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College Savings Account – Florence SC

Personal Finances 3 min read

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If you are a future college student, or the parent of a child headed to college, you’ve probably thought a lot about paying for the cost of tuition. Read more to learn about First Bank’s different college savings account options.

Common College Expenses

It can be easy to forget about all the other expenses that add up over time, such as:

  • Textbooks
  • Laptops
  • Lab fees
  • Social fees
  • Cell phone bills
  • Groceries

You don’t have to spend your college career worrying about extra expenses. First Bank in Florence, SC, can help you prepare for those expenses with a college savings account.

Get Ready For College In Florence, SC With A First Bank Savings Account

First Bank in Florence, SC, has four different college savings account options that can help you or your children save for extra college expenses. All of our accounts feature free online and mobile banking, easy money transfers, and more.

  • Everywhere Savings – Our Everywhere Savings account is a great way to start saving. It only takes $50 to open this account, and you can even earn interest! You will also receive two free withdrawals per month*.
  • MyFirst Savings – Teach your children the value of savings with our MyFirst Savings account. Younger customers (18 and under) can open an account with just a $10 initial deposit.
  • Money Market – This is our high-yield, long-term savings account. It features 6 free withdrawals per month**, and interest-earning account access.
  • CDs – This account is great to start before you attend college. With a CD you won’t have immediate access to your funds, but the longer the term, the higher the interest rate. First Bank CDs are also a safe FDIC-insured investment.***

To learn more about our college savings accounts and other banking options, visit one of First Bank’s two Florence, SC, locations.

*Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch.

**Federal regulations limit withdrawals or preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you. Savings Account customer can make two free withdrawals per month. There is a $2 fee for each additional withdrawal. Money Market customers can make six (6) free withdrawals per month. For each excessive transaction during a statement cycle, there is a fee of $15.

***While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings.

———

Sources:

Investopedia: http://www.investopedia.com/terms/f/fdic-insured-account.asp

Investopedia: http://www.investopedia.com/terms/c/certificateofdeposit.asp

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