Tag Archives: Savings Accounts

Better Together

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Some things are simply better together.

That’s how we feel about our checking and savings accounts here at VCNB. One is great but the two are even better together!

300X600 Audience Network (VCNB)Think of your checking account as a place to manage your money. This is a transactional account from which you can make frequent withdrawals. You can do this by making debit card purchases at point-of-sale machines or by writing checks. You can make ATM withdrawals or come into the bank to withdrawal or deposit money. You can even pay bills online.

A savings account is a different kind of animal. Instead of using this account for daily transactions, a savings account is used for . . . you guessed it! Saving money!

It’s a great place to tuck away funds for an emergency or for a rainy day. If you’re planning a vacation or getting ready for Christmas, a savings account is a great option for keeping those funds separate from your daily spending money. While it’s kept in savings, your funds will grow some with interest.

Because federal law dictates that you can only make six savings withdrawals per month, this is a perfect place to park money and forget it until you actually need the cash. One time or periodic transfers of funds from your checking to savings make saving money much easier.

Right now, we are rewarding customers who open a new checking and savings at one time. From now through March 31, 2015, open a Checking My Way or Classic checking account and accept a debit card to receive a cash bonus of $100. If you open a Passbook savings account at the same time as the checking, you will receive an additional cash bonus of $50.

To receive the bonus, customers must make a $100 minimum deposit into the checking account and a $100 minimum deposit into the savings account. The account can be opened online or at a branch with a coupon requested online.

Want more information? Be sure to read the terms and conditions pictured below. Simply click on the photo to enlarge. Are you ready to open your new accounts? Click here!  

Checking + Savings Terms and Conditions

 

Teaching Kids To Save

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Each year VCNB offices participate in Teach Children To Save, a nationwide effort to, well, to teach children to save money. Staff members go into classrooms in local communities to talk with youngsters about why it is important to save money and the difference between needs and wants. We think it is important to give kids practical tips that will help them become money smart adults.

Would you like to teach your kids good spending and saving habits? Here are a few tips!

Piggy bank - whiteFeed the Piggy – Little kids like to get money and they think it’s fun to drop change into a piggy bank. Periodically help them count the contents of the bank so they can see how much their savings have grown.

Needs Versus Wants – Teaching kids the difference between needs and wants will help them make wise decisions today and in the future.

Set Savings Goals – If your child wants a new video game, offer to pay half if they can save the rest of the money. Having a goal in mind, especially if it is something they really want, will help them stay on track.

Make Saving Easy – If your child receives an allowance, break it down so saving is easy. If they receive $5 and the rule is they must save a dollar a week, give it to them in dollar denominations so there is no excuse for not dropping the dollar in the bank. It may even be fun to help them count their savings every week and talk about how good it feels to save.

Open an Account – Regardless of their age, open a savings account for your child. When they have birthday money or when their piggy bank gets full, you can bring them to the bank to deposit funds, have their passbook stamped and watch their account grow. At VCNB, we have savings accounts for minors that require no minimum balance to open. We also have coin counters at several locations to help adding up all that change easy.

Teach in Every Day Life – Embrace opportunities to talk with your kids about money and spending and how things work. If you pay for a restaurant meal with a credit card, explain how credit cards work and why you are using one. When you swipe your VCNB debit card at the grocery, talk with them about how your debit card is tied directly to your checking account and that a swipe is the same as handing over cash. Teach them to comparison shop at the store and how to understand the unit price listed on the store shelf. These are skills they will use for the rest of their lives.

Lead by Example – Talk with your kids about your savings goals for retirement or even how you are saving a few dollars each paycheck for the family vacation this year. Your kids will follow your lead so find ways to be a good role model