Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

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 Paying Off Debt Personal Finance 101 Homeownership Retirement
Finance 101: Banking Basics Finance 101: Investing in your financial future is one of the smartest things you can do. But there is more to building healthy finances than simply stashing away extra cash in your piggy bank. In this article, we cover a wide range of topics to help you learn the basics of finance and help you make educated decisions regarding your financial future. Checking Accounts For those new to finance, opening a checking account is a great first step. A checking account enables you to deposit money into an account that can be accessed by writing a check, using your debit card, or withdrawing money from your bank’s automated teller machine (ATM). The biggest advantage to having a checking account is that it keeps your money safe while allowing you to access it when needed. Unlike cash, if your debit card becomes lost or stolen your bank can put a stop on your account, prohibiting unauthorized users to access your money. Tips for using a checking account: Keep a running balance of your account to avoid overdrawing your account. Most banks charge an overdraft fee for purchases that are made with insufficient funds. Consider overdraft protection if your bank offers it to you. Familiarize yourself with your account’s minimum balance requirements. Savings Accounts A savings account is less accessible than a checking account, as the Federal Reserve limits the number of free transfers or withdrawals you can make from a savings account. According to Investopedia, “A regular savings account is easy to set up and maintain. You can usually link this type of savings account directly to your checking account at the same bank and quickly and easily move money between the two accounts. Having these two accounts linked can sometimes help you avoid overdraft charges and/or under-the-minimum-balance fees from your checking account.” Having a savings account can help you set aside money for emergencies and help you save for large purchases, all while earning interest. Credit Building and maintaining good credit will provide several advantages to you, including: Lower financing rates More negotiating power Attractive mortgage and refinancing rates Higher credit card limits and rewards While getting a credit card is a great first step to building your credit, maxing out your credit card, failing to pay your credit card bill 4 min read
What to Know About Joint Checking Accounts Some of the biggest causes of stress in a relationship stem from finances. If you’re considering opening a joint checking account, there are some things you should know. Here are some common questions surrounding this type of bank account. Managing a Joint Checking Account Questions about joint checking accounts often include: Q: What exactly is a joint checking account? A: A joint account is a checking account shared by more than one person. Each person on the account may add, withdraw or transfer money and has access to account records. Q: Who uses joint checking accounts? A: Joint checking accounts are common among married couples. Adults also sometimes share a joint checking account with an elderly parent or adolescent child as a way of monitoring and managing expenses. Q: What are the advantages of opening one? A: Bills and expenses become easier to manage as the two people involved no longer have to determine “their share” of a utility bill, groceries, rent, mortgage or any other expense. With a joint account, any money spent is coming out of the same pile. Because the income from both parties is combined, the balance on a joint checking account will be higher than it would be for two individual accounts. This increased balance creates less likelihood that checks will bounce and can keep account fees to a minimum. A joint checking account provides greater transparency of all the finances involved in the relationship and harbors trust and communication. Q: What should we be careful about? A: A joint checking account doesn’t offer any financial privacy between partners, as both parties are able to see every transaction that occurs. Additionally, either person has the ability to take all of the money from the account without consulting the other, which can be a problem if a relationship sours. Checking Accounts at First Bank* Whether you’re considering a joint account or separate bank accounts, First Bank can help. We have a number of checking accounts designed for different needs that can put you and your partner on your way to financial happiness. Source: Investopedia: http://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp 2 min read
Need Help Financing a Wedding in North Carolina? If you need help financing a wedding in North Carolina, just seek out one of 100+ First Bank locations scattered from Asheville to Kill Devil Hills. We offer a variety of loans that can help you finance the wedding of your dreams. Wedding Financing Options at First Bank First Bank has a number of options for anyone needing help financing a wedding in North Carolina. Personal loans — First Bank offers personal loans with highly competitive rates and flexible terms. Home equity line of credit (HELOC) —  First Bank home equity lines of credit are similarly to home equity loans in that they allow you to borrow money using your home’s equity as collateral. But unlike a home equity loan, a home equity line of credit allows you to borrow money as you need it, not in one lump-sum. Benefits include: Low interest rates Can be secured by equity in your primary or secondary residence Interest may be up to 100% tax deductible (consult with a tax professional for details) Credit lines available from $15,000 First Bank credit card* — First Bank’s Platinum Credit Card with Rewards gives you the financial freedom to make purchases in a convenient and secure way. Plus, you earn rewards points when you use your card. Other features include: $0 balance transfer fee Security benefits Shopping benefits Convenience benefits Contact a First Bank Specialist Today So if you need help financing a wedding, visit your nearest North Carolina First Bank and speak with one of our friendly associates. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Sources: Mortgage Professor: https://www.mtgprofessor.com/A%20-%20Second%20Mortgages/what_is_a_heloc.htm 2 min read
