Dollar the Dragon™ Website
Dollar the Dragon™ can teach you all about money through a fun, super cool, interactive website! You can learn, play games, and have fun - all at the same time!
South Valley Bank & Trust’s Kids Savings Club
Kids, it’s important to learn how to save your money. While it’s fun to spend money and buy new toys; think about saving some of your birthday money or allowance. By saving your money, you can build up more money in your bank account to buy something really special!
Being part of Kids Savings Club is a fun and easy way to save your money.
Dollar the Dragon™ has lost his treasure chest! If you can help him find it, he will give you a piece of his treasure. It’s easy to play!
Bring your money to a South Valley Bank & Trust branch and deposit it into your own Kid’s Club Savings account. When you make your first deposit, you will be given a cool game board. Once a week, you’ll get a special sticker for making a deposit into your savings account. The stickers follow a trail leading to Dollar's treasure chest on the game board. Once you get to the treasure chest, you’ll get to reach into the real treasure chest at the bank to get your treasure! Happy savings!
South Valley Bank & Trust’s Kids Money Market
If your mom, dad, or grandparents have a South Valley Bank & Trust Money Market account, they can set up a Kids' Money Market account for you as well. By doing so, you will receive more interest than with a savings account, no matter how much money is in your account. If this doesn’t make sense to you, ask your banker or parents about it!
American Bankers Association
For a newsletter designed by the American Bankers Association and geared toward youth and financial education, click here:
Also, be sure and check out their educational banking glossary by clicking here.
Teens - Managing Your Money
Teens, if you can learn to manage your money at a young age, it will make the rest of your life easier! It’s important to learn to budget and manage your money. Part of the way you manage your money is through a savings and checking account.
What is a check?
Checks are a safe and convenient way of making payments and are accepted universally. A check is a negotiable paper draft signed by the owner of the checking account for a specific amount of money and is made payable to another person or bearer. This represents an unconditional promise to pay a fixed amount of money on demand or at a definite time upon presentation to the bank on which it is drawn. Typically, the person receiving the check either cashes it at a teller window or has it deposited and credited to their own bank account.
Free Teen Checking Account
If your parents, grandparents or legal guardian have a BANKING FOR Life account, they can set up a teen checking account with you so that you can learn how to manage an account before you are on your own. You get your own BANKING FOR Life account with all the same great benefits! South Valley Bank & Trustwill completely waive the normal fee. It’s a great benefit for you and for your parents! Just ask your branch’s Personal Banker how to set up the account.
If you set up an account, consider asking for the brass magazine instead of free checks. The brass magazine has “direct, intelligent, and entertaining content written by and for young people.” It’s great reading while teaching you what you need to know about managing money and more!
Responsible Checking Account Usage
Checking accounts are a serious responsibility; therefore, it’s important to learn to use them wisely. A set of common laws adopted by all states govern commercial and financial transactions between parties. Therefore, it’s very important to keep a sufficient balance in your account to cover all the checks you write as well as all of your Debit Card transactions.
Here are a few tips to help a checking account stay in good standing:
Keep track of your checks and Debit Card purchases by writing them in your check register and subtracting them from the last balance.
Subtract any fees and add in any interest earned on your account. By doing this, you will always know how much you have in available funds.
Many people like to check their balance online. While checking your account balance online is easy and helpful, remember that not all the checks you have written or Debit Card purchases may be deducted from your balance at the time you check it. Clients who rely solely on checking their balance online to determine available funds may find themselves overdrawing their account. This can have negative consequences including having to pay overdraft fees!
Staying Balanced
Balance your checkbook every month to your statement or on-line account information. This means checking to see if checks or debits have cleared your account and that they have posted in the correct amount. You should also check all deposits and any other items. Here are some other tips:
Keep all Debit Card receipts and compare them to your statement or online account information.
Establish a budget to help you use your available funds wisely.
It’s always wise to keep a money cushion in the account. For example, if your budget indicates that you need $1000 available each month to pay your bills, consider having a cushion of $500 for emergencies or a possible mistake in writing down what you have spent.
