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Are You New to Banking?

For those who are brand new to banking, you can operate on a cash-only basis, it's definitely possible, but it's not always the best idea.  Here are some of the best benefits of having a bank account:

It helps you save for the future. If you don't have a bank account, it is harder to save money for long-term goals like buying a car or a home.  Also, savings accounts and some checking accounts earn interest on the money you deposit.   The interest will help your money grow over time.  Your piggy bank can't do that!  Also, it is recommended that everyone have an emergency fund set aside before you need it so you can handle unexpected challenges.

FNB Germantown can help you open a Savings Account, a Money Market Account, or an interest checking account for use as an emergency savings account.

It's a good way to build your credit. In some situations a bank account might be required because the information will be necessary on a credit application when you want to make a major purchase like a car or loan.  Lenders and other creditors may not have a lot of faith in your financial abilities if you are not keeping even a basic checking or savings account.

It's convenient. A checking account is very convenient for bill paying.  Paying by check is much easier and cheaper than buying a money order (and you'll have proof that you paid your bills). If you get an Automated Teller Machine (ATM) or debit card for the account, you can withdraw money easily or make payments at stores, reducing your need to carry cash.  A debit card is usually accepted for purchases anywhere credit cards are accepted. Also, if you direct deposit your paycheck, you get instant access to your money.

Banks are a safe place to keep your money. Your money will be safe from theft and fires. In addition, your money will be federally insured which guarantees the safety and accessibility of your money is FDIC insured up to an amount of $250,000. Ask a customer service representative how to insure amounts over this limit.

It is easier to budget with a checking account. If you spend only in cash and do not write down what you spend or where, you lose the ability to have accurate financial records for planning purposes. A bank account provides a monthly statement, which shows what you spend and where you spend it. These statements may be necessary at some point in your life, especially if you want to buy a home or qualify for a personal loan.  Also, you can easily receive payments from your employer, social security, or other government agency through direct deposit.  Every month you'll receive a statement that lists when and where money goes out and comes in.

Click here to Order New Checks!

Checking
 eCheckingLifetimeMoney Market
Opening Deposit $100 $100 $2,500
Free Online Banking &
Bill Pay
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Service Charge No Charge $6
How to Waive
No charge for balance over
$2,500
Free VISA Debit Card Checkmark  Checkmark  Checkmark 
Free Access to
Alliance One ATMs
(find locations)
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Free Overdraft
Protection Available
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Free Anywhere Bank
Phone Access
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Earns Interest  No Click for Current Rates Click for Current Rates
Savings/CDs (click to see rates)
 LifetimeKid's ClubCD'sIRA CD'sChristmas Club
Opening Deposit $100 $25 $500 $500 $10
Earn Interest Checkmark
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Service Charge $3 if below $100 No Charge     No Charge
Limitation 6 withdrawals
per month
Details
6 withdrawals
per month
Details
Penalty for
early withdrawal
Details
Penalty for
early withdrawal
Details
No withdrawal
before maturity

 Click to view Saving/CD Disclosures

Savings Accounts

In the world of Savings Accounts, there are three primary vehicles: Standard Savings Accounts, Certificates of Deposit, and Money Market Accounts.

  • Standard Savings Accounts: Standard Savings Accounts often allow access to cash without penalties. Though the interest rate is low (rarely above 3%), it is less risky and steadily grows.
  • Certificates of deposit (CDs): CDs typically pay a higher interest rate than regular savings accounts. However, you have less flexibility to withdraw whenever you want to. If you withdraw too soon, you could be penalized and lose some or all of the interest earned.  CD investments allow you to grow your money safely. Learn how they work and what strategies to use for the best returns. By understanding the basics of CD investments and common pitfalls, you can avoid costly mistakes.
  • Money market accounts (MMAs): MMAs also pay a higher interest rate than regular savings accounts. Unlike CDs, however, you are usually allowed to write a limited number of checks or even make a transfer during each month assuming you do not go below your required minimum balance. If you do go below your minimum, you could be assessed fees or lose any interest earned, or both.

FNB Germantown's savings accounts have a way of making your goals and plans come true for that long-awaited vacation, savings for college, paying for a wedding, a nest-egg for retirement, or just a rainy day emergency fund for unexpected expenses. Contact us regarding the many ways we can help you save depending on your needs!