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Understanding High Yield Checking: How You Can Earn More from Everyday Banking

A High Yield Checking Account is designed to help you make the most of your money by offering a significantly higher interest rate on your everyday checking balance. At First South Financial, you can earn an Annual Percentage Yield (APY) of 6.25% on balances up to $10,000*, which is well above the national average for checking accounts.

Bank with one of the strongest and safest financial institutions in the entire nation.

Our High Yield Checking Account lets you earn more for doing your everyday banking with us. 

Key Features of the account:

• 6.25% APY on balances up to $10,000*: This rate allows you to earn more interest simply by using your checking account for routine transactions.

• ATM fee refunds up to $15 per month*: If you use out-of-network ATMs, you may be reimbursed for those fees, making access to your money more flexible.

• Online and mobile banking tools: Manage your account securely from anywhere with our robust digital banking platform.

• Occasional special offers: Account holders may receive exclusive promotions on loans and deposit products throughout the year.

To Qualify for These Benefits Each Month *:

• To receive the high interest rate and ATM fee refunds, the following requirements must be met:

• Have a monthly direct deposit into the account

• Maintain an average daily balance of at least $500

• Use your debit card regularly for everyday purchases

• Opt in to receive eStatements instead of paper statements

These conditions are designed to reward account holders who use their checking account actively and consistently.

If you're not currently a First South Financial member, the process to open an account is simple and can be completed online. If you’re already a member, you can open a High Yield Checking Account online by clicking the button, by calling 901.380.7400 or by sending a secure message through online or mobile banking.

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*Offers are subject to change or withdrawal without notice. Please see us for complete details. A minimum daily balance of $500 is required to avoid a monthly service fee. Balances up to $10,000 will earn the high yield rate, currently 6.25% APY, and balances of $10,000.01 or higher will earn the standard posted rate, provided all qualifications are met for that month. Monthly recurring direct deposits must total $500 or more, and certain types of direct deposits will not qualify, please see us for details. Make a minimum of 20 debit card transactions per month. ATM transactions (withdrawals, deposits, transfers, inquiries, etc.) are excluded from the required number of minimum debit card transactions. Fees charged by First South Financial for using a non-FSFCU ATM will be refunded, up to $15, at month end if all qualifications are met. For any given month that the qualifications are not met, dividends will be paid based on the standard posted rate and no ATM fees will be refunded. Federally Insured by NCUA.