First National Bank at Paris understands the special financial considerations that need to be addressed throughout the different stages of our lives. Wherever you are on life’s journey—preparing for college, starting a career, raising a family or planning for retirement—we have the experience, personnel and products to guide you towards the attainment of your financial dreams and goals.
To take advantage of our specific products and programs, click below on the stage that’s right for you, and see how we can help you strengthen your financial position.
To take advantage of our specific products and programs, click below on the stage that’s right for you, and see how we can help you strengthen your financial position.
Student: Teen & College Age
Learn to manage money and prepare for the cost of higher education
You may still rely on financial help from your parents or other family members, but it’s not too early to start cultivating sound money-management habits. Many financially sound adults accomplished their goals through careful financial planning that began when they were students.
How can you start on the path to sound money management?
1. Become a “Star Saver”
Learning to save money in your teens and college years is an excellent habit that will train you be a good money manager for the rest of your life. Set goals for your money and start saving NOW. If you have no immediate goals, your goal can be to have a “money cushion” for when that important need for cash occurs.
Savings Account
Start saving today with a $50 minimum opening deposit and interest paid quarterly. When you are 18, you may open a savings account on your own, either online or at the bank. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank.
2. Start a Checking Account
A checking account provides a means to learn how to responsibly handle cash, make smart financial decisions and keep track of your spending records. Whether you use a debit card or paper checks, your checking account can help you manage your budget, including paying your bills on time and balancing your checkbook. With these good habits, you can start building a good credit reputation NOW.
E-Bank Checking – High points and link to landing page for details and enrollment
Free Checking – High points and link to landing page for details and enrollment
When you are 18, you may open a checking account on your own, either online or at the bank. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank.
3. Plan in Advance for College
It’s never too early for pre-college students and their families to identify and earmark the financial resources they have available to fund a college education whether from savings, loans, grants, scholarships or work income.
Here are some sources to help you and your parents plan how you will finance a higher education:
College Savings Plans
First National Bank at Paris offers several options to help you fund the cost of a higher education. It’s OK to start small, but start now with a college savings plan that both you and your parents can contribute to:
- US Government EE Savings Bonds – EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These may be purchased online at http://treasurydirect.gov/
Federal Financial Aid for Higher Education (FAFSA)
- All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines.
- Applications for federal student aid may also be available from your high school counselors, public library or college financial aid office.
For help determining the best accounts and products for sound and productive money management during your Student Lifestage, please contact us.
Tips for Effective Financial Management
- Set a savings goal and keep track of your progress.
- If you have a job, don’t spend everything you make.
- Record ALL your transactions daily for your checking and savings accounts, whether they are made with debit or credit cards or paper checks and deposit slips.
- Know your account details such as overdraft charges, interest rates, withdrawal restrictions, minimum balances, etc.
Getting Started
Financial advice for young adults entering the work force
Laying the right foundation as you start your career is the key to future financial success, and at this life stage, TIME is your greatest asset. Consider that each dollar you save in your 20s can be worth ten times as much as one saved in your 40s. Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle.
During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income. Here are some steps to take now to put your financial future on track:
1. Identify your short, medium and long-term goals and budget your money accordingly – Your short term goals of less than five years might encompass a wedding, honeymoon, furniture or a new car. Medium term goals could include the purchase of a home and financing your future children’s college education, followed by long-term retirement goals. These goals will help you determine how to spend and save your money.
2. Build assets through saving at least X percent of your income – It may be wise to invest in CDs or money market funds for your short term goals and the stock market for your longer term goals. Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart. You may also want to join a 401K plan if available from your employer or open up an IRA account.
First National Bank at Paris can help compound your savings with an account that’s right for you:
CD's
- Minimum opening balance of as little as $500 and no more than $1000 depending on term
- Terms as short as 91 days and as long as 5 years
- Interest compounded at maturity for CDs of 91 and 182 days
- Interest compounded quarterly for CDs of 1 year to 5 years
Flex Money Market Account
- No service charge with a minimum balance of $2,500
- Competitive rate of interest based on balance
- Limited number of transactions
- 6 withdrawals per month
- 3 by check
IRA CDs
- Terms of 1 year to 3 years
- Minimum opening deposit of $250
- Interest compounded quarterly
3. Establish an emergency fund
A good guide is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses. Don’t use the money for anything else.