Debit Cards
Although a Debit Card may look like a credit card, there are significant differences. The most important difference to remember is that your card is linked directly to your checking account and should be treated just like a check.
It’s important to learn how these cards work and how to use them responsibly. Here is a link to get you started:
Overdrawing Your Account
If you write too many checks or use your Debit Card when there is not enough money in the account to cover the amount, you will “overdraw” your account. Each time you use your Debit Card or write a check that cannot be covered, the bank must charge an insufficient funds fee to offset costs related to your overdraft. These can add up quickly! In addition, South Valley may decide to return your check to the person or bearer as “insufficient funds.” As you can imagine, this will not make the person or bearer very happy! In addition, your credit history can be negatively affected by overdrawing your account, which can cause you unnecessary challenges, such as being declined for credit or being charged higher interest rates, in the future! Finally, the bank may actually close your account if you are continually overdrawn, which could prevent you from getting another checking account, even at another bank.
South Valley Bank & Trust offers Overdraft Protection in the form of a line of credit or linking a savings or other designated account to your checking account. These options provide for coverage should you make a mistake about how much money is actually available. You will also avoid insufficient fund fees and the embarrassment of a returned check. For more information as well as fees associated with these protection options, call your Personal Banker or visit any South Valley Bank & Trust branch.
Saving
It is important to establish good savings habits early and continue them for life. We can’t emphasize the importance of this enough! Tips for saving:
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Another good idea is to make a list of all the things you want to save for, such as:
Christmas and other gifts
Future college tuition
Purchasing your first car
This will help you in budgeting and determine what type of savings account you want to open. Make sure you check out the Personal Finance calculators section.
There are several options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts
Certificates of Deposit (CD’s)
These three savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. The following websites have more information about saving money:
Road Trip Savings (click on the image for a fun game that wil teach you how to save)
Meet the challenges of four weeks on the road as you steer your way to financial stability. This game requires players to make decisions about income, expenses and savings.
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer.
We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Also, be sure and check out their educational banking glossary by clicking here.
College/Career - Managing Your Money
What is a Check?
Checks are a safe and convenient way of making payments and are accepted universally. A check is a negotiable paper draft signed by the owner of the checking account for a specific amount of money and is made payable to another person or bearer. This represents an unconditional or promise to pay a fixed amount of money on demand or at a definite time upon presentation to the bank on which it is drawn. Typically, the person receiving the check either cashes it at a teller window or has it credited to their own bank account.
South Valley Bank & Trust’s Free College Account
We know that college students are often short on cash. That’s why we offer a free college checking account. A college account can be in your name only (does not require parent’s signature). It's the same premium BANKING FOR Life account, but we completely waive your account service charge until you turn age 24!
If you set up an account, consider asking for the brass magazine instead of the free checks. The brass magazine has “direct, intelligent, and entertaining content written by and for young people.” It’s a great read while teaching you what you need to know about managing money, important documents and more!
Responsible Checking Account Usage
Checking accounts are a serious responsibility; therefore, it’s important to learn to use them wisely. A set of common laws adopted by all states govern commercial and financial transactions between parties. Therefore, it’s very important to keep a sufficient balance in your account to cover all the checks you write as well as all of your Debit Card transactions.
Here are a few tips to help a checking account stay in good standing:
Keep track of your checks and Debit Card purchases by writing them in your check register and subtracting them from the last balance. Also, subtract any fees and add in any interest earned on your account. By doing this, you will always know how much you have in available funds.
Many people like to check their balance on their online banking page. While checking your account balance online is easy and helpful, remember that all of the checks you have written or Debit Card purchases may not yet be reflected or deducted from your balance at the time you check it. Clients who rely solely on checking their balance online to determine available funds may find themselves overdrawing their account. This can have negative consequences including having to pay overdraft fees!
Balance your checkbook every month to your statement or on-line account information. This means checking to see if checks or debits have cleared your account and that they have posted in the correct amount. You should also check all deposits and any other items.
