compare with leading bank and credit union accounts

    Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
    Chime Spending account
    N/A
    $0
    38,000 fee-free ATMs nationwide
    $2.50
    Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
    HSBC Premier Checking
    0.01%
    $1
    Free to use at all ATMs in the US
    $0
    Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
    BBVA Online Checking
    N/A
    $25
    No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
    $3
    A full-service account with convenient, surcharge-free access to two massive ATM networks.
    Axos Bank Essential Checking
    N/A
    $0
    ATM fees reimbursed at any ATM nationwide
    No fees. Unlimited domestic ATM fee reimbursements.
    Axos Bank Rewards Checking
    1.25%
    $50
    ATM fees reimbursed at any ATM nationwide
    $0
    Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
    Aspiration Spend & Save Account
    Up to 1.00%
    $10
    55,000 free in-network ATMs
    $0
    Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
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    SSFCU’s customer service

    Contact the SSFCU customer service team by:

    General support

    • Email serviceteam@ssfcu.org
    • Visit a branch location near you
    • Mail:
      P.O. Box 691510
      San Antonio, TX 78269-1510

    Member support

    • Call 888-415-7878 weekdays from 7 a.m. to 10 p.m. CT and Saturdays from 9 a.m. to 6 p.m. CT
    • Send a secured message through your online myBranch account
    • Visit a branch location near you
    • Fax 210-444-3000

    Bottom line

    If you live in Texas, Colorado or Utah and are looking to join for a variety of personal and business banking solutions, SSFCU may be a good fit. But if you’re looking for accounts with higher APYs and broader service areas, shop around for other accounts.

    Frequently asked questions

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