First National Bank at Paris recommends these accounts for the establishment of your emergency fund:
Savings Account
- Minimum opening deposit of $50
- Interest compounded quarterly
- Earn interest on entire balance
Health Savings Account
- Minimum opening deposit of $50
- Interest-bearing checking account
- Tax-exempt account for the purpose of paying qualified medical expenses
- Eligibility requirements explained on product page
4. Conserve time, money and paper with First National Bank at Paris’s convenient checking accounts with online banking and bill pay and no-charge ATM services
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
E-Bank Checking
- Minimum opening deposit of $50
- No service charge
- No minimum balance requirement after opening
Unlimited check writing and more
5. Borrow wisely
Avoid high-interest credit cards and pay off your credit card debit monthly. Work with First National Bank at Paris for your major lending needs including personal and vehicle loans, home mortgages and home equity lines of credit.
Mortgage loans
- Construction loans
- Adjustable Rate In-house Loans
- Secondary Market Fixed Rate Loans
- Home Equity Loans
Consumer loans
- Vehicle - Car and Truck
- Vacation
- Recreational vehicle - Boat, Motorcycles, 4-Wheelers, Etc.
6. Understand your credit report
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report.
Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a pre-qualification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases, the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
- Equifax – www.equifax.com
- TransUnion – www.transunion.com
- Experian – www.experian.com
For help determining the best accounts and products for sound and productive money management during your Getting Started Lifestage, please contact us.
Tips for Effective Financial Management
- Pay off your credit card debt. It is senseless to pay 13 – 20 percent interest on credit card payments while your savings accounts earn one or two percent.
- If you cannot pay off your credit card debt, pay more than the minimum payment each month which in some cases will only cover the interest charges.
- Don’t worry too much about paying off student loans early.
- These normally have a much lower interest rate than credit cards. By making low payments on student loans, you’ll have more money to reduce high-interest credit card debt.
Families on the Go
Managing the financial responsibilities of family life
By the time you have a family of your own, there will be accompanying expenses such as fees for various activities and lessons for your children, family vacations, saving for college educations or buying a new home. Throughout this time, you should regularly evaluate your progress towards achieving the financial goals you set earlier in your life and adjust your spending, budgeting and saving to make sure you stay on track. With all the demands a family places on your income, it is still important to build your long-term investments.
Planning and discipline that determines what and how you spend contributes to your future financial success. Here are some tips First National Bank at Paris recommends for sound financial management during this demanding time of your life.
1. Shop for the best mortgage and consumer loans
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at First National Bank at Paris that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- Construction Loans
- Installment Loans
- Home Improvement Loans
- Second Mortgage Loans
- Home Equity Loans
- Home Equity Line of Credit
2. Understand your credit report
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report.
Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a pre-qualification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
- Equifax – www.equifax.com
- TransUnion – www.transunion.com
- Experian – www.experian.com
3. Start Saving for College
By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years. The earlier you start, the less you’ll have to save per month.
Through First National Bank at Paris, you can access products designed to help you fund your child’s higher education. To learn more, or set up an educational account, click on the links below.
- Bank CD product
Minimum opening balance of as little as $500 and no more than $1,000 depending on term - Terms as short as 91 days and as long as 5 years
- Competitive rates of interest
- US Government EE Savings Bonds
4. Conserve time, money and paper with First National Bank at Paris’s convenient checking accounts with online banking and bill pay and no-charge ATM services – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
E-Bank Checking
- Minimum opening deposit of $50
- No service charge
- No minimum balance requirement after opening
- Unlimited check writing
- Free online bill pay
- Free debit card
- And MORE
Platinum Rewards Checking
- Minimum opening deposit of $50
- Service charge of $7 to $8 a month
- $10,000 accidental death & dismemberment insurance
- ID Theft service
- Free debit card
- E-statements or paper statements
- Entertaining, Shopping and loan discounts
- And MORE
5. Save for Retirement
Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.
Now is a good time to up your contributions to your retirement savings accounts. Talk with First National Bank at Paris’s financial consultants to learn about the products we offer that can help you meet your retirement goals.
IRA CDs
- Minimum opening deposit of $250
- Terms of 1 to 3 years
- Competitive rates of interest
- Interest compounded quarterly
- Partnership with Ameriprise Financial Services, Inc.
For help determining the best accounts and products for sound and productive money management during your Active Families Lifestage, please contact us.
Tips for Effective Financial Management
- Your mortgage payment, including taxes and insurance, should be no more than a certain percentage of your gross monthly income so let us calculate that for you if you are shopping for a new home or a new mortgage.
- Review the cost of your health care insurance and make sure you are getting adequate coverage at the best price.
- Make wise purchasing decisions by determining what you “need” compared to what you “want.” This will help you make ongoing decisions to keep your finances in check.
- Guard against impulse shopping, especially for costly purchases such as vehicles, major appliances, furniture, jewelry and the like.
Career-Focused Adult
Financial guidance for maturing adults without children
Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.
First National Bank at Paris can help you stay on track with your long term financial goals.
1. Shop for the best mortgage and consumer loans
Seeking the best mortgage or consumer loan by shopping, comparing and negotiating may save you thousands of dollars. A mortgage—whether for a home purchase, refinancing or a home equity loan—is a product, just like a car, so terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage including interest rates, points, fees and down payment and private mortgage insurance requirements. Home equity loans and lines of credit can be helpful when extra cash is needed to reduce significant credit card debt—but be cautious about re-building credit card debt once it is paid.
With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at First National Bank at Paris that meets your needs. To apply for a mortgage or consumer loan now, click on the links below, or stop by and talk with one of our lending officers.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- Construction Loans
- Installment Loans
- Home Improvement Loans
- Second Mortgage Loans
- Home Equity Loans
- Home Equity Line of Credit
2. Understand your credit report
Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report.
Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a pre-qualification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate. Your credit score is available from the three credit reporting agencies:
- Equifax – www.equifax.com
- TransUnion – www.transunion.com
- Experian – www.experian.com
3. Conserve time, money and paper with First National Bank at Paris’s convenient checking accounts with online banking and bill pay and no-charge ATM services – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
E-Bank Checking
- Minimum opening deposit of $50
- No service charge
- No minimum balance requirement after opening
- Unlimited check writing
- Free online bill pay
- Free debit card
- And MORE
Platinum Rewards Checking
- Minimum opening deposit of $50
- Service charge of $7 to $8 a month
- $10,000 accidental death & dismemberment insurance
- ID Theft service
- Free debit card
- E-statements or paper statements
- Entertaining, Shopping and loan discounts
- And MORE
4. Save for Retirement
- Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.
Now is a good time to up your contributions to your retirement savings accounts. Talk with First National Bank at Paris’s financial consultants to learn about the products we offer that can help you meet your retirement goals.
IRA CDs
- Minimum opening deposit of $250
- Terms of 1 to 3 years
- Competitive rates of interest
- Interest compounded quarterly
- Partnership with Ameriprise Financial Services, Inc.
For help determining the best accounts and products for sound and productive money management during your Active Families Lifestage, please contact us.
Tips for Effective Financial Management
- Understand what your credit report score means and take a pro-active role in monitoring it.
- Resist the urge to cut back on savings to meet rising expenses or accommodate other goals.
- Your mortgage payment, including taxes and insurance, should be no more than a certain percentage of your gross monthly income so let us calculate that for you if you are shopping for a new home or a new mortgage.
- Spend less than you earn—it’s the simplest way to stay free from all-consuming debt.
Pre-Retiree
Transform your financial habits to prepare for the future
Your 50s are a good time to take stock of the asset allocation of your portfolio and evaluate your position relative to your retirement plans. For an accurate estimate, consider at what age you would like to retire and the lifestyle you plan to have… will you travel, have a vacation home, take up an expensive hobby? Project a budget, keeping in mind that some costs, such as health insurance, may increase and others, like your mortgage payment, may disappear. Once you have estimated your living expenses, then estimate how much your assets will be worth at retirement, and how long they are likely to last. You can do this with First National Bank at Paris’s retirement calculator. Also estimate your Social Security income. With all this information at hand, you may want to increase your retirement contributions.
As you enter your 60s, fine-tune your projections and your asset allocations. If you retire before age 65, be sure you have medical insurance to cover you until you are eligible for Medicare. First National Bank at Paris can help you in your pre-retirement life stage to re-allocate your assets, increase IRA contributions or set up an annuity. Please contact our financial advisors for more information.
