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First Southern National Bank Review

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First Southern National Bank Savings
0.06% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1865, First Southern National Bank has assets totaling $849 million and deposits totaling $751 million, classifying the institution as a medium-size bank. First Southern National Bank, whose headquarters are in Lancaster, Kentucky, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated First Southern National Bank 4.1 stars out of 5, which means it is a good bank that warrants your consideration. First Southern National Bank offers a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. First Southern National Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly maintenance charge. Banks that offer free checking, in addition to a high savings APY are your best option for accruing the highest income from your deposits alongside easy 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

2.8
SmartAsset Average: 3.5

First Southern National Bank features a savings rate of 0.06%, which is poor compared to other U.S. banks. Its one-year CD earns at a rate of 0.10% and the five-year CD earns at a rate of 0.55%, while its highest-yielding money market account has an APY of 0.02%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How First Southern National Bank's Savings Rates Compare

First Southern National Bank Savings 0.06 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Southern National Bank has typically extremely low fees compared to the average U.S. bank. First Southern National Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. First Southern National Bank doesn't refund out-of-network ATM fees, meaning you'll have to search for a First Southern National Bank ATM or accept the ATM charge.

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

3.8
SmartAsset Average: 3.7

First Southern National Bank is a brick-and-mortar bank, with 18 total bank locations in Kentucky. With mobile and web apps, First Southern National Bank makes account access easy, even on the go. Additionally, First Southern National Bank offers a live chat feature, key for getting quick access to customer service. First Southern National Bank's online and mobile banking platforms get poor scores from customers. The First Southern National Bank mobile app rates a 3.2 out of 5 (out of 32 ratings on Apple and Android) compared to the national average of 3.8. You can use First Southern National Bank's mobile app to control your finances by reviewing current statements, transferring money as well as reaching customer service. First Southern National Bank receives a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

First Southern National Bank ranks as a medium-size bank owning $849 million in assets as well as $751 million in deposits. First Southern National Bank has an excellent Texas Ratio of 2.85%, indicating a negligible probability of failure. Additionally, First Southern National 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.

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Compare First Southern National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.06% APY $100
Checking Account 0.01% APY $2500
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.30% APY
  • 48 Month: 0.45% APY
  • 60 Month: 0.55% APY
$500 for all terms
Money Market Accounts 0.02% APY 0.02% APY $10000 $15000

First Southern National Bank has 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 National Bank does not have the best savings rate, which means you should consider 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 Southern National Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a First Southern National Bank Near Me

First Southern National Bank has 18 physical locations in the U.S.

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