Keep all Debit Card receipts and compare them to your statement or online account information.
Establish a budget to help you use your available funds wisely.
It’s always wise to keep a money cushion in the account, For example, if your budget indicates that you need $1000 available each month to pay your bills, consider having a cushion of $500 for emergencies or a possible mistake in writing down what you have spent.
Overdrawing Your Account
If you write too many checks or use your Debit Card when there is not enough money in the account to cover the amount, you will “overdraw” your account. Each time you use your Debit Card or write a check that cannot be covered, SVBT must charge an insufficient funds fee to offset costs related to your overdraft. These can add up quickly! In addition, South Valley may decide to return your check to the person or bearer as “insufficient funds.” As you can imagine this will not make the person or bearer very happy! In addition, your credit history can be negatively affected by overdrawing your account. Finally, the bank may actually close your account if you are continually overdrawn, which could prevent you from getting another checking account, even at another bank.
South Valley Bank & Trust offers Overdraft Protection in the form of a line of credit or linking a savings or other designated account to your checking account. These options provide for coverage should you make a mistake about how much money is actually available. You will also avoid insufficient fund fees and the embarrassment of a returned check. For more information, as well as fees associated with these protection options, call your Personal Banker or visit any South Valley Bank & Trust branch.
Saving
It is important to establish good savings habits early and continue them for life. We can’t emphasize the importance of this enough! Tips for saving:
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Another good idea is to make a list of all the things you want to save for, such as:
College tuition
Emergency funds, i.e., car repair costs
Purchase of new car, etc.
Christmas
Travel
This will help you in budgeting and determine what type of savings account you want to open.
Savings Options There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With this account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Please see our Personal Finance calculators section.
FDIC
Have you ever heard of the Federal Deposit Insurance Corporation (FDIC)? The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Are you unsure of what types of accounts are eligible for FDIC insurance? Do you need a better understanding of what is covered, how much is covered and how to structure your money? If you have a checking and a savings account…are both covered? If you don’t know the answer, you can always ask your local Personal Banker. We are happy to help explain this to you. If you’re the adventurous type and feel like exploring it yourself, the following link will explain how FDIC coverage works and what accounts are covered.
So you want to make sure that your money is safe…but you’re not sure if it will all be covered. Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts? The FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Retirement Savings
Unfortunately, many people do not begin thinking about saving for retirement until much later in life. This is a mistake! While setting aside money can be difficult at this time of life, you will benefit immensely later in life from compounding interest. Consider this example:
If you saved an average of $100 a month in an IRA starting at age 20 and earned an average rate of return of 8%, you would have approximately $501,000 by age 65!
However, if you saved an average of $100 a month starting at age 50, earning the same rate of return, you would only have $35,378 by age 65.
Even if you doubled the amount saved starting at age 50 to $200 per month, you would still only have $70,378 by age 65.
It pays to start saving for retirement at a young age!
The following websites have more information on saving:
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today:
Also, be sure and check out their educational banking glossary by clicking here.
Career/Young Family - Managing Your Money
Responsible Checking Account Usage
Checking accounts are a serious responsibility; therefore, it’s important to learn to use them wisely. A set of common laws adopted by all states govern commercial and financial transactions between parties. Therefore, it’s very important to keep a sufficient balance in your account to cover all the checks you write as well as all of your Debit Card transactions.
Here are a few tips to help a checking account stay in good standing:
Keep track of your checks and Debit Card purchases by writing them in your check register and subtracting them from the last balance. Also, subtract any fees and add in any interest earned on your account. By doing this, you will always know how much you have in available funds.
Many people like to check their balance on their online banking page. While checking your account balance online is easy and helpful, remember that all of the checks you have written or Debit Card purchases may not yet be reflected or deducted from your balance at the time you check it. Clients who rely solely on checking their balance online to determine available funds may find themselves overdrawing their account. This can have negative consequences including having to pay overdraft fees!
Balance your checkbook every month to your statement or on-line account information. This means checking to see if checks or debits have cleared your account and that they have posted in the correct amount. You should also check all deposits and any other items.