Where to Get 15-Year Mortgage Rates If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you determine what type of home loan is best, whether that be a 15-year mortgage, or a 3/3 adjustable rate mortgage. Types of Loans at First Bank Before we tell you how and where to get 15-year mortgage rates, we’ll go over some of First Bank’s mortgage options. We offer: Conventional loans Jumbo loans Government loans VA loans Construction loans Dream It, Own It If you are a first time home buyer, you’re probably looking for a conventional loan. We offer two types of conventional loans: fixed-rate and adjustable-rate. Adjustable-Rate Mortgages vs. Fixed-Rate Mortgages Conventional adjustable-rate mortgages (ARMs) have interest rates that will change periodically depending on shifts in a corresponding financial index that’s associated with the loan. This basically means that your rate will change, causing your monthly payment to increase or decrease. ARMs can be beneficial for some home buyers because they typically have lower initial interest rates than fixed-mortgages, and they provide homeowners flexibility. Conventional fixed-rate mortgages offer a more straightforward approach to home buying. With a fixed-rate mortgage, your monthly interest rate never changes, making it easier for you to set a monthly budget. A lot of people prefer fixed-rate mortgages because they offer protection from rising interest rates for the life of the loan. Secure a Mortgage with First Bank We hope you feel a little more prepared to take on a mortgage and buy the house of your dreams. If you’re ready to apply for a mortgage loan*, visit your local First Bank, or contact our mortgage loan experts. *Loans subject to credit approval. ———— Sources: Investopedia: http://www.investopedia.com/terms/a/arm.asp 2 min read
Find the Best Checking Accounts in South Carolina at First Bank For residents in South Carolina, finding the best checking account can be crucial to managing your finances. But with so many banks in the area, it can feel overwhelming to choose the right option. At First Bank, we are confident that our checking account options can best fit your banking needs. Shop for the Best Checking Accounts at First Bank First Bank offers five different types of checking accounts that can suit whatever lifestyle you lead. Each of them come with no monthly maintenance fee when you meet our minimum requirements. Here are some key features for each type of checking account we offer: Everywhere Checking Free online and mobile banking Free online bill pay Free eStatements or paper statements Cash rewards with a qualifying First Bank credit card Everywhere Plus The benefits of Everywhere Checking Interest at the minimum balance requirement Everywhere Premium The benefits of Everywhere Plus Free member checks or 50% discount on alternate check designs Four free official checks per statement cycle Campus Checking For students under the age of 25, Campus Checking can best suit your needs. It offers most of the benefits of an Everywhere Checking account, in addition to having no First Bank transaction fees on eight out-of-network ATM withdrawals per month. Senior Checking Customers aged 55 years and older are eligible to apply for Senior Checking. It offers all the benefits of an Everywhere Checking account, in addition to having free basic checks or 50% off other designs. Visit Your Local First Bank Today Whether you’re a student, senior, or just looking for a checking account that works the way you want it to, First Bank has it all. With six convenient branches in South Carolina, we’re available to help you find the best checking account that fits your needs. ——— Sources: Go Banking Rates: https://www.gobankingrates.com/checking-accounts/benefits-checking-account/ 2 min read
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
A Checking Account Comparison Worth Your Time Contrary to popular belief, not every checking account is the same. That’s why First Bank has five options to ensure there’s one to fit your specific needs. Review our checking account comparison below to find your perfect match. Find Your Best Fit: Compare our Five Checking Account Options With First Bank, you can access your accounts anytime and anywhere with our free online and mobile banking. All our accounts also provide you with free eStatements (or paper statements). Check out the list below or view this handy checking account comparison chart. Everywhere Checking Free MasterCard® debit card Free online and mobile banking* provides you with 24/7 access to your money You can easily view and track debit card purchases at any time. Need to deposit a check or transfer funds? With just a few clicks on your mobile device, you’re done. Free online bill pay means no more writing checks or navigating various websites. Reduce your carbon footprint with free eStatements that are easily managed without the paper weight. Instant alerts means you’re constantly in touch with your account’s activity and management. Easily set your notification preferences for email, text message or phone call. Everywhere Plus Think about all the perks you would gain with Everywhere Checking, plus being able to earn interest. Everywhere Premium All the benefits of Everywhere Plus No First Bank transaction fees on out-of-network ATM withdrawals* Free member checks, or a 50% discount on alternate designs Four free official checks per statement cycle Campus Checking For students under the age of 25 Besides free online and mobile banking, we also provide you with free online bill pay and free eStatements No minimum balance or monthly maintenance fees Get 8 out-of-network ATM withdrawals with no First Bank transaction fees each month. Senior Checking If you are 55 and older, this may be the account for you. Besides free online and mobile banking, we also provide you with free online bill pay and free eStatements. Free member checks or 50% off other designs Visit First Bank Today If you found this comparison helpful and would like to learn more about how to open a checking account with us, visit one of our numerous locations today. We also offer a variety of checking 3 min read
