Skip to main content

Online banking

Forgot Your Password? Enroll Business Enroll Watch Demo Watch Demo


Making Cents - Your Saving Options

Apr 20, 2020 | Brian Powers
Making Cents of Finance Part 4

Welcome back! In our last installment, we discussed the basics of savings and why it’s imperative to give yourself a financial cushion. We also discussed a popular savings strategy known as the 50/30/20 Rule. Now it’s time to dig into the different types of savings accounts we offer to help you determine which is right for your savings goal.


Here at First Farmers Bank & Trust, there are enough different options for personal savings accounts that everyone’s savings needs, goals, and options can be met with ease. Let’s jump into each account individually and check out their benefits.


Regular Savings

A regular savings account is your standard, run-of-the-mill savings account— let’s say it’s our entry level savings. With an opening deposit of $50, you’re only required to keep a minimum of $300 to avoid a monthly balance fee.


Premier Savings Plus

This account offers a more aggressive interest rate than our Regular Savings, as well as offering balance-dependent tiered rates that are competitive to larger corporate banks. While these accounts only require $50 to open, the account holder must maintain a $10,000 minimum to avoid balance fees.


Minor Savings

This account is the gold standard for setting youngsters up for financial success. These accounts are for anyone younger than 19 years of age and require $50 to open, but there are no balance requirements or monthly service fees until the account holder reaches 19 years of age. These accounts are great to set up for your young children, grandchildren, or anyone else you care about. We say the earlier you set one of these accounts up, the better!


Senior Savings

This account is for our customers who are entering their golden years and assists with keeping their money safe and secure. The account requires the customer to be at least 55 years of age and a $50 minimum opening deposit.

Other than that, there are no monthly service fees or minimum balance requirements so you can focus on the important things in your life.


Holiday Savings Club

This account is for those of us who have the best intentions of saving, but need to limit access to the stashed funds. These accounts require a $25 opening deposit and comes with no monthly service fee as well as free online & mobile banking with free eStatement enrollment. Funds deposited into the Holiday Savings Club are available for access every October, so this account is best suited to stash away money for holidays, winter vacations, or any other large projects during the winter you may need to make in the future.


Certificates of Deposit (CDs)

While not the traditional savings account one many think of, CDs are a great option for those who want to set aside a set amount of money, forget about It for an agreed-upon amount of time, and get a return. Our CDs offer a guaranteed return rate, no matter what happens In the economy. Here at First Farmers, we even offer CDs that will allow you to move your funds to a separate account should a better Interest rate become available.


Deposits made with our bank are insured by the FDIC to at least $250,000 per depositor.

Check here for a breakdown of our savings accounts and, of course, feel free to reach out to us via internet, telephone, or at one of our 34 conveniently located branches to get more information.