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Financial Basics

Get off on the right foot with the right financial tools.

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Best Savings Account For Kids Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers the best savings account for kids in North Carolina and South Carolina. First Bank makes saving easy with our MyFirst Savings account. With this account, your child (under 18 years of age) can save money and earn interest. MyFirst Savings includes: 2 free withdrawals per month* No minimum balance to earn interest Interest-earning account $10 minimum required to open account Free online and mobile banking* Free online bill pay Free eStatements or paper statements The best part? There is no monthly service charge for this account. So you won’t have to worry about your kids’ savings being cut into by costly fees. Best Savings Accounts for Any Age Lead by example with one of First Bank’s five other savings account options. We offer savings plans for adults that range from basic savings accounts to accounts that can help you save for anything—from college to retirement. They are: Everywhere Savings—a simple savings account with a competitive rate Money Market—offers higher rates and access to your funds Certificates of Deposit—enjoy a guaranteed return with a fixed rate and choice of terms IRAs—a long-term savings strategy with tax advantages Health Savings Accounts (HSAs)—a way to save for current and future healthcare expenses To learn more about First Bank’s savings accounts and why we offer the best savings accounts for kids, visit a branch near you. Teaching Your Kids to Save Children often learn their saving and spending habits from their parents, so teaching your children how to save money can be essential to their future. Children who grow up without knowing how to save money, budget, or pay bills often make poor financial decisions in the future. Follow these tips to teach your children the importance of saving money: Allow your child to earn money — try assigning your child age-appropriate chores then give him or her a weekly allowance when they are completed. Let your child spend money — allowing your children to purchase things they want with their own money will encourage them to earn money. Help your child save 4 min read
Savings Account Interest Rates in North Carolina Whether you’re saving for retirement or starting a college fund, having the right savings account can help you reach your financial goals. With some of the most competitive savings account interest rates in North Carolina, First Bank offers a variety of options to meet your financial needs. Types of Savings Accounts at First Bank When you’re comparing interest rates, it’s important to understand which accounts offer the best rates. At First Bank, we offer six different savings accounts with varying interest rates: Everywhere Savings—For simple savings at a competitive interest rate, this account offers free online and mobile banking, account alerts, and free eStatements. MyFirst Savings—If you’re under 18 and ready to start saving, consider opening a MyFirst Savings account. You only need a $10 deposit to open the account and don’t have to worry about a minimum balance or maintenance fees. Money Market—With higher interest rates and instant access, our money market account allows you to have six free withdrawals per month, free online and mobile banking, free eStatements, and more. CDs—If you don’t need immediate access to funds, this option provides flexible rates and guaranteed rates of return. CDs typically offer higher interest rates than savings and money market accounts, making them a great investment option. IRAs—At First Bank, we offer a variety of IRA options for your long-term retirement plans including traditional, Roth, and SEP IRAs. Talk to one of our banking experts about the different rates you’ll receive if you choose to open up an IRA. Health Savings Accounts (HSA)—For a great way to save on current and future medical expenses, consider opening a health savings account. This account allows you to manage health care spending and earn tax-advantaged savings. Use our Account Comparison Chart to decide which savings account is best for you. Get Competitive Interest Rates at First Bank Interest rates will vary depending on which savings account you choose. Regardless of the type of savings account you open, we want to make sure you’re getting a good rate. Consult with one of our banking experts at your nearest First Bank to compare interest rates. Open a Savings Account Today Visit one of our North Carolina branches and talk to a financial expert about getting 3 min read
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