Securityplus Federal Credit Union Review: Checking, Savings and Share Certificates

Securityplus Federal Credit Union has a strong interest rate on checking and a large ATM and shared branch network.
Chanelle Bessette
By Chanelle Bessette 
Edited by Sara Clarke

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Securityplus Federal Credit Union
  • Savings
  • Checking
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

3.5

NerdWallet rating 
The bottom line:

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

Securityplus Federal Credit Union Share Savings
Securityplus Federal Credit Union Share Savings

Savings

Federally insured by NCUA

3.5

/5
 NerdWallet rating 
APY
0.10%
With $5 min. balance for APY
Bonus
N/A

Securityplus’ Share Savings account offers an interest rate of 0.10% annual percentage yield, which is lower than the national average of 0.45% APY. The account has no monthly fee and no minimum balance requirement except for the $5 it takes to open the account.

Checking

Securityplus Federal Credit Union Xceptional Checking
Securityplus Federal Credit Union Xceptional Checking

Checking

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
3.00%
With $0 min. balance for APY
Bonus
N/A

Securityplus’ 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 0.50% 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

Securityplus Federal Credit Union Share Certificate
Securityplus Federal Credit Union Share Certificate

CD

Federally insured by NCUA

2.0

/5
 NerdWallet rating 
1-year APY
1.00%
3-year APY
2.01%
5-year APY
2.01%
Minimum deposit
$1,000

The share certificates at Securityplus Federal Credit Union range from term lengths of three months to five years, and there’s a minimum opening deposit of $1,000.

Customer experience

3.0

NerdWallet rating 

Securityplus 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, and it also uses Twitter to provide customer support. There is limited phone and chat support, however, as both are automated.

Overdraft fees

2.5

NerdWallet rating 

If 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.