Whether you're just starting out or about to retire, SNB Bank NA is here for you every step of the way.

Entering the Workforce

Financial advice for young adults entering the workforce

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 a certain 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.

SNB Bank NA can help compound your savings with an account that’s right for you:

Certificates of Deposit
  • Minimum to open $500

  • Choose from 3 months to 60 months terms

  • Interest payable by check, direct deposit, or added to the CD


Money Market Accounts
  • $100.00 minimum opening deposit

  • No monthly service charge if account maintains a minimum daily balance

  • Minimum balance to obtain interest

Individual Retirement Accounts
  • Minimum to open $50

  • 6 month, 18 month and 48 month terms



3. Conserve time, money and paper with SNB Bank NA's convenient checking accounts with Online Banking, Bill Pay & E-Statements

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.

Online Banking

Accessing your accounts has never been more convenient. They are also protected by very sophisticated security measures designed to protect your assets. All of your transactions are processed in a secure environment protected by some of the best encryption technology. That means your password, as well as information relating to you and your accounts are protected.


Bill Pay

Pay your bills with a click of a button! Bill Pay is free when 5 or more bills are paid through bill pay each month.


E-Statements

E-Statements are fast, free and easy.  You can 'go green' by checking your E-Statements online. 



4. Borrow wisely

Work with SNB Bank NA for your major lending needs including personal and vehicle loans, home mortgages and home equity lines of credit. We offer a broad range of consumer credit products. Loan applications are processed locally. We take pride in servicing our customers in a timely and professional manner.

We provide you with the opportunity to borrow money for a variety of personal and household needs with competitive rates and flexible terms.



  • Home Mortgages

  • Home Construction Loans

  • Home Improvement

  • Mobile Homes

  • Boats, ATV’s and Recreational Vehicles

  • New and Used Automobiles

  • Certificate of Deposit Secured Financing

  • Other Personal Consumer Loans



5. 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 prequalification. 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:



TIPS FOR EFFECTIVE FINANCIAL MANAGEMENT

  • Pay off your credit card debt. It is senseless to pay 13–20 percent interest on credit card balances while your savings accounts earn a much lower percent.

  • If you cannot pay off your credit card debt, pay more than the minimum payment each month (in some cases, the minimum payment 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 higher-interest credit card debt.