Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Best Savings Account for Kids – Wilmington NC

Personal Finances 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

If you live in Wilmington, NC, and you are looking for the best savings account for your kids, visit your local First Bank. We offer a savings account for kids that comes with all sorts of awesome features like free online and mobile banking and a competitive interest rate.

Best Savings Account For Kids - Wilmington NC

MyFirst Savings Account from First Bank

MyFirst Savings is First Bank’s savings account for children and teens. The account is open to customers under the age of 18 and requires only a $10 initial deposit.

With MyFirst Savings, you and your kids can enjoy:

  • Free online and mobile banking*
  • Phone call, text message or email alerts
  • Paper or electronic statements
  • Earn interest on your balance
  • No monthly maintenance fees

Click here to learn more about our MyFirst Savings account.

What can the Best Savings Account for Kids do for you and your Children?

The best savings account for kids can:

  • Teach the value of a penny saved. Learning basic savings techniques and the fundamentals of how banks work is a valuable skill with lifelong payouts.
  • Build interest. The $10 you put into the account today will be worth more 10 years from now.
  • Save for college. Upon turning 18, have the funds transferred to First Bank’s Campus Checking account and pay for books, rent or any other college expense.
  • Plan for adulthood. Interest earned during childhood can help pay for a car or a first apartment.

When looking for a savings account for their kids, many parents will just settle for the first one they come across. It’s only a small amount of money and it’s just a kid thing, right?

But saving for your kid’s future is not child’s play and that’s why First Bank aims to provide the best savings account for kids. In Wilmington, NC, we have five convenient locations to lead your kids to a better financial future.

Open a MyFirst Savings account at any Wilmington, NC, First Bank location and see how the best savings account for kids is the smartest decision you can make for your children’s future. Download our free coloring book for your young saver today.

———

Sources:

Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Best Personal Checking Account Near Me If you’re looking to open a checking account near you, visit your local First Bank today. Whether you want a basic checking account or a premium checking account with benefits, First Bank has a variety of options for you to choose from. First Bank’s checking accounts come with features like free online and mobile banking*, and mobile check deposit*. Visit our Account Comparison chart to figure out which account fits your financial needs best. Checking Accounts at First Bank Learn more about the different checking account options offered at First Bank: Everywhere Checking—our basic checking account with free online banking Everywhere Plus—this account includes all the benefits of Everywhere Checking plus you earn interest on your balances Everywhere Premium—this account includes all the benefits of Everywhere Plus in addition to complimentary services Campus Checking—our checking account for students is fee-free and offers free online banking Senior Checking—for seniors 55 years or older, this account is fee-free with a minimum monthly deposit and free online banking Switching To First Bank Switching banks can be a hassle, but with First Bank, it doesn’t have to be. All you have to do is stop by a branch near you and sign up for an account. We’ll guide you through switching your account step by step. All you need is: Your new First Bank account information. Your previous account information. List of any automated debits (ACH) and/or direct deposits. If you’ve recently moved to North Carolina or South Carolina, you won’t have to worry about where to find the best bank for a checking account near you anymore. Visit Your Local First Bank Today For the best checking account near you, visit your local First Bank today. For more information, visit us online. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2 min read
First Bank Credit Card There are many benefits to having a First Bank credit card. Perhaps you’ve encountered unexpected expenses like a medical bill or car repair. Or maybe you don’t want to front a large down payment for an item and would prefer to pay in smaller installments. If you’re a small business owner, you could use some help managing day‑to‑day purchases. 3 min read
Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant savings. Curious to see how much you could save with current rates? Use our refinance calculator for home mortgages to see how you can take advantage of major financial perks. Why Refinance Home Mortgages? Home mortgages are contracts. When the contract is signed, the interest rate selected by the homeowners is locked in until the terms of the contract have been satisfied or revised. The interest rates for home loans fluctuate daily. If interest rates are steadily dropping, homeowners can refinance to save money and improve their financial standing.   Benefits of Home Loan Refinancing Refinancing is a readjustment of your mortgage loan to benefit your finances in the following ways: Lower monthly payments Build home equity faster Improve credit Change to adjustable or fixed-rate plans When homeowners choose to refinance, they can generally expect to pay off their loan faster. 30-year mortgages can be refinanced to 12 or 10-year loans. Although it may sometimes increase the anticipated monthly payment, you can cash in on equity or sell for an increased value. When Is a Good Time to Refinance? When considering refinancing home mortgages, many homeowners weigh the closing costs with the savings achieved over time. It’s also important to think about the length of time you will live at the property. What to Do Next If You Want to Refinance After you’ve reviewed your savings on our refinance calculator for home mortgages, you may be interested in taking the next steps towards refinancing. Before making an appointment with your First Bank loan officer, make sure you have the following information updated: Current mortgage type Payment history Current credit report Outstanding debt Evidence of home renovations Evidence of home improvements/repairs Your loan officer will use this information to determine what kind of refinancing you may qualify for. There are plenty of options, and we can guide you in selecting the best package for your personal goals. Contact us today to apply for mortgage refinancing. *Loans are subject to credit approval ——— Sources: http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php http://www.mortgagecalculator.org/helpful-advice/top-reasons-to-refinance.php 2 min read
3 Tips for Saving Money in Your 20s Saving money in your 20s may seem like an impossible task, but did you know that your 20s is actually prime time to start setting money aside for you future? If you’re wondering how to save money in your 20s, follow these three simple tips for managing your funds and setting yourself up for a financially successful future. 3 Important Money Saving Tips for Young Adults 1. Start an emergency fund. An emergency fund is one of the most important things you can establish in your twenties. Should you experience any financial hardships, such as unemployment, unexpected medical expenses, or an expensive car repair, your emergency fund will be there to cover you. But how much money should you save? That depends on how much you spend each month. Money Under 30 suggests having at least three months of expenses saved up. You can use their Emergency Fund Calculator to get a better idea of how much you should be putting away. 2. Mange your budget. Take a close look at your budget—especially your entertainment budget—to see where you can cut back. Adults in their twenties often spend money on entertainment, like concerts with friends and weekend travel plans, and these areas are often where you can cut back the most. The Penny Hoarder suggests taking charge in your group of friends and making sure your plans are reasonably priced. 3. Pay down your debt. Paying down your loans now will save you money in the future. Forbes recommends focusing on your emergency fund and retirement savings first, then paying off any debt with interest rates over 7%. For interest rates over 7%, you’re likely save more on interest than you would earn by investing that money. Always consult a financial advisor or debt expert before making decisions on consolidation or pay off. Save Money with First Bank Following these three simple money management tips is a great way to reach your savings goals. For more money management tips, check out First Bank’s Financial Education Center or contact us to learn more about our savings accounts. ——— Sources: Betterment: https://www.betterment.com/resources/investment-strategy/strategy-investing-in-your-20s/ Money Under 30: http://www.moneyunder30.com/emergency-fund-calculator PennyHoarder: http://www.thepennyhoarder.com/managing-money-in-your-early-20s/ Forbes: http://www.forbes.com/sites/financialfinesse/2014/03/06/should-you-increase-savings-first-or-pay-down-debt/#7ae4e10b33e6 2 min read