Keep all Debit Card receipts and compare them to your statement or online account information.
Establish a budget to help you use your available funds wisely.
It’s always wise to keep a money cushion in the account, For example, if your budget indicates that you need $1000 available each month to pay your bills, consider having a cushion of $500 for emergencies or a possible mistake in writing down what you have spent.
Overdrawing Your Account
If you write too many checks or use your Debit Card when there is not enough money in the account to cover the amount, you will “overdraw” your account. Each time you use your Debit Card or write a check that cannot be covered; the bank must charge an insufficient funds fee to offset costs related to your overdraft. These can add up quickly! In addition, the bank may decide to return your check to the person or bearer as “insufficient funds.” As you can imagine, this will not make the person or bearer very happy! In addition, your credit history can be negatively affected by overdrawing your account. Finally, the bank may actually close your account if you are continually overdrawn. This may prevent you from getting another checking account, even at another bank.
South Valley Bank & Trust offers Overdraft Protection in the form of a line of credit or linking a savings or other designated account to your checking account. These options provide for coverage should you make a mistake about how much money is actually available. You will also avoid insufficient fund fees and the embarrassment of a returned check. For more information as well as fees associated with these protection options, call your Personal Banker or visit any South Valley Bank & Trust branch.
Saving
It is important to establish good savings habits early and continue them for life. We can’t emphasize the importance of this enough! Tips for saving:
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Another good idea is to make a list of all the things you want to save for, such as:
Down payment on a house
Emergency funds, i.e., car repairs or family medical costs
This will help you in budgeting and determine what type of savings account you want to open.
Savings Options
There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With this account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Please check out our Personal Finance calculators section.
FDIC
Have you ever heard of the Federal Deposit Insurance Corporation (FDIC)? The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Are you unsure of what types of accounts are eligible for FDIC insurance? Do you need a better understanding of what is covered, how much is covered and how to structure your money? If you have a checking and a savings account…are both covered? If you don’t know the answer, you can always ask your local Personal Banker. We are happy to help explain this to you. If you’re the adventurous type and feel like exploring it yourself, the following link will explain how FDIC coverage works and what accounts are covered.
So you want to make sure that your money is safe…but you’re not sure if it will all be covered. Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts? The FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Investing If you are seeking investment options outside of those listed above, South Valley Wealth Management, an affiliate of South Valley Bank & Trust, can provide a free investment consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Retirement Savings
Unfortunately, many people do not begin thinking about saving for retirement until much later in life. This is a mistake! While setting aside money can be difficult at this time of life, you will benefit immensely later in life from compounding interest. Consider this example:
If you saved an average of $100 a month in an IRA starting at age 25 and earned an average rate of return of 8%, you would have $336,737 before taxes by age 65!
However, if you saved an average of $100 a month starting at age 50, earning the same rate of return, you would only have $35,378 by age 65.
Even if you doubled the amount saved starting at age 50 to $200 per month, you would still only have $70,378 by age 65.
It pays to start saving for retirement at a young age! Be sure to use the Retirement Calculator in the Resource Center to calculate your age and possible saving scenarios.
The following websites have more information on saving:
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today:
You should always consult with a tax planning professional if you are unsure of how to proceed in your personal tax planning.
Career/Family - Managing Your Money
Responsible Checking Account Usage
Checking accounts are a serious responsibility; therefore, it’s important to learn to use them wisely. A set of common laws adopted by all states govern commercial and financial transactions between parties. Therefore, it’s very important to keep a sufficient balance in your account to cover all the checks you write as well as all of your Debit Card transactions.
Here are a few tips to help a checking account stay in good standing:
Keep track of your checks and Debit Card purchases by writing them in your check register and subtracting them from the last balance. Also, subtract any fees and add in any interest earned on your account. By doing this, you will always know how much you have in available funds.
Many people like to check their balance on their online banking page. While checking your account balance online is easy and helpful, remember that all of the checks you have written or Debit Card purchases may not yet be reflected or deducted from your balance at the time you check it. Clients who rely solely on checking their balance online to determine available funds may find themselves overdrawing their account. This can have negative consequences including having to pay overdraft fees!
