Please remember that First South will never call you from our main number, 901.380.7400, and ask you to provide your full Social Security Number, full credit or debit card account number, the code on the back of the card, the expiration date or other pieces of sensitive information, such as any codes or temporary passwords used to reset access to online or mobile banking. We take the safety and security of your personal information very seriously and have many procedures and safeguards in place to keep your information safe and secure. 

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Individual Retirement Account (IRA)


flexible savings options with potential tax benefits

Check out our latest IRA specials!*

CD (Certificate) and IRA Specials
Effective Date: Saturday, December 2nd, 2023
NameTermminimum to openRateAnnual Percentage Yield
4 Month Certificate 4 months $5,000 4.187% 4.250%
7 Month Certificate 7 months $5,000 3.941% 4.000%
7 Month Traditional IRA 7 months $5,000 3.941% 4.000%

Open An Account

Saving for retirement? IRAs can be a great way to supplement a 401(K) or other employer-sponsored plan. We offer the following types:

Traditional IRAs

These IRAs offer the following benefits:

  • Terms from 3 to 60 months
  • Tax-deductible contributions*
  • Tax-deferred earnings*
  • Required minimum distribution after 70 1/2 

Roth IRAs

These IRAs are bit different than a Traditional IRA in that they offer you:

  • Terms from 3 to 60 months
  • Tax-free growth on earnings*
  • Tax-free withdrawals during retirement*
  • No required minimum distribution after 70 1/2

Coverdell IRAs/ESAs (Educational Savings Accounts)

These IRAs/ESAs are designed to provide you with:

  • Terms from 3 to 60 months
  • A specific way to save for college or other higher-educational related expenses
  • Tax - free and penalty-free withdrawals for qualified educational expenses*

And you can always rest assured you're getting the best rate in our market with our Guaranteed Best Rates promise. Plus, our IRAs and ESAs are federally insured up to $250,000.*

Current Rates

If you'd like more information about our IRA, HSA and ESA accounts, please click on one of the links listed below:

Traditional and Roth IRAs - explore the differences Prepare for your future with a Roth IRA
Traditional IRAs - Save for your Retirement Transfers, Rollovers, and Conversions
IRA and Retirement Plan Distributions Inherited IRAs
Coverdell Educational Savings Accounts (ESAs) Health Savings Accounts (HSAs)
For Businesses  
SEP, SIMPLE IRA, and Individual(k) Plans  
An HSA Completes Your Health Benefits Package  

*Please consult your tax advisor as to your eligibility to open an IRA or ESA. Restrictions apply to the 13 month and 25 month CD and IRA specials as well as Guaranteed Best Rates. Offers are subject change or withdrawal without notice. Minimum opening deposit is $100. Please see for complete details.

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