CDs & IRAs
To ensure financial security, First Southern offers a full range of Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs). Our committed personal bankers can help tailor a strategy that best suits your situation. A solid foundation includes contributing to your IRA to plan for retirement and establishing CDs for higher yields than a savings account.
- CD Summary
- Terms range from three months to five years
- Minimum to open is $500
- Rates vary according to length of term
- Interest can be paid monthly, quarterly, semi-annually, annually, or at maturity
- Automatic certificate renewal available
- Interest may be reinvested, deposited into another account, or paid by check
- CDs may be used as collateral on loans
- All CDs are subject to penalty for early withdrawal
- IRA Summary
- First Southern offers Traditional, Roth, and Educational IRAs as well as Simplified Employee Pension Plans (SEPs)
- Minimum to open is only $100
- Traditional IRA contributions are tax deferred until withdrawal
- Contributions to Traditional IRAs may be tax deductible
- All earnings on Roth IRA are tax-free upon withdrawal
- Withdrawals from IRAs will likely incur penalties prior to age 59½
- Distributions on Education IRAs (also called Coverdell Education Savings Accounts) are tax-free when used for qualified education expenses
Choosing the right IRA plan is specific to your financial circumstances. Your personal First Southern banker can help you select the best plan for your future.