Balance your checkbook every month to your statement or on-line account information. This means checking to see if checks or debits have cleared your account and that they have posted in the correct amount. You should also check all deposits and any other items.
Keep all Debit Card receipts and compare them to your statement or online account information.
Establish a budget to help you use your available funds wisely.
It’s always wise to keep a money cushion in the account, For example, if your budget indicates that you need $1000 available each month to pay your bills, consider having a cushion of $500 for emergencies or a possible mistake in writing down what you have spent.
Overdrawing Your Account
If you write too many checks or use your Debit Card when there is not enough money in the account to cover the amount, you will “overdraw” your account. Each time you use your debit card or write a check that cannot be covered; the bank must charge an insufficient funds fee to offset costs related to your overdraft. These can add up quickly! In addition, the bank may decide to return your check to the person or bearer as “insufficient funds." As you can imagine, this will not make the person or bearer very happy! In addition, your credit history can be negatively affected by overdrawing your account. Finally, the bank may actually close your account if you are continually overdrawn. This may prevent you from getting another checking account, even at another bank.
South Valley Bank & Trust offers Overdraft Protection in the form of a line of credit or linking a savings or other designated account to your checking account. These options provide for coverage should you make a mistake about how much money is actually available. You will also avoid insufficient fees and the embarrassment of a returned check. For more information as well as fees associated with these protection options, call your Personal Banker or visit any South Valley Bank & Trust branch.
Saving
It is important to establish good savings habits early and continue them for life. We can’t emphasize the importance of this enough! Tips for saving:
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Make a list of what you're saving for, such as:
Down payment for a house
Emergency funds for car repairs or family medical costs
Purchase of new vehicle
Vacation or other travel plans
This will help you in budgeting and determine what type of savings account you want to open.
Savings Options
There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With this account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Be sure to check out our Personal Finance calculators and our Personal Finance section of the Resource Center.
More about South Valley’s Kids Club Money Market
If you are a BANKING FOR Life client and have a Money Market account of your own, you can set up a Kids Club Money Market account for your child or grandchild under age 18. Be sure to talk to your Personal Banker to find out more. Your child or grandchild could earn substantially more money on even a small savings amount with no account fees!
FDIC
Have you ever heard of the Federal Deposit Insurance Corporation (FDIC)? The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Are you unsure of what types of accounts are eligible for FDIC insurance? Do you need a better understanding of what is covered, how much is covered and how to structure your money? If you have a checking and a savings account…are both covered? If you don’t know the answer, you can always ask your local Personal Banker. We are happy to help explain this to you. If you’re the adventurous type and feel like exploring it yourself, the following link will explain how FDIC coverage works and what accounts are covered.
So you want to make sure that your money is safe…but you’re not sure if it will all be covered. Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts? The FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Investing If you are seeking investment options outside of those listed above, South Valley Wealth Management, an affiliate of South Valley Bank & Trust, can provide a free investment consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Retirement Savings
If you haven’t started saving for retirement through an IRA or employer sponsored IRA, begin immediately! While setting aside money for retirement can be difficult, you will have no regrets when you retire. The sooner you start, the more you will benefit from compounding interest. Consider this example:
If you saved an average of $250 a month in an IRA starting at age 35 and earned an average rate of return of 8%, you would have $367,038 before taxes by age 65!
However, if you saved an average of $250 a month starting at age 55, earning the same rate of return, you would only have $46,936 by age 65.
Even if you doubled the amount saved starting at age 55 to $500 per month, you would still only have $93,873 by age 65.
It pays to start saving for retirement as soon as you can - the sooner the better! If you can’t afford $250 per month, start small. Be sure to use the Retirement Calculator to calculate your possible saving scenarios.
The following websites have more information on saving:
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today:
You should always consult with a tax planning professional if you are unsure of how to proceed in your personal tax planning.
