Securityplus Federal Credit Union Review: Checking, Savings and Share Certificates
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
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.
The credit union’s expensive overdraft program is among the lowest-rated that NerdWallet covers, so if you’re looking for better overdraft options, check out NerdWallet’s best banks for overdrafts.
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.
Expensive overdraft fee.
Low rates on savings accounts.
No live customer support by phone.
Product reviews
Savings
Securityplus’ Share Savings account offers an interest rate of 0.10% annual percentage yield, which is lower than the national average of 0.38% APY. The account has no monthly fee and no minimum balance requirement except for the $5 it takes to open the account.
Securityplus Federal Credit Union Share Savings
Checking
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 0.05% 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.
Securityplus Federal Credit Union Xceptional Checking
Certificates of deposit
The 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.
Full List of Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 1 year | 3.75% | $1,000 |
| 3 years | 3.40% | $1,000 |
| 5 years | 3.50% | $1,000 |
Securityplus Federal Credit Union Share Certificate
Customer experience & overdraft fees
Customer experience
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. There is limited phone and chat support, however, as both are automated.
Overdraft fees
Securityplus Federal Credit Union’s overdraft program is one of NerdWallet’s lowest-rated because of how expensive it is and because there are no free ways to avoid an overdraft. If you overdraft your account, 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.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.