South Dakota-based Security Savings Bank has recently raised the rate on its 14-month CD (1.40% APY). The minimum deposit is $7.5k, with no stated balance cap.
In January, I wrote about Security Savings Bank’s 48-month CD Special (2.06% APY), which had just had its first rate increase in almost three years; the 2.06% APY is still in effect today, nearly ten months later. The minimum deposit is $500, and there is no stated balance cap.
According to CSR, the Early Withdrawal Penalty for any CD with a term of more than one year is six months interest.
Headquartered in Canton, South Dakota, Security Savings Bank’s market area includes communities in three states: southeast South Dakota, northwest Iowa, and southwest Minnesota.
Opening any type of account must be done in person at any of three Iowa branches located in George, Inwood, and Larchwood, or the single South Dakota branch in Canton.
At this time, Security Savings Bank’s online banking platform is dedicated to account management and bill payment services.
Security Savings Bank (FDIC Certificate # 15734) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.93% (excellent) as of June 30, 2016 data. In the past year, Security Savings Bank increased its total deposits by $16.9 million, an excellent annual growth rate of 11.06%. Please refer to our financial overview of Security Savings Bank for more details.
Security Savings Bank was established in 1920 in Larchwood, Iowa, where it remained headquartered for the next 94 years. Like many banks in nation’s heartland, the Bank’s original focus was agricultural loans and real estate financing. The Bank’s market area expanded into the Tri-State area, including the relocation of the Bank’s headquarters to Canton, South Dakota, in 2014.
How the CDs Compare
When compared to the 214 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Security Savings Bank’s 14-month CD Special currently ranks second.
When compared to the 173 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Security Savings Bank’s 48-month CD currently ranks first.
The above rates are accurate as of 9/29/2016.