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Getting Started

Financial advice for young adults entering the work force

Laying the right foundation as you start your career is the key to future financial success, and at this lifestage, TIME is your greatest asset.  Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s.  Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle.

During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income.  Here are some steps to take now to put your financial future on track:

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Identify your short, medium and long-term goals and budget your money accordingly

Your short term goals of less than five years might encompass a wedding, honeymoon, furniture or a new car.  Medium term goals could include the purchase of a home and financing your future children’s college education, followed by long-term retirement goals.  These goals will help you determine how to spend and save your money.

Build assets through saving at least 10% - 20% percent of your income

It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals.  Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart.  You may also want to join a 401K plan if available from your employer or open up an IRA account.

First Southern Bank can help compound your savings with an account that’s right for you:

Certificate of Deposit (CD)  –  

First Southern Bank offers a variety of Certificates with competitive terms and rates. CD's are time deposit accounts that earn interest for a specified term. Earn a fixed, guaranteed yield with this safe FDIC-insured investment.

It can be used essentially as a savings account because it restricts the holder from withdrawing funds on demand. Although it is still possible to withdraw the money, this action will incur a penalty if the Certificate has not reached maturity.


Contact one of our Customer Service Representatives for questions or assistance.

See our CURRENT RATES-
(RATES ARE SUBJECT TO CHANGE DAILY)

Money Market Account –  First Southern Bank offers Tiered Money Market Accounts.  Money Market Accounts are limited to six transfers per standard statement cycle.

Individual Retirement Account (IRA)  –   

First Southern Bank is always willing to help you plan for financial success. Individual Retirement Accounts are a great way to prepare for the future. Contact one of our Customer Service Representatives for qualification requirements or any details concerning these retirement accounts.

We can help you with:

  • Traditional IRA - A Traditional IRA is a retirement account that offers tax-deferred earnings and the potential for contributions that are tax-deductible. Traditional IRA earnings are taxed upon withdrawal.
  • Roth IRA - The Roth IRA is a retirement account in which non-deductible contributions can grow tax free and can be withdrawn tax free upon retirement.

 

 

Establish an emergency fund

A good guide is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses.  Don’t use the money for anything else.

First Southern Bank recommends these accounts for the establishment of your emergency fund:

Money Market Account –  First Southern Bank offers Tiered Money Market Accounts.  Money Market Accounts are limited to six transfers per standard statement cycle.

Contact one of our Customer Service Representatives for questions or assistance.

See our CURRENT RATES
(RATES ARE SUBJECT TO CHANGE DAILY)

Savings Account –  First Southern Bank offers Savings Accounts.  Transfers from savings accounts to another account or to third parties by automatic, telephone, or online banking are limited to six per quarter without a service charge.

 

Conserve time, money and paper with First Southern Bank’s convenient checking accounts with online banking and bill pay and no-charge ATM services

You’ll reduce the time it takes to pay your bills and save on  
the expense of printed paper checks and postage  while helping the environment as well.

Find the checking account that best fits your lifestyle, without the hassle of unnecessary fees.  No matter what your financial needs are, we have an account that is perfect for you.
 

First Southern does not charge you fees for using any ATM nationwide.  We will even refund ATM fees charged to you by other banks when using your First Southern Visa Debit Card at their ATM*. 

*Original receipt reflecting fee must be presented to a First Southern Branch within 60 days to receive reimbursement.  Reimbursements are limited to $25 per month per account.

 

Choose an account that is right for you:


Totally Free Checking

No Monthly Service Fees!!

  • No minimum balance
  • No monthly service charge
  • No per check charge
  • Unlimited check writing
  • Easy-to-balance monthly statement
  • Return of check images for easy record keeping
  • FREE ATM/Debit Card
  • FREE Online Banking and Bill Pay


 

VIP First Southern Interest Checking

No Monthly Service Fee with the convenience of direct deposit or any automatic payment!

  • Competitive interest
  • No minimum balance
  • No monthly service charge
  • No per check charge
  • Unlimited check writing
  • Easy-to-balance monthly statement
  • Return of check images for easy record keeping
  • FREE ATM/Debit Card
  • FREE Online Banking and Bill Pay

 

 

Borrow wisely

Avoid high-interest credit cards and pay off your credit card debit monthly.
Work with First Southern Bank for your major lending needs including personal and vehicle loans,
home mortgages and home equity lines of credit.  

Mortgage loans -  

Whether you are buying, building, or refinancing, First Southern Bank has the right loan to meet your needs. We offer competitive rates for your mortgage lending needs. 

Are you looking to buy or build your next home? Maybe you are looking to buy your first house or refinance your existing home. Let First Southern Bank's mortgage loan professionals help determine the best mortgage product for your specific need.

First Southern Bank offers:
•  Conventional Loans (fixed & adjustable with a variety of terms & payments)
•  No PMI Loans
•  Construction/Permanent Loans
•  FHA/VA Loans
•  Competitive Rates & Closing Costs


First Southern Bank, a community bank, has been helping Shoals residents with their mortgage needs for over 70 years. For courteous and prompt service, contact First Southern Bank's mortgage lenders.
 

Consumer/installment loans –  

First Southern Bank has a loan to meet all of your financial needs.  Whether you are looking to purchase an automobile, a boat, or just to take a vacation, we have a loan with competitive rates and flexible terms to meet your needs.

We have a variety of loans to suit your lifestyle.

  • Mortgages
  • Home Equity
  • Vehicle Loans
  • Recreation Loans
  • Personal Loans
  • PAL

Take a look at our loan choices and Call Us to learn more.

First Southern Bank offers:
•  New Automobile Loans 
•  Used Automobile Loans 
•  Mortgage Loans
•  Personal Loans
•  Home Equity Lines of Credit 
 

Credit Cards  – 

Your First Southern credit card can be used to make purchases anywhere world wide that the Visa® symbol is displayed.  We offer competitive interest rates and rewards on your purchases.  

For more information, please visit any branch.

Understand your credit report

Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification.  Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan.  Your credit score can also influence the interest rate you pay.  In many cases, the higher your score, the lower your interest rate.  Your credit score is available from the three credit reporting agencies: 

Equifax –  www.equifax.com
TransUnion –  www.transunion.com
Experian – www.experian.com

 

Tips for Effective Financial Management

  • Pay off your credit card debt.  It is senseless to pay 13 – 20 percent interest on credit card payments while your savings accounts earn one or two percent.
  • If you cannot pay off your credit card debt, pay more than the minimum payment each month which in some cases will only cover the interest charges.
  • Don’t  worry  too much about paying off student loans early.  These normally have a much lower interest rate than credit cards.  By making low payments on student loans, you’ll have more money to reduce high-interest credit card debt.
     
Mortgage Calculator
Retirement Calculator

 

For help determining the best accounts and products for sound and productive money management during
your Getting Started Lifestage, please contact us at 800-625-7131 or firstsouthern@firstsouthern.com.