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Commonly Asked Questions!

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Commonly Asked Questions!

question mark

Should I get a savings account or a checking account?

A: Checking accounts are often times (not always) very low interest bearing accounts. In contrast, a savings account offers more interest. With a checking account the Federal Government allows you to do an infinite number of transactions, however savings accounts have limits to how many withdrawals you can do per month (normally do not have check writing capabilities). Therefore, depending on what you are wanting to do with your funds (save/spend) will more than likely determine what type of account you should open. There is nothing wrong with having BOTH!

What are my investment options that keep my funds liquid?

A: The most liquid options for saving or investing at this time would include savings accounts and money market accounts. Though there may be other options such as CD laddering or Bonds but at this time CD rates are low and Bonds can go down in value if interest rates rise (actually this is true for CDs as well).

How can I better understand my options for a new mortgage?

A: Meet with your mortgage lender! First Central State Bank Mortgage Lenders

Why do interest rates change so frequently and how can I get the best rate?

A: Interest Rates Vary
There are a number of loan markets, including those for home mortgages, consumer loans, government bonds, corporate bonds and foreign loans.

Each loan market has its own interest rate, which rises and falls over time. The interest rates in these markets, like the prices of all commodities, depend on the relationship between supply and demand.

Interest rates may rise if:

The demand for loans increases.

The amount of money available for loans decreases. Generally, when interest rates are low, people are eager to borrow because loans cost less than at other times.

Interest rates may fall if:

The demand for loans decreases.

The amount of money available for loans increases. Usually, when interest rates are high, lenders are eager to make loans because they earn a larger profit. However, at the same time, loans cost more so people are less likely to borrow.


-Hannah Perrone



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