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Personal Finances Articles

From personal finance to paying off debt, credit score insights, and more — you’ll find everyday financing basics here.

Learn About Everyday Finances

Understanding how to manage your money is the first step to financial health. To help our communities, we’ve compiled articles with helpful tips for stretching your hard-earned dollars further. For a deeper dive on financial topics below, you can also check out our financial wellness courses.

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 For Teens
What Do I Need to Open a Checking Account? What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account. First Bank has five levels of checking accounts, each with varying conditions and capabilities. But let’s start with the basics that hold true for any checking account: What You Need to Open a Checking Account Identification. You will be required to show a picture ID in order to open a checking account such as a driver’s license, passport or military ID card. Personal information. Basic information such as name, address, telephone number, date of birth and social security number. Deposit. You’ll need a small minimum amount of money to make the initial deposit into the account. Clean record. Before opening a new checking account, a most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity. A bank will sometimes allow you to still open a new account provided you repay the charged off account. Types of Checking Accounts Let’s take a look at First Bank’s five personal checking account options. Everywhere Checking. This is our most fundamental checking account. Everywhere Plus. This option allows you to earn interest on your balance. Everywhere Premium. Earn interest plus enjoy some additional perks such as an unlimited number of out-of-network ATM transactions with no First Bank fee. Campus Checking. Students under the age of 25 get the benefit of a checking account free of a minimum balance requirement and monthly maintenance fees. Senior Checking. Customers age 55 and older can be fee-free with direct deposit and get free checks. Contact First Bank Today Visit your local First Bank and one of our friendly associates will help you with what you need to open a checking account. Or use our Compare Accounts feature to see which checking account is right for you. Read more about this topic: What Is Required to Open a Business Checking Account?, Finance 101: Banking Basics. ——— Sources: Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read
The Best Personal Banking Services for You Finding the best personal banking services for your financial needs doesn’t need to be difficult. The factors that go into evaluating available options can include convenience, fees, and interest rates. It’s essential for you to consider how important each of these items is to you, or if there are other factors you need to consider. When thinking through your needs, know that your local First Bank* personal banking services can provide you with plenty of convenience and even more peace of mind. What is Personal Banking? Personal banking refers to all the services banks design and offer to individual consumers rather than businesses. These services include checking and savings accounts, credit and debit cards, certificates of deposit (CDs), loans, and more. You should consider these top 5 factors for your personal banking needs: Fees and Minimum Balance — Before opening an account at any bank, it’s critical to be fully aware of fees (e.g. monthly, transaction, annual). Some banks have hidden fees that could creep up on you when you least expect it. If a bank doesn’t reimburse ATM fees, make sure there are enough no-fee ATMS in your area. Learn how to Keep It Fee Free** at First Bank. Interest Rate — Keep an eye out for banks that offer high-yield checking accounts. These kind of accounts provide you with higher interest rates so you have the option to earn interest on both savings and checking accounts. Convenience — Online banking is the most convenient with its 24/7 web-based access to your finances. But if you prefer to visit the bank, you’ll want to find one with nearby locations and convenient hours too. First Bank has locations in North Carolina and South Carolina and it’s easy to find your closest branch location. Service and Perks —  Customer service can make or break your experience with a bank. It’s important for you to feel like calling your bank will be productive and pleasant. Find out if a bank offers extra services that could be beneficial for you, including free checks, a rewards program, or special accounts for kids. Easy Online and Mobile Banking — Online and mobile banking are great for managing your finances wherever and whenever you need to. This 4 min read
Your Community Bank in North Carolina Are you wondering how your community bank stacks up against some of the national banks in North Carolina? Well, don’t believe that community banks versus big banks comparisons are always infallible. First Bank debunks many of these proposed theories. Let’s first take a look at the pros of big banks and how First Bank, despite being a local bank, fits right in: Plenty of ATMs and branches. There’s this notion that local banks don’t have enough branches to meet the convenience level of their national competitors. But First Bank has more than 90 locations throughout North Carolina, from Kill Devil Hills in the east to Asheville in the west. Deep menu of financial services. The other misconception about your community banks is that they only offer very basic services. But in addition to checking and savings accounts, First Bank proudly offers personal and business loans, mortgages, investment options, credit cards and more. Cutting-edge tech tools. Where did this idea that only big banks can offer the latest in technology come from? First Bank customers enjoy digital banking from their home computers or wireless devices, remote and mobile check deposit, text message account alerts, and more. The Pros of Your Community Bank Now that we’ve debunked the most popular “negatives” of local banks, let’s examine the pros of community banks as listed in the article just to make sure First Bank accomplishes those as well. Trademark personal service. This is the backbone of First Bank. We take the time to get to know you personally, so we can cater to your every financial need. More checking options*. First Bank’s checking and savings accounts have ways of avoiding First Bank monthly maintenance fees by meeting certain requirements. As you can see, your community First Bank is small enough to capture all the advantages of local banks but capable of serving customers just like a big bank. Find your nearest community First Bank in North Carolina and experience the best of both worlds. __________________________________________________________________________ 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 2 min read