Apply for a Personal Loan in South Carolina | First Bank If you’re looking for a personal loan in South Carolina, stop by your local First Bank. We offer highly competitive rates and flexible terms, allowing you to customize your loan based on your financial needs. Visit your local First Bank today to compare personal loan* options and find competitive rates. Tips to Apply for Personal Loan If you need to apply for a personal loan but don’t know where to start, follow these tips to help you secure the best option. Check Your Credit Score—Most lenders will require you to have a high credit score for loan qualification purposes. If your credit score isn’t high enough, consider getting a cosigner to help you qualify for the loan. Know What You Qualify For—Since applying for loans will decrease your credit score, apply only for loans you qualify for. Gather the Necessary Paperwork—Loan applications will require you to prove your annual income, monthly house payments, and employment status. Have these items on hand to simplify your loan application process. Find a Local Bank—Most local banks will give you great deals on personal loans, walk you through the loan application process, and customize the right loan for you. Personal Loan Options at First Bank First Bank offers a number of personal loans options: Personal Line of Credit—A personal line of credit allows you to borrow money instantly. In order to secure your personal line of credit, you may need qualified collateral to apply. HELOC—A home equity line of credit can give you the flexibility to consolidate debt, make a big purchase, or fund a home improvement project using the equity you’ve built up in your home. Vehicle loans—Get a competitive rate on a car or boat loan. For more information on personal loans, visit your local First Bank branch. Additional Loan Options at First Bank For other loan options, consider the following services offered by First Bank: Platinum Rewards Mastercard—No annual fee or charge for balance transfers, this card has everything you need to cover expenses, including the option to participate in a free rewards program. Business Loans—First Bank offers long-term business loans to help you expand your business, finance new equipment, or refinance debt. Construction and Mortgage Loans—Our construction loans provide businesses with 3 min read
Banks With Stress-Free Checking Accounts By switching to a bank with stress-free checking accounts, you can worry less about your finances. At First Bank, we offer stress-free checking accounts to make your personal banking experience as easy as possible. Types of Checking Accounts at First Bank First Bank offers five different checking accounts. Take a look at our account options below: Everywhere Checking—this is our basic checking account that offers free, online and mobile banking, account alerts, and a credit card rewards program Everywhere Plus—this account offers the same benefits as our Everywhere Checking account in addition to earning interest on your balances Everywhere Premium—as our top-tier checking account, Everywhere Premium offers the same benefits as Everywhere Checking, plus free membership checks and an unlimited number of free non-First Bank ATM withdrawals Campus Checking—our stress-free student checking account has no monthly fees and offers eight free, out-of-network ATM transactions Senior Checking—seniors 55 and older can qualify for no monthly fees and earn rewards on everyday purchases with an eligible First Bank credit card Checking Account Benefits Whether you need a basic checking account or a premium checking account with rewards, First Bank can help you figure out the best option for your finances. Take a look at some of the benefits First Bank offers with our stress-free checking accounts. By meeting minimal requirements, you won’t incur any First Bank fees for things like: Online or mobile banking Account activity alerts Monthly paper or electronic statements Automated online bill paying We even offer ways of dodging monthly maintenance fees simply by meeting certain requirements. Additionally, depending on which of our five stress-free checking accounts you decide to open, you can avoid fees for things like ATM transactions and check ordering while earning interest on minimal balance requirements. Visit First Bank Today Visit your local First Bank and open up a stress-free checking account today or visit us online for other financial resources. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. While First Bank does not charge for Alerts, check with your mobile service provider for web access or text messaging fees. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep 3 min read
Education Savings Account – North Carolina College is expensive. The cost of tuition, housing, books, food, and transportation starts to add up. The cost of going to college has gone up by over 400% since the 1970s. The average college student’s debt is $37,172. Don’t get bogged down with student or parent loans. In North Carolina, a First Bank education savings account can help you save for college. Start A Savings Account for Education at First Bank in North Carolina North Carolina is home to some of the best universities in the country, like N.C. State, UNC Chapel Hill, Duke, Elon, Eastern Carolina University, and Wake Forest. You shouldn’t have to miss out on the great education North Carolina has to offer because of the high costs. First Bank understands the importance of education. Our education savings accounts can help you prepare for your future and achieve your career goals. Everywhere Savings – Our Everywhere Savings account is a great option for anyone who wants to start saving for college. MyFirst Savings – It is never too early to start saving for your education. First Bank customers under 18 years of age can open a MyFirst Savings account with only a $10 initial deposit. Money Market – First Bank’s Money Market account is a good option for parents or young adults who can put down a little more money to deposit. CDs – A certificate of deposit may be a good option for parents or students who do not need immediate access to their funds. CDs usually earn interest at a higher rate, and are FDIC-insured.* All of our accounts come with free online and mobile banking services.** First Bank makes it easy for you to manage your account from virtually anywhere. Contact or visit your local First Bank to speak with one of our experts about the best education savings account option for you. With over 80 locations in North Carolina, it is easy to find a First Bank near you. *CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings. Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value. **While First 3 min read
