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Southern First Bank Review

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


Founded in 2000, Southern First Bank has $2 billion in assets and $1 billion in deposits, which makes the institution a large bank. Southern First Bank, whose headquarters are in Greenville, South Carolina, lacks premium access to support representatives, 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 apps. SmartAsset has rated Southern First Bank 3.7 stars out of 5, suggesting it is a decent choice, but with better options out there. Southern First Bank offers the full slate of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $5.00, although banks sometimes have requirements that allow you to waive the fee. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for getting the highest income from your deposits while having 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

With a savings rate of 0.05%, Southern First Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.30% and 0.60%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Southern First Bank's Savings Rates Compare

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

Southern First Bank has generally high fees in comparison to the average U.S. bank. Southern First Bank's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a hassle-free account. Southern First Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will have to locate a Southern First Bank ATM or accept the ATM charge.

Monthly Fee $5.00 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

Southern First Bank is a brick-and-mortar bank, with 11 total bank locations in Georgia, North Carolina and South Carolina. With mobile and web apps, Southern First Bank makes account access easy, even on the go. Southern First Bank's online and mobile banking services get relatively high ratings from customers. The Southern First Bank mobile app is rated at 4.0 out of 5 (with 40 customer reviews on Apple and Android) compared to the national average of 3.8. Southern First Bank's mobile app lets you manage your accounts by checking monthly statements, transferring funds and reaching customer service. Southern First Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Southern First Bank is a large bank and handles $2 billion in assets and deposits totaling $1 billion. It has an excellent Texas Ratio of 4.32%, signifying a minute likelihood of failure. Additionally, Southern First 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 Southern First Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.01% APY $5000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.60% APY
$1000 for all terms
Money Market Account 0.1% APY $5000

Southern First Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Southern First Bank does not have the best savings rate, which means you should consider other options 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. Southern First Bank's CD rates are fair compared to the national average.

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Find a Southern First Bank Near Me

Southern First Bank has 11 branches across the U.S.

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