Personal Savings Accounts

When you open a Savings account with Southern Bank, you are making a great investment. Our Personal Savings offer the best benefits; from Christmas Club to Money Market Savings to Individual Retirement Accounts, Southern Bank has it all. When it comes to saving, we know what’s important. We work to offer you the best savings options, because you’re important to us. Take a look at what Southern Bank Personal Savings Accounts can offer you today.

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Regular Savings Account



Perfect for those just starting to save, you can open a Regular Savings account with a low initial deposit. Interest is compounded daily and credited to your account monthly. Use your Visa Check Card or ATM card to make deposits, withdrawals or transfers.

Federal regulations impose certain withdrawal limitations on Regular Savings Accounts. You are not permitted to make more than six (6) preauthorized transfers, automatic or telephonic transfers, or withdrawals from a Regular Savings Account per statement period. "Telephonic" transfers or withdrawals include those made through an automated phone system, an online banking service, or personal computer. No more than three (3) of the six (6) preauthorized transfers may be made by check, draft, debit card, or similar order payable to a third party. There is an additional charge for excessive transfers or withdrawals. You may make unlimited withdrawals or transfers in person or through an ATM (non-Southern Bank ATM fees will apply). We are required by law to close or change your account if you repeatedly exceed these limits.

Account opening is subject to approval.

Christmas Club Savings Account



Plan for your Christmas purchases early by opening a Christmas Club account. Simply deposit a little money each month (you choose the amount), and Southern Bank will automatically cut a check for the balance just in time for holiday shopping. This is a convenient, non-interest bearing account. The minimum deposit to open a Christmas Club account is $25.

Contact your local branch to open a Christmas Club account today!

Account opening is subject to approval.

Individual Retirement Accounts (IRAs)



Individual Retirement Accounts are a great way to start saving for your future. Southern Bank has a great selection of tax-deferred IRA investments to suit your needs. Select from:

Traditional IRAs

These investments have been popular with many Americans for years. In many cases, the contributions are tax deductible and the earnings are tax-deferred until retirement.

Roth IRAs

The earnings are Tax-Free, as opposed to tax-deferred at retirement, while contributions are made with after tax dollars.

SEPs

Simplified Employee Pensions allow greater flexibility and higher contribution limits than IRAs. Self-employed individuals and small business owners prefer SEPs.

Coverdell Education Savings Account

This savings account allows you to contribute up to $2,000 per child per year for use with secondary and post secondary educational expenses. Contributions are after-tax, and earnings are Tax-Free.

SIMPLEs

Savings Incentive Match Plans for Employers are salary deferral plans that allow businesses to make matching contributions to their employees' accounts. SIMPLE accounts are specifically designed for small businesses.

Tiered Insured Money Market Savings (TIMMS)



Money market accounts deliver a better interest rate on your savings, with easy access to your funds. Since the interest rates are tiered, the higher your balance, the more you earn. Unlimited withdrawals and transfers in person or at an ATM make it a superior way to save, without tying up your money. Southern Bank offers two types of money market savings accounts.

  • Tiered Money Market Savings - Minimum opening deposit of $1,000.
  • Premium Tiered Money Market Savings - Minimum opening deposit of $25,000.

Federal regulations impose certain withdrawal limitations on Money Market Savings Accounts. You are not permitted to make more than six (6) preauthorized transfers, automatic or telephonic transfers or withdrawals from a Money Market Savings Account per statement period. "Telephonic" transfers or withdrawals include those made through a phone system, an online banking service, or personal computer. No more than three (3) of the six (6) may be payments by check, draft, debit card, or similar order payable to a third party. There is an additional charge for excessive transfers or withdrawals. You may make unlimited withdrawals in person or through an ATM (non-Southern Bank ATM fees will apply). We are required by law to close or change your account if you repeatedly exceed these limits.

Account opening is subject to approval.

Premium Insured Money Market (PIMMS)



Public Insured Money Market Checking is a commercial analysis account, which means that the account is charged a service charge on analysis basis. This method of determining service charges takes into consideration account balance and account activity.

  • Available only to public institutions
  • Unlimited check-writing

If the daily collected balance is $1,000 or greater, interest is computed at the Money Market rate for the account. If less than $1,000, the rate paid for that day will be the Checking with Interest rate.

Accounts are subject to approval.