June, 2015

529 Account vs. Education Savings Account | The First National Bank Blog

June 23rd, 2015
529 Account vs. Education Savings Account | The First National Bank Blog image

A recent CNN Money survey found that 77% of parents plan to pay for their child’s college education. If you’re part of this group, it’s never too early to learn more about college savings options. 529 Account This type of savings plan was established under Section 529 of the Internal Revenue Service Code to help parents invest tax deferred dollars into an account for their child’s education. If the money is used to send your child to a qualified college or university, funds withdrawn are free from federal taxes. 529 plans are administered by individual U.S. states, but you’re not [ read more ]

Are Millennials Better with Money?

June 17th, 2015
Are Millennials Better with Money? image

In this month’s shared blog, we discover that members of Generation Y have a different approach to spending and saving their hard earned cash. Find out more from U.S. News & World Report: http://money.usnews.com/money/personal-finance/articles/2014/10/22/6-smart-money-habits-of-millennials Do you think young people are more frugal than their parents? Let us know in the Comments section. [ read more ]

Bank Accounts for College Students | The First National Bank Blog

June 9th, 2015
Bank Accounts for College Students | The First National Bank Blog image

Heading off to college in the fall? Setting up the right bank accounts now can help make your transition to student life much easier! Where to Begin Start by opening a checking account that includes a debit card (sometimes called a debit card). This card works exactly like a check in that it deducts the cost of in-store or online purchases directly from your checking account. The difference is that you don’t have to show ID or wait for the purchase to be approved. To avoid overdraft fees, don’t go overboard! Always make sure you have enough money in your [ read more ]