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First Southern Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
First Southern Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1937, First Southern Bank has assets totaling $677 million as well as deposits totaling $528 million, making it a medium-size bank. First Southern Bank, whose headquarters are in Marion, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.1 stars out of 5, suggesting First Southern Bank is a good bank that you should consider. First Southern Bank offers a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. First Southern Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, First Southern Bank offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for returning the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

First Southern Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. First Southern Bank's one-year CD earns at a rate of 0.45% and the five-year CD has a rate of 1.66%, while its highest-yielding money market account earns at a rate of 0.05%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How First Southern Bank's Savings Rates Compare

First Southern Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Southern Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, First Southern Bank's checking account is ideal for those who want an easy banking experience. First Southern Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will need to search for a First Southern Bank ATM or pay the fee.

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

3.6
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 straightforward access and banking on the go. First Southern Bank's online and mobile banking platforms get poor scores from customers. With 20 ratings across both Apple and Android platforms, the First Southern Bank mobile app rates a 3.4 out of 5 (compared to the national average of 3.8). You can access First Southern Bank's mobile app to control your bank accounts by monitoring current statements, sending and receiving money as well as accessing support representatives. First Southern Bank gets a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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

4.8
SmartAsset Average: 4.8

First Southern Bank is a medium-size bank owning assets totaling $677 million and deposits totaling $528 million. Its Texas Ratio is 4.57%, denoting that the bank is in terrific financial health and improbable to fail. 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

4.57%
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 Accounts 0.05% APY 0.05% APY $10000 $15000

First Southern Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. First Southern Bank does not have the best savings rate, which means you should consider 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 as compared against the national average.

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Find a First Southern Bank Near Me

First Southern Bank has 16 branches in the U.S.

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