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Rates

Earn great interest on your account just for doing things you do anyway – like using your debit card.

Key Features

  • Competitive Interest
  • Mastercard® Debit Card
  • Digital Banking
    • Earn 1.25% Annual Percentage Yield (APY)1 on the portion of the balance that is less than $10,000 in your account and 0.25% APY on any portion of the daily balance that is greater than or equal to $10,000 when qualifications are met2
      • When qualifications are not met, the interest rate paid each month will be a single interest rate on the entire balance based on the average daily balance during the prior month as illustrated in the High Yield Table.
    • $2500 minimum deposit to open
    • Maintain a $2,500 daily minimum account balance, and we’ll waive the $12.00 monthly fee
    • When qualifications are met2, account holders will be reimbursed (max. $25.00 per cycle) for nationwide ATM withdrawal fees3 imposed by other financial institutions.
    • Free online banking app
      • Mobile deposit feature available
      • Turn on transaction alerts
      • Turn your debit card on and off with one swipe
      • Pay bills directly from the app
      • Send money with Zelle®
    • Free eStatements
      • Paper statements available for $3 per month
    • Free debit card (subject to approval)
    • Overdraft Protection available through an overdraft transfer from a companion account, a line of credit or Overdraft Reserve®.

Eligibility Requirements: Individuals must be at least 18 years of age to open and fund the account. Only one account of this type may be opened per social security number.

To receive the earned reward benefit in any month, the following criteria must have been satisfied during the month immediately prior:

  • At least one ACH debit or credit must have posted and settled
  • At least twelve debit card transactions must have posted and settled
  • Accountholder must have elected electronic statements in lieu of paper statements.

1APYs accurate as of 11/1/22. Determination of Rate: The interest rate paid each month will be a single interest rate on the entire balance based on the average daily balance during the prior month as illustrated in the High Yield Table. If, however, the account satisfied the criteria for an earned reward benefit during the prior month, the interest rate and APY would be more favorable. If the reward is earned, the High Yield Table does not apply. Instead, the Bank will pay an interest rate of 1.24% on any portion of the daily balance that is less than $10,000. The corresponding APY on the portion would be 1.25%. Additionally, the Bank will pay an interest rate of .25% on any portion of the daily balance that is greater than or equal to $10,000. Whenever account balances are greater than or equal to $10,000, the blended APY on the entire balance would vary, up to 1.25%, depending on the average daily balance. Frequency of Rate Change: The bank may change the interest rate on your account at any time. Compounding and Crediting: Interest will be compounded monthly and will be credited to the account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

2Qualification Information: To receive the earned reward benefit in any month, the following criteria must have been satisfied during the month immediately prior: At least one ACH debit or credit must have posted and settled, At least twelve debit card transactions must have posted and settled, and the accountholder must have elected electronic statements in lieu of paper statements. Transactions and activities may take one or more business days from the date the transaction or activity occurred to post and settle to the account. The following activities do not count toward earning reward: ATM-process transaction, transfers between accounts, debit card purchases processed by merchants and received by our bank as ATM transactions, purchases made with a debit card not associated with the account, and bill payments made through Security Federal Bank’s online banking. Transactions bundled together by merchants and received by our institution as a single transaction count as one transaction for the purpose of earning account rewards.  

3ATM Withdrawal Fee Refunds:These reimbursements will be treated as interest for IRS (Form 1099-INT) reporting purposes. If qualifications are not met during the Statement Cycle, nationwide ATM fees are not reimbursed and the interest rate paid is based on the chart below.