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Higher Earnings Accounts
Southern Security offers a variety of tools to help you earn greater interest and
save for retirement. These options are longer term investments. There are penalties
for early withdrawal.
Review
the list of savings tools on this page to find the
option that best meets your needs. Then
review our current rates.
Share Certificate (CD)
Share certificates, also known as Certificates of Deposit,
offer a variety of options with terms from 91 days to three years and investments as
low as $500. Your one-time deposit gives you greater return for the term you're most
comfortable with.
Payroll deduction does not apply to certificates.
Insured Money Market Account (IMMA)
Concerned that you may need access to
your funds before the certificate matures? Then maybe a Money Market account is
better for you. With a minimum deposit of $2,500 you typically earn greater
interest than a traditional Share account but your funds are still accessible.
Withdrawals are allowed but you must maintain the required minimum balance.
Payroll deduction does not apply to this account.
Individual Retirement Account (IRA)
We offer the Traditional
and Roth IRAs, as well as the Education Savings Accounts.
With the Traditional, there are two choices - the accumulative and the fixed.
The Accumulative account offers the ability to deposit into the IRA, e.g., through
payroll deduction. The fixed does not. As these are retirement accounts, there are
tax advantages* and penalties for early withdrawal.
Please contact your nearest branch manager or call
(901) 452-7900 or (800) 633-4128.
Making
your $$ go further
Everyone can save. But do we? No. Most of us don’t. Why? We all have different reasons why we live from paycheck to paycheck. But experts agree that we should all have three to six months of “living expenses” in a savings account at all times. The term “living expenses” means we should have cash to pay utilities, rent/mortgage, phone, food, medical expenses, clothing and all other expenses that we typically incur in a month.
Two-Income Households
If you live in a two-income household, you should have enough cash to pay your bills for three months.
Single Income Households
If you are the only bread-winner in your family, you should have six months of savings.
Emergency Fund
This savings will help when you need it most, whether you’ve been laid off, had an accident or illness, had a major appliance breakdown (refrigerator, stove or car), or have to leave work to take care of a family member for a period of time. We’ll call this your emergency fund.
Credit Union Help
Of course, credit unions are known as places to save and borrow money. Through payroll deduction you authorize your employer to deduct a specific amount from your paycheck each pay period. We’ve found this to be the BEST savings tool. But it only works if you leave the funds alone to grow. To help you get your savings built up, we’ve asked our staff for their best savings tips. We hope these help.
- Put back a little bit each day – whether it’s 50¢, $1, $3 or more. But commit to the same amount EVERY DAY. Can you save some of your lunch money every day?
- Don’t spend change. Whenever you receive change back from a purchase set it aside. Then each month, deposit your coins into your savings account. You’ll be surprised how fast your change adds up.
- Forget any increase in pay. Many people get yearly pay raises. A good way to save is to ignore the pay raise and continue to live on your current income. Take the excess and put it into your savings account or 401(k).
- If you’re making loan payments, continue to make them after the loan is paid off. Just make them to your savings account instead of the lender.
- Look for areas to save money. Are you spending too much money on foreign ATM fees? Check-cashing outlets? Hair salons? Telephone features? Be sure to ask yourself: Do I really need this? Can I get this service for less or for FREE? Whatever you’re able to cut out or reduce, be sure the amount saved goes directly into your savings account.
- Make a budget. This doesn’t have to be elaborate or scary. Simply write down everything you will need to pay for each month. Estimate how much you think those items will cost. Then total your expenses. Is your take-home income higher than your expenses? If so, save what’s left. If not, then you may be living beyond your means.
Check out tip #5.
- If your company offers a 401(k) plan, participate in it. If your company matches your contributions, that’s FREE MONEY! Be sure to contribute at least as much as your company matches in order to take advantage of the savings benefits.
- Take one month and write down EVERYTHING you spend money on. Keep a list of what you purchased, when and what it cost. You’ll be surprised at all of the little, unnecessary items that suck up your savings dollars.
- Set up payroll deduction into “restricted” accounts so that you will not be tempted to withdraw it. You can deposit up to $3,000 per year into an Individual Retirement Account (IRA) where there is a significant penalty for any withdrawal prior to retirement. Or you can opt for a Holiday Club. Designed to help you save for the most expensive retail season of the year, a Holiday Club can make paying for all of those gifts a little easier. If you make a withdrawal, there is a penalty.
- Will you get an income tax refund? If so, put that directly into your savings account.
- When setting up your budget, be sure to indicate “savings” as an expense and pay yourself first! This way the money is always set aside – just as it is for any other bill.
- Pay your bills on time. Why waste your money paying late fees to companies you pay each month. If you pay on time you can save $60+ a year per company. Once you get your emergency fund built up, don’t quit saving.
This is your first BIG step in becoming financially secure. The next step is paying off outstanding
bills or saving for a major expense like a car, house, medical bills, etc. Then comes your
retirement. Some steps can be taken together. But the most important is the first one – your
emergency fund. If you’d like more information on developing a savings plan for yourself or your
family, please contact us
or visit any location and we’ll help.
We can also refer you to counseling centers for debt management techniques.
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Saving Tools
Southern Security offers a variety of saving tools that make saving more convenient and allow you to earn greater dividends.
Direct deposit and payroll deduction are just two examples of how Southern
Security helps you save. Direct deposit is when 100% of your paycheck is
deposited. Payroll deduction allows you to specify the portion of your
paycheck you want deposited. You pay yourself first which makes saving
much easier. For more information click here.
Savings
Your savings (share) account is your initial account at Southern Security. As you save,
your money will draw interest and make money for you. There is a minimum balance
requirement of $25 and dividends are paid beginning with a balance of $50.
Payroll deduction can be set for this account.
Share Draft (checking)
Our Share Draft accounts are interest-bearing starting at $750.
We require no minimum deposit.
more info.
Holiday Club
Need a little help budgeting for the biggest retail season of the
year? We'll help you save throughout the year and transfer your balance into
your Share account in early November. And yes, your account is interest bearing
at $50. As this account is designed to help you save (not spend) there is a
penalty for early withdrawal.
Request a payroll deduction card online, or
from your human resource director. Fill it out for all of your deductions -
including Holiday Club. This payroll deduction card will replace your old one.
Miscellaneous
In addition to your regular Share account, Southern Security also
offers this additional savings account for emergency funds, school tuition - whatever
you designate.
Your account is interest bearing at $50. This account is also designed to help you save.
Therefore, there is a limit of two withdrawals per month.
Payroll deduction can be set for this account.
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