Notice to Debit Card Customers! We are conducting a reissue of debit cards that feature an expiration date of 09/2024-04/2026 and numbers 600-601 in the third set of numbers. This proactive measure ensures your continued protection and seamless banking experience. Please be on the lookout for your new debit card arriving in the mail. Once received, activate it as soon as possible & stop using your old.

Selecting the right checking and savings accounts is a fundamental step in managing your personal finances effectively. With numerous options available, it’s important to find accounts that align with your financial goals and lifestyle. At First Independent Bank, we offer a range of personal checking and savings accounts designed to meet your specific needs. Here’s a guide to help you choose the right accounts for you.

Personal Checking Accounts

Choosing the right checking account is crucial for managing your personal finances effectively, as it can help you avoid unnecessary fees, manage your budget, and ensure easy access to your funds through a wide network of ATMs and digital banking services. The right account can also offer features like overdraft protection, interest, and robust security measures to protect against fraud. By selecting an account that fits your financial habits and needs, you can save money, streamline your financial management, and achieve better financial health overall.

Features to Consider in a Checking Account

  1. Monthly Fees and Minimum Balances: Look for an account with low or no monthly fees and manageable minimum balance requirements. Some accounts waive fees if you maintain a certain balance or set up direct deposits.
  2. Accessibility: Consider the convenience of accessing your money. Does the bank offer a robust online and mobile banking platform? Are there plenty of ATMs and branches near you?
  3. Overdraft Protection: Check if the account offers overdraft protection options to avoid fees if you accidentally overdraw your account.
  4. Additional Perks: Some checking accounts come with perks like free checks or interest on your balance. Evaluate these benefits based on your needs.

Savings Accounts

Choosing the right savings account is just as important as selecting a checking account. Your savings account should help you reach your financial goals, whether that’s building an emergency fund, saving for a large purchase, or preparing for future expenses. Here’s what to consider:

Types of Savings Accounts

  1. Regular Savings Accounts: These are basic accounts that offer a safe place to store your money while earning interest. They usually have low minimum balance requirements and offer easy access to funds. Ideal for building an emergency fund or saving for short-term goals.
  2. Investment Savings Accounts: Also known as High-Yield Savings, These accounts offer higher interest rates compared to regular savings accounts. They may require higher minimum balances and could have more restrictions on withdrawals. Best for maximizing your interest earnings on larger balances.
  3. Certificates of Deposit (CDs): CDs offer fixed interest rates for a set period, ranging from a few months to several years. They usually offer higher interest rates than regular savings accounts but require you to leave your money in the account until the term ends. Ideal for long-term savings goals where you won’t need immediate access to the funds.
  4. Health Savings Accounts (HSAs): If you have a high-deductible health plan (HDHP), an HSA can be a valuable tool. HSAs offer tax advantages, including tax-deductible contributions, tax-free distributions for qualified medical expenses, and tax-deferred earnings. Great for saving for healthcare expenses.

Features to Consider in a Savings Account

  1. Interest Rates: Compare interest rates across different types of savings accounts. Higher rates can significantly increase your savings over time.
  2. Minimum Balance Requirements: Ensure you can meet the minimum balance requirements to avoid fees and earn interest.
  3. Access to Funds: Consider how often you’ll need to access your savings. Some accounts offer more flexibility, while others restrict withdrawals to encourage long-term saving.
  4. Fees: Look out for monthly maintenance fees, transaction fees, and penalties for falling below the minimum balance. Choose an account with minimal fees to maximize your savings.
  5. FDIC Insurance: Ensure the account is insured by the Federal Deposit Insurance Corporation (FDIC), which protects your deposits up to $250,000 per account holder per institution.

When deciding which checking and savings accounts to open, consider your current financial situation and future goals. At First Independent Bank, we’re committed to helping you find the right financial solutions. Visit one of our 11 branches or contact us today to learn more about our personal checking and savings accounts and how they can benefit you.