Your Banking Questions - Answered!

At SSB, we're dedicated to making sure our clients are educated and empowered by their banking experience. Below, we've compiled answers to some of the most commonly asked questions we hear.

What does FDIC mean?

Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The FDIC was created in 1933 to restore trust in the American banking system after more than one-third of US banks failed during the Great Depression.  If an FDIC-insured institution were to fail, all or a portion of each account is insured by the FDIC and will be returned to the account holder. The FDIC insures deposits at SSB Bank up to $250,000 per ownership category (ownership category refers to the 8 different defined ways that an account can be owned) - but don't worry, we intend to serve the Pittsburgh region for many years to come!

How should I invest my excess money?

We always recommend consulting a financial advisor for questions like this. However, if you're interested in gaining interest by depositing your money, you could consider a Certificate of Deposit (CD) or an interest-bearing savings account. You can see any special rates on CDs here.

How do CDs work?

A Certificate of Deposit is a time-based deposit account. You agree to leave a certain amount of money in the account for a specific amount of time (called a term), and in return SSB gives you a higher interest rate than our standard savings accounts. At the maturity date (the end of the term), you can either withdraw your money plus the interest it earned, or roll it over to another CD to continue earning interest.
Because CD’s are FDIC-insured, the risk of losing your invested funds is extremely low. 

What is the difference between a credit card and a debit card?

The difference is when the money comes out - now, or later. A debit card is connected directly to your checking account; when you use it, the money is immediately transferred out of your account. Debit cards through SSB Bank have no fees, and we reimburse you for 100% of ATM fees worldwide.

A credit card is not connected to your checking account, so when you use your credit card, you're essentially promising to pay the credit card company back over time while likely paying interest on your outstanding balance. SSB Bank does not offer credit cards at this time. We encourage you do to some research, and some reflection on your spending habits, to figure out the best balance of credit and debit.

What is the difference between APY and APR?

When shopping for a deposit account, APY (Annual Percentage Yield) is the apples-to-apples comparison that all financial institutions must use to disclose how much interest a deposit account earns.

Conversely APR (Annual Percentage Rate)  is the apples-to-apples comparison for the cost of credit, (i.e. a loan).  The APR also includes certain fees as defined/required by the government.

Both figures are more complex than just “interest rate”, and may have other considerations like fees and how balances are compounded. Be sure to compare APYs for deposit accounts and APRs for loans instead of just rate.

Do you have other questions? We'd be happy to hear from you!