5 Money Saving Tips for Young Adults When you’re young, saving money can seem like an impossible task. It’s easy to see your paycheck as a way to get by month to month and not a way to prepare for the future and save for financial difficulties. But putting just a little money aside each month can make a world of difference. These five money saving tips for young adults can help you get started on the path to future financial success. Five Ways to Save Money as a Young Adult 1. Make a budget. You’ve heard it before. Creating and sticking to a budget is one of the best ways you can save money. Making a budget doesn’t mean you have to give up fun for the rest of your life. By creating a budget, you’ll be able to see where your money is going each month and allocate funds to saving, bills and entertainment. Try using MyMoney within online and mobile banking to get started. 2. Don’t wait to save and invest. Saving and investing may seem like a challenge right now, but putting away just a few dollars a week can have a big impact. Use your budget to see how much money you can put into your savings account each month. And as for investing, if your employer offers a 401(k) account, U.S. News recommends deciding how much of your salary to contribute and increasing it as time goes on. 3. Save one-third of your income. If you aren’t sure how much you should save, U.S. News also recommends saving one-third of your income if you can. By saving $1 out of every $3 you earn, you are making it easier on yourself to survive future financial difficulties, such as layoffs, car repairs, home repairs, and other surprise expenses. 4. Start an emergency fund. Another good way to save for financial hardship is to start an emergency fund. Investopedia recommends putting some money into a high-interest savings account, CD or money market account. 5. Pay off your debt. While putting money into savings is a good way to prepare for your future, you should also be concerned about paying off your debt. You should be aggressive about paying off your debt and careful not to let your credit cards spiral out of control. For 3 min read
Best Bank to Open a Checking Account Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our customers, and we strive to be the best bank for you. Open a checking account with us, and our team of experts will help you choose the option that works best for your financial needs. Checking Account Options at First Bank Whether you need a personal checking account or an account for your business, First Bank is the best bank to open a checking account. With multiple options and plenty of benefits, we make your banking experience easier and your financial goals more attainable. Personal Banking We offer three types of personal checking accounts that range from basic to premium. The Everywhere Checking account is our most basic account and features benefits such as access to free online and mobile banking and credit cards with rewards. With the Everywhere Plus account you receive all of the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. Our Everywhere Premium account gives you all the basics of Everywhere Plus, but includes perks like no First Bank transaction fees on out-of-network ATM withdrawals. We also have two account options designed with college students and seniors in mind. Our Campus Checking account provides students under the age of 25 with no monthly maintenance fees as long as certain requirements are met. Seniors who use direct deposit may qualify for no monthly maintenance fees and other benefits with our Senior Checking account. Banking for Businesses Whether you are a seasoned business owner or just starting out, we have checking account options designed with your needs in mind. Find a Local Branch Near You Our easy and convenient banking options make First Bank the best bank to open a checking account. Click here to find a local branch near you.  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 3 min read

Explore Courses to Grow Your Personal Finances

Illustration of clipboard with charts, a credit card, and a calculator. Family Financial Planning Bring the family together to talk about a financial plan. 7 Topics
Illustration of a piggy bank and smart phone. Starting Out Take smarter first steps into personal banking. 5 Topics
Illustration of car and house. Major Life Events Big life events don’t have to mean big financial headaches. 13 Topics
Illustration of buildings and houses. Financial Caregiving Learn what you should know about handling another person’s finances. 6 Topics
Illustration of charts and account notes. Financial Basics Get off on the right foot with the right financial tools. 13 Topics
Illustration of books and money. Paying for College Study up on ways to pay for that diploma. 10 Topics
Illustration of password field, lock, and fingerprint. Identity Protection Safeguard your identity and your financial future. 6 Topics
Illustration of a piggy bank with an umbrella above it. Building Financial Resilience Learn how to bounce back from financial setbacks. 11 Topics
First Bank personal credit card with rewards attached to a clipboard. Get rewarded for qualified everyday purchases View Credit Cards
Smartphones showing First Bank MyMoney financial charts. Discover the joy of financial clarity with MyMoney View Features
Get In Touch
First Bank has the resources you need, when you need them. Our personal banking services are there for you at the right time, every time.