Security State Bank Rates & Review

Security State Bank Review

Security State Bank is a northwest Iowa bank that specializes in money market savings accounts and also has other savings and checking accounts for personal and business customers

Security State Bank is headquartered in Sutherland, Iowa. It has branch offices in nearby Paulina and Calumet. It is a locally owned, FDIC insured bank that opened in the early 1930s. This bank offers savings and checking products for personal banking and business banking.

Checking account offers

Security State Bank has three primary checking account options for personal banking customers. The regular checking account offers free checking with a minimum daily balance of $300. The minimum balance is waived for students, seniors and non-profit groups. This bank offers an interest bearing NOW checking account with a minimum daily balance of $750 and a Super NOW interest-earning checking account with a minimum daily balance of $2,500. Security State Bank also has regular and NOW checking accounts for businesses.

Savings account offers

Security State Bank specializes in offering a high yield savings account in the form of a Security Money Market Investment Account (SMMIA). This is a tiered interest account that opens with $2,500. It has interest rate increases at $10,000, $25,000 and $50,000. The bank also offers a statement savings account, a Christmas Club savings account, a health savings account, CD terms ranging in length from 91 days to 4 years and several different types of IRAs.

Banking services

One of the most interesting services offered by this bank is the option to add Security Select benefits to any checking account. These benefits include special checks, free money orders and accidental death insurance coverage. Other services offered by this bank include loans, debit and credit cards, free online banking, 24-hour phone banking, check imaging, safe deposit boxes, banking by mail, automatic transfers, wire transfers, notary service, fax services and direct deposit.

Deposit insurance

Security State Bank has been insured by the Federal Deposit Insurance Corporation since 1933. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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