Savings

Take big steps toward a brighter future.

Set your goals and begin your savings journey

Certainly, it's a smart idea to have money available for challenging times. But you also might want to make a major purchase, send a child to college or take steps toward a comfortable retirement. At First US Bank, we offer a variety of interest-earning accounts that can put you and your family in the best financial position possible.

First US Bank is a full-service financial institution with branches in Alabama, Tennessee and Virginia.


Regular Savings

Start with as little as $100, and then watch your savings grow with regular deposits and competitive interest payments.
 
  • Minimum opening deposit of $100
  • No monthly maintenance fee if balance stays above $100
  • $6 fee if balance drops below $100
  • Up to three withdrawals/transfers per quarter (Low $2 fee for each additional withdrawal/transfer)
  • Track savings growth with online and mobile banking

NextGEN Savings

It's the perfect place for birthday money and pay for part-time jobs. Our savings account for young people to build good financial habits and offer free online banking and financial education programs.
 
  • Currently pays 5.12% APY up to $500 and 0.10% APY on balances over $500‡
  • First small dollar loan at age 19
  • Available from birth up to 18 (in TN, VA) or 19 (in AL) years of age
  • Minimum opening deposit of just $5
  • Redeem $5 birthday bucks annually into your NextGen Savings Account.
  • Build your credit with a Small Dollar Loan at age 19*
  • Pays tiered rates with bonus rate paid on balances less than $500
  • Free telephone banking, online banking and e-statements
  • No monthly maintenance fee
  • Up to three transfers or withdrawals allowed per quarter. There's a $2 fee for extra quarterly transactions.
 

PersonalMAX Money Market

Personal Max Money Market accounts are tied to the fed fund rate, so you always know what your current rate is. Check current rates here.
 
  • Minimum opening deposit of $1,000
  • No monthly maintenance fee when you maintain a minimum balance of $2,500
  • Access funds at U.S. Bank branches, through phone transfers or online banking*

*Up to six pre-authorized debits or phone transfers to another of your accounts or to a third party per month ($5 fee for each additional transfer/debit over six)


Certificates of Deposit*

Fixed Rate CD

Put your savings on a schedule that fits your financial timeline. Save for three months, five years - or one of our terms in between.

  • Minimum opening deposit of $500
  • Available in terms from 90 days to five years*
  • CDs generally pay higher interest than traditional savings accounts
  • Can purchase multiple CDs at varying terms to stagger when money will be available

CDARS

Investors who wish to put a substantial amount of money into CDs can still enjoy deposit insurance protection by having funds spread through a nationwide network of financial institutions.

  • First US Bank can handle all your CD transactions and provide access to the CDARs network
  • All accounts listed on one convenient statement
  • Access to multi-million dollars in FDIC insurance coverage in CD deposits
  • View an informational video on CDARS here

*Federal regulations require a penalty for early withdrawal on all certificates of deposit. 

Christmas Club

Paying for gifts and family celebrations is easier when you save for Christmas in the spring, summer and fall.
 
  • Minimum opening deposit of just $1
  • Build up balance with year-round deposits
  • Receive a check for the amount you deposited plus interest earned in October - just in time for holiday shopping.
  • A fee of $15 is charged for each withdrawal

Individual Retirement Accounts

Traditional IRA

Make sure you can enjoy the lifestyle of your choice when you stop working. Start saving early, contribute regularly to your Traditional IRA, and take advantage of a variety of tax breaks.

  • Contribute up to $6,000 per year ($7,000 if over age 50)
  • Annual contributions to your account may be tax-deductible, depending on your income and filing status
  • Interest and dividends grow tax-free
  • Withdrawals are taxed as income. You must begin making withdrawals by age 70 1/2.


Roth IRA

Not all retirement accounts are exactly alike. A Roth IRA offers somewhat different tax benefits, allowing you to make tax-free withdrawals once you reach age 59 1/2.

  • Contribute up to $6,000 per year ($7,000 if over age 50)
  • Annual contributions are not tax-deductible
  • Interest and dividends grow tax-free
  • Eligible distributions are tax-free
  • Funds can also be used in some cases for higher education costs and home purchases.

Education IRA

An Education IRA, formally called a Coverdell Education Savings Account, helps families cover college tuition and other education costs.

  • Contribute up to $2,000 per child annually
  • Available for K-12, college, graduate school or any other formal education a child may pursue
  • Tax deduction is available to anyone who makes a contribution to an education IRA (parent, grandparent, etc.)


*Because these accounts are designed for retirement and other long-term savings, federal regulations require a penalty for early withdrawal and other tax penalties may also apply.

*Please consult your tax professional for more information

NextGen Savings Child must be under 19 years of age and open account with adult joint owner. Free online banking/E-statements both require activation. Financial education opportunities require registration. ‡Stated APY (Annual Percentage Yield) is current as of November 24, 2020 and is subject to change. Fees could reduce the earnings on the account. The APY for balances over $500.00 will range from 5.12% to 2.42% depending on the balance in the account. *Account holder entitled to apply for first small dollar loan after age 19 and thru age 21 (see personal banker for further information). Converts to regular savings account or customer’s choice of account type at age 19. Limit one (1) NextGen Savings account per child.