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First Southern State 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 State Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Southern State Bank started in 1910 and has its headquarters in Stevenson, Alabama. It owns $381 million in assets along with deposits totaling $341 million, ranking it as a small bank. First Southern State Bank 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 apps. Coming in at a superb 4.5 out of 5 stars, First Southern State Bank is an excellent bank that warrants a serious look. First Southern State Bank offers a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, First Southern State Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for getting the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.2
SmartAsset Average: 3.5

With a savings rate of 0.25%, First Southern State Bank ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.02% and 2.83%, respectively, while its highest-yielding money market account has a rate of 0.30%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How First Southern State Bank's Savings Rates Compare

First Southern State Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

First Southern State Bank generally has extremely low fees as compared against the national average. With no monthly fee, First Southern State Bank is perfect for those who want a simple checking account. First Southern State Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you will be required to locate a First Southern State Bank ATM or accept 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

3.9
SmartAsset Average: 3.7

First Southern State Bank is a brick-and-mortar bank, with eight total branches in Alabama. With mobile and web apps, First Southern State Bank makes mobile banking easy, even on the go. First Southern State Bank receives fair reviews from users for its online presence. The First Southern State Bank mobile app has been given a 3.8 out of 5 (with 59 reviews on Apple and Android) compared to the national average of 3.8. First Southern State Bank's mobile app allows you to manage your funds by looking at monthly statements, sending and receiving money and accessing customer service. First Southern State Bank gets a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

First Southern State Bank ranks as a small bank with $381 million in assets as well as $341 million in deposits. Its Texas Ratio is 0.93%, denoting that the bank is in outstanding financial health and far from failure. Additionally, First Southern State 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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $50
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 0.85% APY
  • 36 Month: 2.52% APY
  • 48 Month: 1.51% APY
  • 60 Month: 2.83% APY
$500 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

First Southern State 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 State 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 Southern State Bank's CD rates are fair in comparison to the national average.

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Find a First Southern State Bank Near Me

First Southern State Bank has eight physical branches across the U.S.

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