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First Security Bank and Trust Company review: Black-owned bank with free checking and savings accounts

 Summary List PlacementTable of Contents: Masthead StickyThe bottom line: First Security Bank and Trust Company Free Checking Account is the only Black-owned bank in Oklahoma City. It has free checking and savings accounts, but you'll need to look elsewhere to earn high interest rates. Overall bank rating Feature Insider rating (out of 5) Savings 3.75 Checking 3.75 CD 3.5 Money...

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 Summary List PlacementTable of Contents: Masthead Sticky

Overall bank rating

Feature Insider rating (out of 5)
Savings 3.75
Checking 3.75
CD 3.5
Money market account 3.5
Trustworthiness 5
Total 3.9

Pros and cons

Pros Cons
  • Black-owned bank
  • Free checking and savings options
  • Only available in Oklahoma City
  • Low interest rates
  • No free overdraft protection
  • Limited to 3 withdrawals per month from your savings account

Savings

First Security Bank and Trust Company Savings Account

You may like the First Security Bank and Trust Company Savings Account if you want a savings account with no monthly fee. But you’ll pay a fee if you make more than three transactions per month. First Security also pays a low interest rate, and you can earn significantly more with a high-yield savings account.

Checking

First Security Bank and Trust Company Free Checking Account

The First Security Bank and Trust Company Free Checking Account has no monthly fees. But there’s no free overdraft protection, so you’ll pay $28 each time you overdraw.

CD

First Security Bank and Trust Company Certificate of Deposit

First Security Bank and Trust pays low rates on CDs, and you can earn more with an online bank. It also only offers terms up to 30 months, while many banks offer terms as long as 60 months, or five years.

Money market account

First Security Bank and Trust Company Money Market Account

You may prefer the First Security Bank and Trust Company Money Market Account to the regular savings account. The rate is a little higher, and you can order paper checks or a debit card for easier access to your savings. But you’ll still earn much higher rates with an online bank.

How First Security Bank and Trust Company works

First Security Bank and Trust Company Free Checking Account is a Black-owned bank with one branch in Oklahoma City, OK. There is one free ATM at the branch, and all ATMs at 7-Elevens are free.

To contact customer service, call Monday through Friday from 9:30 a.m. to 3:00 p.m. CT. Or call Saturday from 9:00 a.m. to 12:00 p.m. CT.

First Security Bank and Trust has a mobile app in the Apple and Google Play stores, but the app doesn’t have any online customer reviews yet.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is First Security Bank and Trust Company trustworthy?

First Security Bank and Trust Company Free Checking Account does not have any recent public controversies.

Usually, we include Better Business Bureau grades when evaluating a bank’s trustworthiness. However, the BBB hasn’t graded First Security Bank and Trust yet. You may want to read online customer reviews or ask friends and family about their experiences with the bank.

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How First Security Bank Bank and Trust Company compares to similar institutions

First Security Bank and Trust Company is the only Black-owned bank in Oklahoma. But we’ve compared it to two Black-owned banks you can access online: OneUnited Bank and Liberty Bank and Trust.

First Security Bank and Trust Company logo OneUnited Bank logo Liberty Bank logo

Oklahoma branches

1

Oklahoma branches

None; online

Oklahoma branches

None; online

Standout feature

Free checking account

Standout feature

Early direct deposit

Standout feature

High interest rates

First Security Bank and Trust Company Free Checking Account OneUnited Bank BankBlack Checking Account Liberty Bank Personal Checking Account

First Security Bank and Trust Company vs. OneUnited Bank

OneUnited Bank doesn’t have any branches in Oklahoma City, but you can bank online from around the US. You may like OneUnited if you’re comfortable banking digitally, but if you want to bank in person, First Security Bank and Trust is the clear choice between the two.

With OneUnited, you may be able to receive paychecks and other direct deposits up to two days early. This makes the bank a strong contender if you need access to money faster.

First Security Bank and Trust Company vs. Liberty Bank and Trust

Liberty Bank and Trust is only accessible online if you live in Oklahoma (although it does have branches in other states). So if you want to bank with a brick-and-mortar institution, you’ll prefer First Security.

Liberty pays higher rates on savings and CDs than First Security, so if you qualify to waive its monthly fees, it could help you earn more money.

About the author

Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.

Related Content Module: More Savings Coverage

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