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First Southern Bank Review

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First Southern Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


First Southern Bank first started operating in 1937 with headquarters located in Marion, Illinois. First Southern Bank handles assets of $677 million as well as deposits totaling $528 million, making it a medium-size bank. First Southern Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.1 out of 5 stars, First Southern Bank should be solidly in contention for your choice of bank. First Southern Bank has a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Southern Bank's standard checking account does not have a monthly fee. Banks that offer free checking as well as a high interest rate savings account are the best option for gaining the highest income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

First Southern Bank has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.45% and 1.66%, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given First Southern Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How First Southern Bank's Savings Rates Compare

First Southern Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

First Southern Bank generally has extremely low fees compared to the national average. First Southern Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. First Southern Bank unfortunately doesn't refund out-of-network ATM fees, which means you'll need to find a First Southern Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

First Southern Bank is a brick-and-mortar bank, with 16 total bank locations in Illinois. It also offers access to mobile and web apps for an easy mobile-banking experience. First Southern Bank receives inferior reviews from users for its mobile app. The First Southern Bank mobile app has been given a 3.4 out of 5 (with 20 reviews on Apple and Android) compared to the national average of 3.8. First Southern Bank's mobile app allows you to manage your accounts by reviewing monthly statements, sending and receiving funds and reaching customer service. First Southern Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

First Southern Bank ranks as a medium-size bank and handles assets totaling $677 million as well as deposits totaling $528 million. First Southern Bank has an excellent Texas Ratio of 4.57%, denoting a low probability of failure. Additionally, First Southern Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

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.

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Compare First Southern Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.65% APY
  • 36 Month: 1.10% APY
  • 48 Month: 1.21% APY
  • 60 Month: 1.66% APY
$1000 for all terms
Money Market Account 0.05% APY $2500

First Southern Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Southern Bank does not have the best savings rate, which means you should think about taking a look 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 Southern Bank's CD rates are fair compared to other U.S. banks.

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Find a First Southern Bank Near Me

First Southern Bank has 16 locations across the U.S.

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