Pre-Retirement - Managing Your Money
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Saving
It’s important to continue saving at this point in life. Retirement may be just around the corner and while it is important to pay off your debt, it’s important to save for retirement and other living expenses. Tips:
Stick to your budget. If you don’t have one, create a budget
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Determine your actual “needs” versus “wants.” This requires some discipline!
Another good idea is to make a list of all the things you want to save for, such as:
Emergency funds for car repairs or family medical costs
Purchase of new vehicle
Vacation or other travel plans
Child’s college education
Remodel
Retirement Savings
If you haven’t started saving for retirement through an IRA or employer sponsored IRA, begin immediately! Even if you have already been saving, consider increasing the amount and putting aside as much as you can...you still have time to benefit from compounding interest. Consider this example:
If you saved an average of $250 a month in an IRA starting at age 50 and earned an average rate of return of 8%, you would have $87,973 before taxes by age 65.
If you saved an average of $500 a month in an IRA starting at age 50 and earned an average rate of return of 8%, you would have $176,946 before taxes by age 65.
If you continued to save $500 a month in an IRA earning the same rate for 5 more years, your account would be worth $296,538 age 70. Even 5 years of additional compounding makes a difference - $119,592 more!
It pays to save as much as you can and the sooner the better! If you can’t afford $250 per month, start where you can. Be sure to use the Retirement Calculator in the Resource Center to calculate your age and possible saving scenarios.
This will help you in budgeting and determine what type of saving account you want to open.
Savings Options
There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With this account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Be sure to explore our Personal Finance section.
More about Kids Club Money Market
If you are a BANKING FOR Life client and have a Money Market account of your own, you can set up a Kids Club Money Market account for your child or grandchild under age 18. Be sure to talk to your Personal Banker to find out more. Your grandchild could earn substantially more money on even a small savings amount with no account fees!
FDIC
We are sure you have heard of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts?
We are here to help. You can always check with your local branch and Personal Banker to help assess the best way to structure your deposits to maximize coverage.
If you would like to calculate this yourself, the FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Perhaps you have some specific questions about FDIC coverage. Are you unsure of what types of accounts are eligible for FDIC insurance? Are you confused about the coverage on single accounts vs. joint accounts? Would you like to know what is meant by certain retirement accounts? The following link will answer these questions and more!
South Valley Wealth Management is an affiliate of South Valley Bank & Trust. Their excellent licensed Investment Brokers can offer investment advice and brokerage services for investment options and retirement savings. There is no fee for a consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
The following websites have more information on saving:
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today:
You should always consult with a tax planning professional if you are unsure of how to proceed in your personal tax planning.
Active Seniors - Managing Your Money
Banking Terms
The language of banking doesn’t have to be confusing. At South Valley Bank & Trust, we are always willing to explain any term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Saving
It’s important to continue saving at this point in life. You will still have special needs and you never know when an emergency may present itself. Tips:
Stick to your budget. If you don’t have one, create a budget
“Pay yourself first” – don’t pay yourself what is left over at the end of the month. What this means is making a “payment” to your savings account before you use the money for other reasons.
Take advantage of bank technology – use automatic transfers from your checking to your savings accounts.
Another good idea is to make a list of all the things you want to save for, such as:
Emergency funds for car repairs or unexpected healthcare costs
Travel
Vehicle replacement
Savings Options
There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With this account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Please explore our Personal Finances section.
More about Kids Club Money Market
If you are a BANKING FOR Life client and have a Money Market account of your own, you can set up a Kids Club Money Market account for your child or grandchild under age 18. Be sure to talk to your Personal Banker to find out more. Your grandchild could earn substantially more money on even a small savings amount with no account fees!
FDIC
We are sure you have heard of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts? We are here to help. You can always check with your local branch and Personal Banker to help assess the best way to structure your deposits to maximize coverage.
If you would like to calculate this yourself, the FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Perhaps you have some specific questions about FDIC coverage. Are you unsure of what types of accounts are eligible for FDIC insurance? Are you confused about the coverage on single accounts vs. joint accounts? Would you like to know what is meant by certain retirement accounts? The following link will answer these questions and more!
