Isn't That Rich Podcast

At Farmers State Bank, we believe that choosing the right financial products tailored to your needs can make a significant difference in your financial journey. In a recent podcast episode with Christine Hankins, our President of Retail Banking, we explored the essential questions and considerations that help us guide customers towards smarter savings.

Understanding Your Goals

When you walk into our bank, we want to know what matters most to you. Christine emphasized the importance of asking situational questions to understand how you plan to use your accounts. Whether you're interested in higher rewards checking or prefer accounts that suit specific balance requirements, knowing your financial habits helps us tailor our recommendations effectively.

Making Banking Comfortable

Opening a bank account can be intimidating, especially if it's your first time. Christine highlighted the necessity of feeling comfortable with your bank choice and understanding the services available to you. We aim to equip every customer with tools like online banking right from the start, ensuring convenience in managing your finances daily.

Preparing for the Future

Beyond immediate banking needs, we're passionate about helping you prepare for the future. Whether it's saving for retirement, funding your children's education, or planning for major life events, we're here to discuss your long-term goals. From IRAs to 401(k) contributions, our goal is to ensure you have a clear path towards financial security.

Budgeting for Fun

Budgeting isn't just about restrictions; it's about empowering you to achieve your dreams. We encourage allocating funds for fun activities and vacations, demonstrating that a well-structured budget can enhance your quality of life without financial stress.

Emergency Funds and Beyond

Christine stressed the importance of emergency funds as a critical safety net. Establishing this fund ensures you're prepared for unexpected expenses, providing peace of mind during challenging times. Whether you're starting your first job or planning for retirement, prioritizing financial preparedness is key.

Christine emphasized the importance of starting with retirement savings like IRAs, encouraging individuals to "pay themselves first" to secure their future. Following retirement savings, she highlighted the necessity of building an emergency fund to cover unexpected expenses, stressing the need for 3 to 9 months' worth of income saved and readily accessible.

Multiple Savings Accounts

Christine clarified that customers can open multiple savings accounts tailored to different financial goals. Whether saving for taxes, insurance, or specific purchases like Christmas expenses, Farmers State Bank offers flexibility in account labeling and automatic transfer options. This approach allows customers to manage and allocate funds efficiently based on their needs.

Understanding Interest Bearing Accounts

Detailing the benefits of savings accounts, Christine explained that these accounts earn interest monthly based on the account balance. This feature incentivizes saving and rewards customers for keeping their money with the bank. She also introduced the Christmas Club account, designed specifically for holiday savings with restricted access until October each year.

Checking Accounts with Savings Features

Moving beyond traditional savings, Farmers State Bank offers interest-bearing checking accounts like the Kasasa Cash account. This account provides high interest rates, unlimited withdrawals, and refunds on ATM fees up to $20 per month, making it a popular choice among customers seeking flexibility and rewards for their banking transactions.

Community Impact of Deposits

Christine highlighted the community-oriented benefits of banking locally, emphasizing how deposits into community banks support local economies through loan funding and financial reinvestment. This community-centric approach distinguishes community banks from larger institutions and underscores their role in fostering local economic growth.

Security and Peace of Mind with FDIC Insurance

Christine discussed the importance of FDIC insurance in ensuring the safety of deposits at Farmers State Bank. She explained that all accounts are fully FDIC insured, offering peace of mind to customers, with coverage extending beyond the standard $250,000 limit per person through different account categories like joint, trust, and retirement accounts. She emphasized the security of deposits, highlighting FDIC's track record of never losing a penny.

Navigating the Landscape of Online Banking

Christine highlighted the contrast between community banks like ours and online banks that often boast higher interest rates. While these rates may seem attractive, she cautioned listeners to verify if these institutions are FDIC insured. Without FDIC backing, deposits may not be protected, exposing customers to potential risks. At Farmers State Bank, our conservative approach to banking ensures that your deposits are invested responsibly, contributing to the stability of our local economy.

At Farmers State Bank, we're dedicated to providing personalized banking solutions that empower you to achieve your financial goals. Whether you're saving for retirement, planning for major life events, or simply looking for a secure place to grow your money, our team is here to support you every step of the way. Visit us today to discover how our comprehensive banking services can help you secure your financial future with confidence.