Securityplus Federal Credit Union Review: Checking, Savings and Share Certificates
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.7
Securityplus Federal Credit Union is a Black-owned financial institution that focuses on providing inclusive banking services to its customers. It offers consumer savings accounts, checking accounts and share certificates — which are the credit union equivalent of certificates of deposit — as well as business accounts and services. Anyone can apply to become a member of this credit union after joining the American Consumer Council.
Best for: Those who want to earn interest on their checking account and who want to support minority communities.
Pros
- No monthly fees.
- Anyone can become a member.
- Large, free, nationwide ATM network.
- No minimum opening deposits on some checking accounts.
- Participates in shared branching with other credit unions.
Cons
- Expensive overdraft fee.
- Low rates on savings accounts.
- No live customer support by phone.
Full review
Savings
Savings
Federally insured by NCUA
3.4
/5 NerdWallet ratingSecurityplus’ Share Savings account offers an interest rate of 0.10% annual percentage yield, which is lower than the national average of 0.43% APY. The account has no monthly fee and no minimum balance requirement except for the $5 it takes to open the account.
Checking
Checking
Federally insured by NCUA
4.6
/5 NerdWallet ratingSecurityplus’ Xceptional Checking account has a high 3.00% APY on balances up to $10,000 as long as you can meet two requirements: You must sign up for e-statements, and you need to make at least 15 purchases with your debit card of at least $5 each per month. For customers who don’t meet the requirements, the interest rate is 0.05% APY, and customers who have more than $10,000 earn 0.70% APY.
There’s no monthly maintenance fee or minimum balance requirements, and customers can access more than 55,000 fee-free ATMs.
Certificates of deposit
CD
Federally insured by NCUA
4.8
/5 NerdWallet ratingThe share certificates at Securityplus Federal Credit Union have solid rates, ranging from term lengths of three months to five years. There’s a minimum opening deposit of $1,000.
Customer experience
3.2
NerdWallet ratingSecurityplus uses a shared branching system that gives customers access to more than 6,400 branches in the U.S. as well as Puerto Rico, Japan, South Korea, Italy and Germany. The credit union’s app is highly rated. There is limited phone and chat support, however, as both are automated.
Overdraft fees
2.6
NerdWallet ratingIf you overdraft your account at Securityplus Federal Credit Union, you’ll pay a $30 overdraft fee, and there’s no limit to the number of overdraft fees you may be charged. If you opt in to overdraft protection, you can link your Securityplus Share Savings account — an account that’s required for all new Securityplus members — to cover a transaction that would result in an overdraft, but you’ll be charged $1 per transfer.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (1 star) to excellent (5 stars). Ratings are rounded to the nearest half-star.
