Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

First Southern State Bank Review

Your Details Done
by Updated
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 is headquartered in Stevenson, Alabama. It handles assets of $381 million along with deposits totaling $341 million, making it 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 access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.5 stars out of 5, First Southern State Bank should be solidly in contention for your choice of bank. First Southern State Bank offers a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. First Southern State Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best bet for returning the most income on your deposits alongside convenient access to your funds.

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

First Southern State Bank features a savings rate of 0.25%, which is poor in comparison to the average U.S. bank. First Southern State Bank's CD rates are 1.76% and 2.83% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given First Southern State Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How First Southern State Bank's Savings Rates Compare

First Southern State Bank Savings 0.25 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

First Southern State Bank charges its customers extremely low fees in comparison to other U.S. banks. First Southern State Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. First Southern State Bank doesn't refund out-of-network ATM fees, which means you'll need to search for a First Southern State Bank ATM or pay 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
Back to Overview

Service Quality

3.9
SmartAsset Average: 3.7

First Southern State Bank is a brick-and-mortar bank, with eight total branches in Alabama. It also offers access to mobile and web apps for simple access and banking on the go. First Southern State Bank gets moderate marks from users for its online presence. With 59 ratings on both iOS and Android platforms, the First Southern State Bank mobile app rates a 3.8 out of 5 (compared to the national average of 3.8). First Southern State Bank's mobile app lets you control your funds by monitoring current statements, transferring funds and accessing support representatives. First Southern State Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

First Southern State Bank ranks as a small bank and has $381 million in assets as well as deposits totaling $341 million. First Southern State Bank's Texas Ratio is 0.93%, indicating a minute chance of 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.

Back to Overview

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: 1.76% 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 Account 0.3% APY $1000

First Southern State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Southern State 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 State Bank's CD rates are fair compared to the national average.

Back to Overview

Find a First Southern State Bank Near Me

First Southern State Bank has eight locations in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure