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The smart saving and spending habits you learn now can benefit you throughout your life. Check out the tips below that can help you save for a car, college and more!

Why should I use a bank?
The bank is a safe and secure option for holding the money that you have worked hard for or that was given to you and it is fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means, if anything were to happen to the bank, your money would be returned to you.  It’s a great way to save without risking any of your hard-earned cash.

Having a savings account can help when you want to buy your first car, when you’re ready to go to college, or later in life when you buy your first home. Keeping your money in the bank can help prevent you from losing it and making unnecessary purchases. It’s also a great place to help your money grow! You’ll be surprised how fast the money you save can add up. Many savings accounts allow you to earn interest on the money that you deposit. There are different account options that offer different interest rates, so you can choose which account will work best for you.

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Why should I save? How do I start?
Saving your money is important for many reasons including big purchases you may want to make someday (like a car when you get your license!) and for financial security as you get older. Starting to save now can make those expensive purchases and future plans possible. Having some cash in a savings account can be beneficial when you decide you want to go on vacation, attend college, or even see a movie with your friends. It is also important to build a little safety net for unexpected expenses, like car repairs for that car you worked so hard to save for!

Opening a savings account is easy. Centreville Bank offers many different options that will work for you, from a Dependable Savings Account with its low minimum balance to our Solid Passbook Savings Account where you can see your money grow with your own passbook. Stop by one of our branch locations today and talk with one of our knowledgeable customer service reps. They can help you decide which account will work best for you.

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What type of account should I open?
Checking and savings accounts are the two most common deposit accounts used and each one has its own benefits.

Checking accounts allow you easy access to your money through an ATM/Debit Mastercard® or by writing a check. By using one of these methods, you are authorizing the bank to withdraw the money from your account and pay the person or company you’ve made a purchase from. At the end of each month (or statement cycle) you will receive a statement listing all of your transactions, withdrawals and deposits. You may also monitor your checking account via your personal Online Banking account whenever you want! 

Savings accounts are a great place to earn interest, keep your money safe and watch it grow. You can access the money by making a withdrawal at the bank or by using an ATM. The bank will keep track of all activity in your savings account and provide you with a statement of activity at the end of each month or statement cycle. Savings accounts may also be viewed through your personal Online Banking account.

Stop by a Centreville Bank location and talk to a customer service rep, who can help you decide what type of account will work best for you.

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How can saving help me with college expenses?
Financial Aid, scholarships and grants are a great way to fund your college education, but there are many costs beyond just tuition that you will be responsible for paying.

Textbooks and supplies are a major expense that you need to pay for when attending college. The average textbook costs around $100. Now multiply that by three or four classes, and you have a bill of $400 that needs to be paid. Yikes! If you’ve been saving, though, you’ll be prepared to handle these expenses. And thankfully, most colleges offer used textbooks that you can get for a fraction of the cost. There are also programs that offer to buy back your textbook at the end of the semester.  Being a smart consumer can also help you make the most of your hard-earned cash.

Many college campuses offer recreational events for students to attend. Concerts, movies, and sporting events are a great way to meet new people. Some of these events have an admission fee, so having cash available can also help you when you want to step away from studying hard!

Though the price of college may add up quickly, it is an investment in your future. Planning ahead and opening a Centreville Bank account for these expenses can help lessen the burden.

Here are some useful links for college planning.

US Department of Education is great site to begin your research for college. They provide information about the Department’s offices, information and assistance, statistics, and funding opportunities.

FAFSA is a free application for Federal Student Aid and offers more than $150 billion each year to help millions of students pay for higher education through federal grants, loans, and work-study funds.

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