South Valley Wealth Management is an affiliate of South Valley Bank & Trust. Their excellent licensed Investment Brokers can offer investment advice and brokerage services for investment options and retirement savings. There is no fee for a consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
The following websites have more information on saving:
Retirement Savings
Even though you may already be retired, with inflation and unexpected declines in account valuations, consider continuing to set money aside for your future retirement needs. Get some professional help in determining your current and future needs and in continuing with a plan that makes sense for you.
Trust Resources
Often at this point in life, people start thinking about the management of their estate once they are no longer able to manage their own affairs. Our Trust Department can help. Please see the Estate section in the Resource Center.
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today.
You should always consult with a tax planning professional if you are unsure of how to proceed in your personal tax planning.
Golden Years - Managing Your Money
Banking Terms
At South Valley Bank & Trust, we are always willing to explain any banking term to you. If you have a question, please ask and we will provide the answer. We want you to understand your account and its features completely. For additional resources on banking terms visit the sites below:
Saving
You could probably give us bankers a lesson or two about the importance of saving! That said, as responsible bankers, we believe it’s important to continue setting money aside, even at this point in life. You will still have special needs and you never know when an emergency may present itself. Tips:
Have your Personal Banker set up an automatic transfer from your checking account to savings to make it easy.
Another good idea is to make a list of all the things you want to save for, such as:
Emergency funds for car repairs or unexpected healthcare costs
Travel to see children, grandchildren or perhaps enjoy a cruise!
Savings Options
There are a number of options available to help you with your savings goals. South Valley Bank & Trust offers:
Traditional savings accounts
Money Market accounts for adults
A unique Money Market account for kids as a benefit of your BANKING FOR Life account
Certificates of Deposit (CD’s). (With you BANKING for Life account, you earn an extra .25%)
These four savings options are FDIC insured up to the current FDIC limit. Consult your local branch for current FDIC limits and to determine the savings option that best suits your needs. Please explore our Personal Finance section.
More about Kids Club Money Market
If you are a BANKING FOR Life client and have a Money Market account of your own, you can set up a Kids Club Money Market account for your grandchild under age 18. Be sure to talk to your Personal Banker to find out more. Your grandchild could earn substantially more money on even a small savings amount with no account fees!
FDIC
We are sure you have heard of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of part or all of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the US government.
Would you like an easy way to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts? We are here to help. You can always check with your local branch and Personal Banker to help assess the best way to structure your deposits to maximize coverage.
If you would like to calculate this yourself, the FDIC created this easy to use EDIE Calculator that will help you calculate this information in a printable form for each bank you bank with.
Perhaps you have some specific questions about FDIC coverage. Are you unsure of what types of accounts are eligible for FDIC insurance? Are you confused about the coverage on single accounts vs. joint accounts? Would you like to know what is meant by certain retirement accounts? The following link will answer these questions and more!
South Valley Wealth Management is an affiliate of South Valley Bank & Trust. Their excellent licensed Investment Brokers can offer investment advice and brokerage services for investment options and retirement savings. There is no fee for a consultation. There is a representative in your area and a no obligation appointment can be easily made through your branch or by calling them directly.
Note: Investment products offered by South Valley Wealth Management are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
The following websites have more information on saving:
Retirement Savings
Even though you may already be retired, with inflation and unexpected declines in account valuations, consider continuing to set money aside for your future retirement needs. Get some professional help in determining your current and future needs and in continuing with a plan that makes sense for you.
Trust Resources
Often at this point in life, people start thinking about the management of their estate once they are no longer able to manage their own affairs. Our Trust Department can help. Please see the Estate Planning section.
Tax Planning
Each year we look for new and creative ways to reduce our tax liability. It is important to have a tax plan in place to avoid last minute stress during tax season. There are several resources available to help with tax planning. Visit the links below to begin developing your plan today.
You should always consult with a tax planning professional if you are unsure of how to proceed in your personal tax planning.
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