Budgeting and Goals Articles

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Check out these articles to get tips and tools for creating and maintaining your budget so you can get where you want to be.

All Budgeting and Goals Credit: Score and More Family Finances Fending Off Fraud Invest, Invest, Invest Paying Off Debt Personal Finance 101 Homeownership Retirement Filing Your Taxes Student Loans For Teens

What Is the Best Savings Account for Kids The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids? First Bank offers a savings account called MyFirst Savings and it’s not hard to argue that it might just be the best savings account for kids. Here’s why: It’s just for kids. MyFirst Savings is exclusively for children under the age of 18. It’s easy and affordable to open. There’s only a $10 initial deposit required to open the account and it can be done simply by visiting one of First Bank’s 100+ locations throughout the Carolinas. The money will grow. There’s no minimum balance to earn interest so your child’s money will start growing from the day the account is opened. You’ll have access to the money. You can make two withdrawals per month with no First Bank fees and with our online and mobile banking you’ll be able to always keep an eye on your money.* You’ll be kept in the know. Free monthly paper or electronic statements provide you a record of the account history and our email, phone call or text message activity alerts notify you of each transaction that happens in the account. Opening a savings account for children is one of the best things a parent can do. And in order to open the very best savings account for kids, simply visit your nearest First Bank today. Or to simply learn more about the account, visit the MyFirst Savings page and download a free coloring book for your child featuring Troy the Plott Hound! While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2. Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of preauthorized transfers to two (2) 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. 2 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, college tuition, 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

Hassle Free Checking Account Near Me At First Bank, we don’t believe in charging unnecessary fees and diminishing your hard earned cash. That’s why we offer five options for hassle-free checking accounts provided you meet some basic monthly requirements. Don’t get bogged down with maintenance fees, ATM transaction charges or any other hidden costs. Maintain certain requirements such as a minimum balance or regular direct deposits and enjoy the luxury of a hassle-free checking account at a First Bank near you. Hassle-Free Checking Accounts for Everyone First Bank offers five different types of hassle-free checking accounts with no monthly maintenance fees as long as minimum requirements are met: Everywhere Checking. A basic checking account with monthly fees that can be avoided with basic requirements. Everywhere Plus. This account provides all the basics of Everywhere Checking while also allowing you to earn interest on the money you save. No monthly fees as long as you meet certain requirements. Everywhere Premium. Reap all the benefits of Everywhere Plus while also getting free checks and an unlimited number of out-of-network ATM withdrawals with no First Bank fee. Avoid maintenance fees by meeting minimum guidelines. Campus Checking. This is a student checking account for enrolled college students under the age of 25. There are no minimum balance requirements. Senior Checking. Those over the age of 65 can enjoy free checks and no monthly fees by meeting basic requirements. Features of First Bank’s Hassle-Free Checking Accounts In addition to being able to avoid any monthly fees by meeting basic requirements, all five of our checking accounts include no fees for: Free online and mobile banking* Free online bill pay Free paper or electronic statements Visit a First Bank location near you to learn more about how to qualify for a hassle-free checking account with First Bank and start saving money today. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read

Best Savings Account – North Carolina Finding some of the best savings account in North Carolina may seem like a difficult task. After all, there are hundreds of North Carolina banks offering savings accounts. How do you go about determining which account is right for you? Savings Account Options with First Bank Finding the best savings account in North Carolina that meets your unique needs is easy with First Bank. Our account options include: 1. Everywhere Savings — Our most basic account designed to meet the saving needs of anyone. It includes: 2 free withdrawals per month* No minimum balance to earn interest Free online and mobile banking** 2. MyFirst Savings — An account designed to teach children and teens under 18 the value of saving. It includes features like: 2 free withdrawals per month* No minimal balance to earn interest Free online and mobile banking** Only $10 required to open account 3. Money Market — For customers who want to earn interest at a higher rate while still having access to their funds. This account includes: 6 free withdrawals per month* Interest-earning account access $1,000 minimum to open account Free online and mobile banking** First Bank also offers: Certificates of Deposit (CDs) with a fixed rate and choice of terms. IRAs for a long-term savings. Health Savings Accounts (HSAs) to help you save for current and future health expenses. To view and compare all of our savings account options, click here. Visit Your Local First Bank Today At First Bank, we are dedicated to providing our customers with the best savings account options in North Carolina. Visit a location near you to learn more about opening an account, or visit our website today. To learn more about First Bank, visit these related articles: Best Savings Account Rates in North Carolina, What is a Child Savings Account, or Stress-Free Savings Account – North Carolina. *Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of 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. **While First Bank does 3 min read

