Founded in 1952, First Security Bank has assets totaling $558 million as well as $463 million in deposits, classifying the institution as a medium-size bank. First Security Bank, whose headquarters are in Batesville, Mississippi, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked First Security Bank at a 3.2 out of 5 stars, suggesting it is a lower-rated bank that might not check all the boxes. First Security Bank provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. First Security Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $6.00, which places it at the higher end of monthly fees. Finding a bank with free checking and a high interest rate savings account is your best bet for returning the highest income on your deposits while having convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.25%, First Security Bank ranks poorly compared to other U.S. banks. First Security Bank's one-year CD earns at a rate of 0.85% and the five-year CD has a rate of 1.65%, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.
How First Security Bank's Savings Rates Compare
First Security Bank charges its customers high fees compared to the national average. First Security Bank's checking account has a monthly fee of $6.00, rating it fair for anyone looking for a simple account. First Security Bank unfortunately does not refund out-of-network ATM fees, which means you'll have to find a First Security Bank ATM or eat the withdrawal fee.
First Security Bank is a brick-and-mortar bank, with 17 total bank locations in Mississippi. With a mobile app, First Security Bank provides convenient account access, even from home or work. First Security Bank receives a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
First Security Bank ranks as a medium-size bank owning assets totaling $558 million and $463 million in deposits. It has a strong Texas Ratio of 7.78%, signifying a tiny chance of failure. Additionally, First Security Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare First Security Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.25% APY||$100|
|Checking Account||0.25% APY||$1000|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.3% APY 0.3% APY||$10000 $15000|
First Security Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Security Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Security Bank's CD rates are fair in comparison to the national average.Back to Overview
Find a First Security Bank Near Me
First Security Bank has 17 branches in the U.S.Back to Overview