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Personal Savings/CD Services
Regular Savings
Start building your nest egg or rainy day funds today with a regular savings account. You earn interest from day of deposit to day of withdrawal. Interest is compounded daily and paid quarterly. You will have access to your funds without penalties for early withdrawal. If there is more than two withdrawals in a month, there is a fee of $2.00 per withdrawal over the two. If the balance falls below $200 during the month, there is a $2.00 service fee.
Little Critter Savings
This uniform transfer to minor account is designed to teach children the value of savings while making it fun, too. Parents, grandparents and children will find this account an excellent way to start saving for college, the first car or stereo. Ask a Customer Service Representative for further details!
Christmas Club Savings
Need a special account to help you save for Christmas? With as little as
$1 you can open a First Bank Christmas Savings from November 1st through
March 31st. Deposits can be made for current year until October 20th.
Checks are mailed for the balance in your account the first week of
November (other withdrawals are not allowed) with a statement of your
account.
First Rate
This money market account is for individuals who keep a balance of $500 or more in their savings. Interest accrues daily and is paid monthly on accounts with average balances of $500 or more. If the balance falls below $500, a service fee of $3.00 will be assessed. No checks are permitted on the account. There is a fee of $2.00 each for more than 2 withdraws a month.
Safe Deposit Boxes
To insure that your important papers and valuables are safe from fire and theft, you need a safe deposit box. All First Bank offices, except the McComb Southwest Mall,
Edgewood Mall, and Express offices, have safe deposit box services. Boxes are available in several different sizes. Annual rent on the boxes vary with the size. The annual rent is small compared to the peace of mind having the box will give you.
Certificates
of Deposit
Our Certificates of Deposits offer guaranteed yields, flexibility, and the safety of FDIC insurance. That's because you lock in a yield that's guaranteed from the day you open the account until the day it matures. You know exactly what return you'll get and when you'll get it.
Your investment is safe at First Bank because our CDs are backed by the Federal Deposit Insurance Corporation for up to $100,000 per individual - making them as safe as any investment in the world.
There's A CD That's Right For You.
We offer Certificates of Deposit in a broad range of maturities, each designed with a particular goal in mind. And, for as little as $500, you can open your own CD.
Check out our CD rates by calling QuickCheck at 601-684-2262 &
selecting option 4, or call one of our customer service representatives at 601-684-2231 or email us today.
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Short-Term CDs. Short term savings certificates, usually up to 6 months, offer you the fastest, readiest access to your money.
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Medium-Term CDs. Our 12 to 24 month medium-term CDs offer you higher yields than shorter term CDs.
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Long-Term CDs. If you have a long-term outlook, our CDs with maturities of 3 years or more rewards you with the highest yields we have to offer.
Minimum deposit amounts and interest payment options vary with the term and amount invested. Contact us for further details.
* Ask for a brochure with details on FDIC coverage.
Individual
Retirement Accounts
Traditional IRA
You can save on your present taxes with a Traditional Individual Retirement Account, by deducting what qualified contributions from your taxable income. Most Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether
you're an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With a Traditional Individual Retirement Account, you also defer taxes by putting them off until you retire, when you may be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review your particular situation on the tax deductible status of an IRA. Or for more general information, you can speak to one our IRA specialists. But, regardless of the amount
you'll be able to save now on taxes an IRA is a smart way for you to save for a secure retirement.
IRA Tax Savings Potential Chart
| IRA Deductible Contribution Amount |
15 % Tax Bracket Savings |
28 % Tax Bracket Savings |
31 % Tax Bracket Savings |
36 % Tax Bracket Savings |
39.6 % Tax Bracket Savings |
| $ 500 |
$ 75 |
$ 140 |
$ 155 |
$ 180 |
$ 198 |
| $ 1,000 |
$ 150 |
$ 280 |
$ 310 |
$ 360 |
$ 396 |
| $ 2,000 |
$ 300 |
$ 560 |
$ 620 |
$ 720 |
$ 792 |
| $ 2,250 |
$ 337 |
$ 630 |
$ 697 |
$ 810 |
$ 891 |
| $ 4,000 |
$ 600 |
$ 1,120 |
$ 1,240 |
$ 1,440 |
$ 1,584 |
IRA Rollover
If You're Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you may find yourself in a tax bind, unless you roll over your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
For more information about IRA Rollovers or opening a new IRA just give us a call.
Roth
IRA
A Roth IRA Could Be The Retirement
Plan You Need
The Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. If you have a long period of time before retirement, you may be interested in this retirement plan where interest can be tax-free instead of tax-deferred.
Contact us for a brochure with further details, such as the limitations on modified adjusted gross income to be eligible for a Roth IRA and the definition of a qualified distribution.
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