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Let us help you turn your dream of home ownership into a reality.

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Buying your first home can be a challenge. Let us help you get started on your journey with a First-Time Home Buyer Savings Account.

Competitive Interest

Earn 1% Annual Percentage Yield* on balances of all sizes.

No Service Fees

No service fee, no matter what your balance is. Free online banking, eStatements and mobile banking with mobile deposit. 

Tax Benefits

You may be able to deduct up to 50% of your contributions to your First-Time Home Buyer account on your Missouri income tax return each year2.

Exemption for Account Earnings

Interest income earned on a home buyer savings account is exempt from taxation3.

*Annual Percentage Yield effective April 15, 2019, subject to change at any time. 1An account holder must designate a first-time home buyer as the qualified beneficiary of the account. The account holder must make the designation by April 15 of the year following creation of the account. Qualified beneficiary is defined as: an individual who has never owned a single-family, owner-occupied primary residence; or a divorced individual not listed on a property title for at least three years. 2Taxpayers may deduct 50% of their contributions to the home buyer savings account for a tax year from Missouri taxable income, with a maximum annual deduction of $800 for individuals and $1600 for married couples filing a joint return. The deduction cannot exceed the taxpayer’s Missouri adjusted gross income for the tax year. 3Taxpayers will lose the exemption if they withdraw money from an account within the first year of opening the account; or use the money for ineligible expenses. The exemption will not apply to income earned on the account when: the amount of all contributions to the account for all tax years exceeds $20,000; or the total amount in the account exceeds $30.000. Income withdrawn and used for ineligible expenses is added to Missouri adjusted gross income and generally subject to a penalty. The penalty is: 5% of the recaptured amount for withdrawals made 10 or fewer years after the first deposit into the account; and 10% of the recaptured amount for withdrawals made more than 10 years after the first deposit into the account.

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Do you currently have an account with Southern Bank?