Online Money Hacks – First Bank If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright colored fabric to your luggage makes it easier to tell which bag at the airport. Life hacks are great, but do you know what’s even better? Money hacks! Money hacks not only make your life easier, they help you save your hard earned cash. Money Hacks Worth Trying Money hacks can be anything from saving your spare change in a piggy bank to skipping your morning Starbucks run and making coffee at home. Small money hacks will help you save a little bit of money, but if you’re looking to save in a big way, try these money hacks from Forbes and from your very own First Bank. Borrow against your home’s equity. This money hack is specifically for homeowners, but it’s useful to know if you are ever planning on buying a home. If you find yourself needing a personal loan for a large amount of money, it might be better to borrow money against your home’s equity. Since you already have been approved for a mortgage the loan application process will typically be easier. Another benefit is that interest payments on home equity lines of credit are typically tax-deductible, unlike interest paid on personal loans. Consult your tax advisor for details on the deductibility of interest. Pay insurance premiums once a year. You’re probably currently making monthly payments for policies like life insurance and auto insurance, but it isn’t required that you make your payments that way. You can opt to pay your insurance policy in one lump sum, which can save you money in the long run. Paying by the month may be convenient, but insurance companies typically charge a courtesy fee. Fun Tips to Save More Money Try a service contract. Instead of shelling out hundreds of dollars for a car or home repair, offset the costs by considering monthly payments for an auto warranty or home protection plan. Stay cool. Preserve the longevity of your batteries, hosiery, and candles by storing them in your freezer. Raise a glass to 3 min read

First Bank Loans Between banks and online lenders, you have a lot of options to choose from when you need a loan. But not all loans are created equal, and First Bank loans are a step above the rest. If you are in need of a loan, visit your local First Bank. We offer a variety of loan options, from personal loans to mortgage loans, with highly competitive rates. Loans Available at First Bank First Bank loans come in a variety of forms, each with competitive rates and flexible terms: Personal loans. Gain instant borrowing power with a personal credit line or use the equity in your home to secure a home equity loan. Business loans. Use a credit line, lump-sum business loan, or construction loan to finance your business. Credit cards. Take advantage of no annual fees and competitive interest rates to complete personal or business transactions today and pay for them tomorrow. Mortgages. Conventional, government, jumbo, commercial, and professional loans are all possible with a First Bank loan. Applying for a First Bank Loan Applying for a loan is simple with First Bank. For a business loan, talk to one our experts during a small business financial consultation. An application for a mortgage loan can be filled out online. For personal loans or credit cards, just contact your nearest First Bank and speak to one of our associates. Whether it’s building a business or moving into your dream home, a First Bank loan can help you with some of life’s biggest purchases. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/o/overdraft-protection.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read

High-Interest Savings Accounts in South Carolina Why should I settle for a regular savings account when I can take advantage of a high-interest savings account? If I’m going to store my money away, I may as well get the highest interest on it that I can. While the above statement is true, it’s important to understand the difference between a traditional savings account and a high-interest savings account. In South Carolina for example, First Bank offers a Money Market account with interest rates that are higher than the basic savings account options offered. However, there are some further requirements for high-interest savings accounts as a trade-off for the better interest. Money Market Account vs. Basic Savings Account Let’s break down some of the differences of a high-interest money market savings account when compared to First Bank’s most basic savings account so you can be sure you’re selecting the savings account that is right for you. Initial Deposit Basic account: Only a $50 minimum deposit is required to open the account. Money Market: You’ll need an initial deposit of $1,000 to open. How to Avoid Monthly Maintenance Fees* Basic account: You can avoid First Bank’s monthly maintenance fees just by keeping a $300 minimum daily balance. Money Market: In order to steer clear of monthly maintenance fees, you’ll need a $2,500 minimum balance or an average collected balance of $5,000 or more. ATM Withdrawals** Basic account: Enjoy two free withdrawals per month within the approved network. Money Market: You have the luxury of 6 free monthly withdrawals within the approved network. High-Interest Savings Accounts in South Carolina There are 6 First Bank locations in South Carolina offering high-interest savings accounts and basic savings accounts alike. And there are many similarities between the two as well. Each offer such amenities as online and mobile banking, monthly electronic statements, account activity alerts, mobile check deposit and more. Use our account comparison chart to see the two savings accounts side-by-side and visit your nearest South Carolina First Bank to open the one that’s right for you. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep if Fee Free™ section of the account summary table for their account type. Other account service 3 min read

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5 Financial Tips for Your 30s Your thirties are a great time to get a handle on your finances and start investing in your future. 3 min read

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New Year, New Budget It’s a great time to make sure you have a solid budget in place and a good plan for how to move forward with your finances. 3 min read

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It’s Never Too Late to Start Your Financial Journey A little financial education can go a long way to help your employees manage their money and plan for the future. This infographic below, lays out some startling facts about why now is the time to boost financial savvy. 1 min read

Are You a Financial Wellness Wiz? Take our quick quiz to find out! Create your own user feedback survey If you got: 1-2 points: Good start! We’re here to talk you through the basics and to help you plan for the future. Also be sure to check out our free financial basics course. 3-4 points: Well done! You’ve got the basics down; but if you need help planning for a big purchase or life event, we can help. Start with our free course: Major Life Events. 5 points: Look at you go! Capitalize on all that great financial savvy with the right mix of tools and products you need for your plans. No matter your score, we’re committed to helping you achieve your dreams (big and small!). Visit your local branch today, or give us a call. Let’s start something amazing together. 2 min read

The Startling Cost of College There’s a startling financial truth for those enrolled in college and recent graduates: a higher education almost always comes with a significant price tag–and debt. Here, we take a look at the numbers. 1 min read

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