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
What Are 20-Year Mortgage Rates? There are various factors to consider when purchasing a home, including how to finance it. Some consumers may opt for a mortgage with a shorter term while others find it beneficial to extend the mortgage. It may be best to look for a 20-year mortgage for a lower price without putting yourself in debt until retirement. First, let us help you answer the question, “What are 20-year mortgage rates?” What are 20-year Mortgage Rates? 20-year mortgage rates are an alternative to 15 and 30-year mortgage rates, the most common types of mortgage loans. 15, 20, and 30-year mortgages are usually offered as fixed-rate mortgages, meaning the interest rate you pay never changes. A 20-year fixed mortgage rate typically allows you to build equity faster and pay off your home in less time than other longer-term mortgage loans. They also typically have lower interest rates than other mortgage options because the term of the loan is shorter. Benefits of a Fixed-Rate Mortgage First Bank offers conventional fixed-rate mortgages, available in terms of 15, 20, and 30 years. There are many benefits to a First Bank fixed-rate mortgage, including: Predictable monthly P&I payments Protection from rising interest rates for the life of the loan Sound investment for long-term home owners What is an Adjustable Rate Mortgage? First Bank also offers adjustable rate mortgages, or ARMs. ARMs have interest rates that change periodically. When the rate changes, your monthly payment will either increase or decrease depending on whether the rates rise or fall. First Bank’s ARMs are available for 30-year amortization schedules, with initial periods of 3, 5, or 7 years. Contact First Bank Today Whether you’re buying a home or interested in refinancing, First Bank has a loan option for you. If you are still have questions about mortgage rates or conventional loans, contact the First Bank Mortgage Help Center, or visit a First Bank branch near you. 2 min read
High Interest Checking Accounts – North Carolina A high interest checking account in North Carolina can offer a safe, steady solution for those who want to grow their money without much risk. At First Bank, we have several branches conveniently located across the state to help make high-interest checking accounts more accessible. Our Everywhere Plus account allows you to build interest on a minimal balance requirement and comes complete with: Free online and mobile banking. Free automated online bill payments. Free monthly statements delivered by paper or electronically. Free email, phone call or text message alerts to notify you of any account activity. The ability to avoid monthly maintenance fees by keeping a minimum or average collected balance. Looking for a High Interest Account with Benefits in North Carolina? If you’re looking for a high-interest checking account that offers even a little bit more, our Everywhere Premium account might be for you. With Everywhere Premium you’ll earn interest with a minimum balance requirement and benefit from all the perks of Everywhere Plus in addition to: No First Bank transaction fees at non-First Bank ATMs. Free member checks or 50% off of alternate designs and four free official checks per month. The ability to avoid monthly maintenance fees by maintaining certain monthly requirements. If you run a North Carolina business and you’re looking to build interest on your business funds, First Bank also has an interest-bearing business checking account. The account comes with all the features of Everywhere Plus and includes such business-friendly benefits as 250 free transactions per month and up to $10,000 in cash or coin deposits per month at no charge. High Interest Checking Accounts for NC Businesses First Bank also offers high-interest checking accounts for businesses. With our Business Interest account, you can make 250 transactions per month, earn rewards benefits with a First Bank credit card and enjoy free 24-hour telephone banking. With our Business Advantage Plus account, you get all of the benefits of Business Interest, as well as 500 free transactions per month and cash or coin deposits of up to $25,000 every month at no charge. Open a First Bank Checking Account Today To open a high interest checking account at First Bank, all you have to do is visit your nearest North 3 min read
11 Easy Tips for Saving Money Saving money is important if you want to be prepared for future financial surprises or hardships and establish peace of mind. But sometimes, finding extra funds to set aside is a challenge. These simple money saving tips can show you new ways to save and fill your savings account up in no time. 11 Great Money Saving Tips 1. Switch your bank account. If your current bank account charges you fees, you might consider switching to a bank that offers you ways to keep your account hassle free. First Bank* offers five different checking account options. 2. Save loose change. Save money by storing loose change in a jar. Once the jar is full, you can cash in the change at your bank and deposit the money into a savings account. 3. Create a budget. By creating a budget, you’ll be able to see where you can cut back your expenses and save money each month.  4. Making a shopping list and stick to it. Instead of going to the store without a plan, try creating a shopping list and not straying from it. This way you won’t be tempted to buy things you don’t absolutely need. 5. Avoid dining out. Dining out is expensive. You can save a ton of money each month by simply eating at home. And if you have to eat out for an event or because you’re running low on time, you won’t feel guilty spending the money because you’ve been saving all month. 6. Cancel cable. As great as television is, cable is an unnecessary expense. If you’re really looking for ways to save money, consider canceling your cable subscription. 7. Make coffee at home. The average American worker spends about $14.40 on coffee per week. By making coffee at home, you could save around $1,100 annually. 8. Cancel unused memberships. Have a gym membership you never use? What about a subscription to a magazine you never read? Look at all of your recurring membership fees and cancel the ones that you’re not using on a regular basis. 9. Shop generic. Often, generic items are just as good as their name brand counterparts. Choosing the generic brand when grocery shopping can save you tons of money on your bill. And to save even more money, don’t forget to sign up 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
Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read
Banks That Offer Personal Loans – North Carolina Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options? With plenty of North Carolina banks offering personal loans, it can be hard to pick which one is right for you. It is important that your personal loan provider is able to answer all of your questions and meet all of your needs. And, at First Bank, we understand that no two customers are alike and we work hard to make sure you are getting what you need. That is why we offer customized loans with competitive rates and flexible terms. Stop Searching, Start Comparing Now that you’ve found First Bank and you know how dedicated we are to meeting your needs, you can stop searching and start comparing. We offer  great options for customers looking for personal loans. Each option provides you with the flexibility you need to borrow money when you need it. Personal Line of Credit Borrow money instantly Request cash by writing a check Qualified collateral may be required to secure your loan First Bank Platinum Credit Card with Rewards — A First Bank credit card allows you make everyday and monthly purchases in a convenient and secure way. Use your card to earn rewards points you can redeem for things like gifts, travel and entertainment. With your First Bank credit card, you will also receive other benefits, including: Security benefits Convenience benefits Shopping benefits Credit card interest rates can vary, but there is typically no annual fee. First Bank Home Equity Lines of Credit (HELOCs) — This type of loan is offered as a revolving sum of money you can access as need and can be a great way to finance larger projects. First Bank HELOCs: Have low interest rates Can be secured by the equity in your primary or secondary home Can be accessed with specially designed checks that are free of charge May allow interest expensed to be up to 100% tax deductible* Auto Loans — With the help of First Bank, you can purchase the new or used car—or truck—that you’ve been wanting. Benefits of auto loans from First Bank include: Competitive rates Loan amounts up to $100,000 Fast application 3 min read
How Much Should I Have in Savings at Age 35? How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you carry consumer debt. Savings for Adults in Their Mid-Thirties You might have heard friends, parents or financial advisors at local banks advise you to follow the 50/30/20 rule. If you follow this rule, you’ll break up your income in the following manner: No more than 50% of your income should go to required expenses, such as shelter or food. No more than 30% can go towards the wants in life, such as your gym membership or cable. The final 20% of your income should to towards savings, retirement and paying off debt. Some experts explain it another way and recommend that your savings should equal your salary by age 35. Still another way to approach savings is by using this guide from CNN Money. According to this, 35 year-olds should have saved the following, depending on their income: Income Estimated Amount in Savings $40,000 $60,000 $65,000 $97,500 $90,000 $135,000 $115,000 $172,500 However, this isn’t necessarily the case for many Americans, especially those with consumer debt or who didn’t get a job until later in their 20s. The savings goal at any age is simply to save so that you have an emergency fund, can pay off debt, and are able to invest. Now is the Time to Start Saving for Retirement Once you begin saving, it’s important to begin investing your wealth to let your money grow. This can be done through stocks and bonds, job promotions and salary increases, or even buying the apartment you’ve been renting. Your investment options should begin small and increase the more you save. Additionally, you should be making regular contributions to your IRA or 401k, whichever your company provides and matches. There’s no single answer to how much savings you should have by age 35. Ultimately, it comes down to your own unique budget and contributions. To learn more about savings at any age, contact your local First Bank* today. Our financial advisors can speak with you about your savings and help you plan for retirement. ——— Sources: CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html CNBC: http://www.cnbc.com/2014/02/10/qa-were-in-our-30s-how-much-should-we-be-saving.html Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. 3 min read
The Benefits of Checking Accounts with Online Access Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools, such as access to checking accounts online, have increased in popularity since they were first introduced. First Bank offers online personal banking, including access to checking accounts* to fit your wants and needs. How Do Access My Checking Account Online? In the past, checking accounts didn’t come with many extra benefits or features. They were simply used to deposit and withdraw your money. However, that is now changing thanks to online banking. Access to your checking account online can come in two forms: Through an established bank with a physical presence Through online-only banks with no physical branches Benefits of Checking Accounts with Online Access Flexible access — Convenient banking services can’t be emphasized enough. Online banking means access to services 24/7 from any location and on any web-enabled device. First Bank checking accounts offer online and mobile app** access with all checking accounts. Tracking and monitoring — Keep track of how much you’re spending and saving easily. Set alerts to stay on top of all activities related to your account. Streamlined financial management — View your account transactions online Transfer funds between accounts Monitor your budget Pay bills online Deposit checks remotely from any web-enabled device While online banks usually have fewer fees, they also tend to have more basic account offerings. If you do decide to open an account with an online bank, it’s also important to consider these two questions. How good is their customer service? Is a call-center your only option? Or can you speak with someone in-person? Having the option of speaking with a representative in-person can be a real advantage, especially if an issue is particularly complex. Is your account really secure? Security issues in online banking aren’t generally from the secure bank sites, but from the clients themselves. Clients have to be extra cautious when it comes to their web browsers or phone apps. If they aren’t properly password-protected or encrypted, they could potentially be hacked or infected by malware. Still, check the bank’s online privacy and fraud policy for your own peace 3 min read

Explore Courses to Grow Your Personal Finances

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