Savings Accountssavings

First Federal has many different ways for you to invest and/or save your money while earning interest.

Checking
* Savings

First Federal has several different CDs and Passbook Accounts to serve your Savings needs.

Passbooks
Christmas Club
CDs

To open a new deposit account, click here and download a new account form. Forms require Adobe Acrobat Reader (free download) installed on your computer. Print, fill it out and bring to any one of 6 First Federal locations near you today.

ARE YOU READY FOR THE NEXT STORM?  You can be with a Mississippi Tax FREE* Savings!

First Catastrophe Savings - Money Market Savings Account

ARE YOU FINANCIALLY PREPARED FOR THE NEXT STORM?  Open a Mississippi TAX FREE* First Catastrophe Savings and you can be!

  • Contributions and distributions are excluded from Mississippi Taxable Income.*
  • Deposited funds can be used to pay insurance deductibles, catastrophic event damages to your home and/or self-insured losses to your primary residence home.**
  • Deposit up to a maximum of $15,000.00, based on your qualified insurance deductible OR up to a maximum of $350,000.00 for a self-insurance residence based on the value of your home.*** 

* A 'Catastrophe Savings Account (CSA)' is a tax-advantaged regular savings account or money market account established by a Mississippi Income taxpayer, to assist with post catastrophe losses or to self-insure all or a portion  of one's home.  The account must be labeled as a 'Catastrophe Savings Account' in order to qualify as one.  The amounts contributed to the account are excluded from the Mississippi taxable gross income of the account holder.  Funds must be used to pay qualified Catastrophe expenses on your principal residence in Mississippi.  CONSULT your tax advisor for tax benefit.

** The funds in a CSA may be used to pay an insurance deductible under an insurance policy that covers the taxpayer's legal residence in Mississippi, if that policy covers hurricane, flood, windstorm or other "Catastrophic Event" damage.  It can also be used to pay for "Catastrophic Event" damage to the taxpayer's legal residence in Mississippi that is not covered by the policy of insurance that covers the taxpayer's legal residence for such damage after the deductible under such policy has been paid and to pay self-insured losses for the tax-payer's legal residence from a hurricane, flood, windstorm, or other "Catastrophic Event".

*** If your qualified insurance deductible is less than or equal to $1000, then the total amount that may be contributed to a CSA can't be more than $2000.00.  If your qualified insurance deductible is greater than $1000.00, then the total amount that may be contributed will be $15,000.00 or twice the amount of your deductible, whichever is less.  If you are self-insured for all or any part of your insurance policy, and can't, or choose not to obtain insurance on your legal residence, then the total amount that may be contributed to a CSA will be the lesser or $350,000.00 or the value of your legal residence. 

Call or stop by any of our 6 branches to learn more today!

Savings - Passbooks

For the customers who like to save a little here and there or may need to withdraw money for emergencies, we have our Passbook accounts.

The Passbook Account earns interest daily. There is a minimum balance of $25.00 to open and earn interest. Please click here for current interest rates.

The Money Fund Savings Account requires $1,000 to open and earns interest monthly. Please click here for current interest rates.

Savings - Christmas

Our third Passbook account is our Christmas Club Account. This is a helpful account for the people who want to be prepared for the Christmas Bills. With this account, you are allowed to deposit as much money as often as you would like. There is a minimum of $1.00 to open the account and a minimum of $25.00 to earn interest on a daily basis. Please click here for current interest rates.

 

Legacy Checking

CardValet Promo

mobile banking
Your Card Your Way
Billpay
eStatements

Site Map