Here are other ways pre-retirees can enhance their financial position at First National Bank at Paris:
1. Take advantage of our interest-bearing Money Market and checking accounts.
Flex Money Market Account
- No Service charge with a minimum balance of $2,500
- Competitive rate of interest based on balance
- Limited number of transactions
- 6 withdrawals per month
- 3 by check
Interest Plus Checking
- Minimum opening deposit of $50
- Earn interest if balance in $1,000 or more
- $9 monthly service charge if balance falls below $1,000
- Unlimited check writing
- Free debit card
- Free internet banking
2. Conserve time, money and paper with First National Bank at Paris’s convenient checking accounts with online banking and bill pay and no-charge ATM services
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
Platinum Rewards Checking
- Minimum opening deposit of $50
- Service charge of $7 to $8 a month
- $10,000 accidental death & dismemberment insurance
- ID theft service
- Free debit card
- E-statements or paper statements
- Entertainment, shopping and loan discounts
Golden Advantage Checking
- Minimum opening deposit of $50
- Age 55 or older
- No service charge
- Free Golden Advantage checks
- Free Notary service
- Free travelers' checks
- Two free cashier's checks per month
- Two free money orders per month
- Free debit card
3. Catch up on your IRA or other retirement plan
After age 50, you are qualified to boost your plans with “catch-up” contributions. Contact our financial advisors for more details.
For help determining the best accounts and products for sound and productive money management during your Pre-Retirement Lifestage, please contact us.
Tips for Effective Financial Management
- Become aware of opportunities to reduce your lifestyle costs, e.g., downsizing vehicles or your home may provide convenience while lowering the costs and time of maintenance.
- Determine your financial priorities, make a list with deadlines and start accomplishing them.
- Start the decision-making process about where you want to live during retirement and figure all the associated costs.
- Spend time doing what you plan to do at retirement to help yourself determine if you’re ready.
Retiree
Protect Your Wealth and Start Paying Yourself
The freedom to live the retirement lifestyle of your choice with more time to spend with your friends and family can make your\ retirement years truly enjoyable. However, this is not the time to become complacent about your financial initiatives. Stay open to new ideas and opportunities to leverage your money, even if you are satisfied with your products and their performance.
Here are some ways First National Bank at Paris can help you fortify your financial position during your retirement years:
1. Conserve time, money and paper with First National Bank at Paris’s convenient checking accounts with online banking and bill pay and no-charge ATM services.
You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.
Platinum Rewards Checking
- Minimum opening deposit of $50
- Service charge of $7 to $8 a month
- $10,000 accidental death & dismemberment insurance
- ID theft service
- Free debit card
- E-statements or paper statements
- Entertainment, shopping and loan discounts
Golden Advantage Checking
- Minimum opening deposit of $50
- Age 55 or older
- No service charge
- Free Golden Advantage checks
- Free Notary service
- Free travelers' checks
- Two free cashier's checks per month
- Two free money orders per month
- Free debit card
Interest Plus Checking
- Minimum opening deposit of $50
- Earn interest if balance is $1,000 or more
- $9 monthly service charge if balance falls below $1,000
- Unlimited check writing
- Free debit card
- Free internet banking
2. Relieve your family from making difficult decisions
Decisions about the disposition of your estate, a living will, burial and funeral arrangements can be made now so your wishes will be known and your family will be relieved of making important decisions under duress.
3. Rent a safe deposit box
This a convenient place to store important items that would be difficult or impossible to replace. First National Bank at Paris’s safe deposit boxes offer privacy and in most cases, greater security. Additionally, some insurance companies charge lower insurance premiums on valuables kept in a bank's safe deposit box instead of at home.
For help determining the best accounts and products for sound and productive money management during your Retirement Lifestage, please contact us.
Tips for Effective Financial Management
- Take advantage of senior discounts wherever you can, and don’t be shy in asking for them.
- Do not invest with someone you don't know. Scams targeted at retirees abound. Your investment opportunities should be carefully researched and verified by reputable professionals.
- Be informed. From your investments to your insurance you’ll want to audit your current portfolio and policies and make the necessary changes to reflect your needs and preferences as a retiree.
- Create a complete and detailed listing of your financial, investment, insurance and trust products and put a copy in your safe deposit box.
