Teach Teens to Save: Banking Tips For A Financial Future

We know learning may look a little different these days, so we’ve put together a guide to help boost your teen’s knowledge of banking.

In this guide, you and your teen will find information on:

Working their way around a check – Yes, they still exist!
Setting up a financial future – Start sooner than later.
Life hacks on saving time and money – Who wouldn’t want that?

Get your teen thinking about their financial future, and download this free guide today!

For additional resources, check out these interactive courses on Starting Out, Financial Basics, and Paying for College.

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Conventional Mortgage Loans Applying for a home loan can be a strenuous process, especially if you’re unsure which type of loan is the best fit for your financial situation. Before you apply, it is important to understand the two types of loans available to you: conventional mortgage loans and a government-backed loans. In this article, we’ll break down the basics of conventional loans. What are Conventional Mortgages? Conventional loans can have fixed or variable interest rates, which can be impacted by your credit score. Qualifications for conventional loans are usually stricter than government-backed loans because they carry a higher risk for banks and private lenders. If the borrower defaults on the loan, the banks and private lenders are not protected. These kinds of loans are not insured by the federal government, but they are still required to follow guidelines set by the Federal National Mortgage Association—a.k.a. Fannie Mae and Freddie Mac. A Conventional Loan to Meet Your Needs If you live in North Carolina or South Carolina and are looking for a flexible and affordable conventional loan,* look no further than your local First Bank. We offer both adjustable-rate and fixed-rate mortgages with a range of features and benefits that are sure to fit your specific financial needs. Conventional Adjustable-Rate Mortgages This kind of mortgage loan changes periodically depending on shifts in the corresponding financial index associated with the loan. ARMs generally have a lower initial interest rate than fixed-rate mortgages. Both your interest rate and your P&I (monthly principal and interest) payments will stay the same for an initial period of 3, 5 or 7 years. After that it will adjust periodically. Interest rate caps set a limit on how high your interest rate can go for your P&I payment for each adjustment and over the life of the loan. Loans are available for 30-year amortization schedules. Conventional Fixed-Rate Mortgages Your interest rate and P&I payments stay the same for the life of your loan. That predictability for your monthly P&I payments enables you to budget more easily. This kind of loan is available in a variety of loan term options, and it protects you from rising interest rates no matter how high they fluctuate. This option is good for individuals or 3 min read

Personal Loan Rates in South Carolina If you live in South Carolina and are looking for competitive personal loan rates,* visit a local First Bank for highly competitive rates and flexible terms. We’re dedicated to serving our customers and providing a variety of loan options—from personal lines of credit to home equity lines of credit. Our loan experts will help determine which option is best for you. Personal Loans from First Bank Personal loans can be helpful when you have a medical emergency, home expenses, or other unexpected costs. Take a look at the personal loan options offered by First Bank: Personal Line of Credit—This personal loan grants you with instant borrowing power. Ready Reserve: Overdraft Protection—To avoid accidental account overdrafts, think about getting overdraft protection. First Bank will automatically transfer funds into your First Bank checking account from your overdraft line of credit to prevent costly fees. If you need a larger loan for bigger purchases, think about applying for a home equity line of credit. A First Bank home equity line of credit (HELOC) offers low interest rates and flexibility in funding larger expenses like debt consolidation, medical bills, and other costs. Tips to Consider Before Getting a Personal Loan Before applying for a personal loan, consider these tips to get the best interest rate: Compare Your Options—Consider whether a personal loan would be cheaper than a low-interest credit card. The experts at First Bank can help you compare these options and determine which you could pay back faster. Find a Cosigner—If you have a low credit score, a cosigner with a high credit score could help you qualify and get you better rates. Consider a Secured Loan—Secured loans, also known as collateral loans, allow you to pledge the title to one of your assets, like a car or home, in return for a larger loan. Pay Off Credit Cards—Any balance you have on a credit card could count against you when applying for a loan. Visit Your Local First Bank Today Visit one of our fifteen South Carolina First Bank locations to start an application. ——— Sources: Bank Rate: http://www.bankrate.com/finance/topic/heloc.aspx *Loans subject to credit approval. 2 min read

Best Business Checking Account – Jacksonville NC Running the best business in Jacksonville, North Carolina starts with having the best business checking account in Jacksonville, NC. And, opening the best business checking account in Jacksonville starts with a trip to one of our First Bank locations in Jacksonville. First Bank actually offers not just one, but five, of the best business checking accounts in town. Here’s a breakdown of them all: Business Essentials Perfect for small businesses, this account was named one of 2019’s “Best Bank Accounts for Small Businesses – Rewards” by Wallet Hub. Business Interest Accumulate interest on your earnings to get more bang for your buck. Business Advantage Make up to 500 transactions and $25,000 per month and up to $25,000 of cash deposits each month* Community Checking Best for small nonprofits and community organizations, this account is flexible and has minimal requirements. Commercial Analysis A more customized account for large businesses with big needs. Earn credits to offset fees and gain comprehensive treasury management services. Simply the Best The best business checking accounts in Jacksonville, NC don’t come without perks. Business Essentials, Business Interest, Business Advantage and Business Advantage Plus all come complete with online and mobile banking, online bill pay, 24-hour telephone banking, account alerts via phone, text or email and paper or electronic statements. First Bank’s business services don’t end with checking accounts either. We offer business savings accounts, loans, commercial mortgages, merchant services, business insurance and more. Use our business account comparison chart to find the appropriate account or stop by your nearest Jacksonville First Bank today. A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.35 per item for each item in excess of 250 per statement cycle (or month). A fee of $0.15 per $100 on all additional cash deposits. ——— Sources: Wallethub: http://wallethub.com/best-business-bank-accounts/ Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read

Best Bank for Checking Account – South Carolina With options like First Bank, you shouldn’t have to feel uncertain about whether or not you’re making the right choices with your hard earned cash. Make the switch to First Bank and you’ll see why we are the best bank for a checking account in South Carolina and North Carolina. Checking Account Options at First Bank First Bank wants you to be able to answer the question, “What is the best bank for a checking account in South Carolina?” with confidence. That is why we offer five checking account options for individuals who are looking to get the most out of their money and bank. Each of our checking accounts comes with free online and mobile banking,* online bill pay, and free eStatements or paper statements. Our individual checking account options include: Our basic Everywhere Checking account Our Everywhere Plus that has all the benefits of Everywhere Checking, plus the chance to accrue interest Our Everywhere Premium account that has all the basics of Everywhere Plus, plus additional complimentary services A Campus Checking account designed for college students A Senior Checking account specifically for seniors over 55 Visit a First Bank Today First Bank’s dedication to its customers doesn’t end with our checking accounts. We offer more personal banking options, such as savings accounts and credit cards, as well as banking business banking options, a variety of mortgage products, wealth management options, and insurance. Visit a First Bank location in South Carolina today. *While First Bank does not charge for mobile banking, check with your mobile service provider for web access fees. iPhone®, and iPod Touch® are registered trademarks of Apple, Inc. Android™ is a trademark of Google Inc. Compatibility notice: The First Bank mobile app is not currently compatible with iOS7, the new operating system for iPhone, iPad® and iPod Touch®. We are aware of the issue and are working on an update to address it. We apologize for any inconvenience. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/checkingaccount.asp Investopedia: http://www.investopedia.com/terms/i/interest.asp 2 min read

Teach Teens to Save: Banking Tips For A Financial Future

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