Flanagan State Bank’s Life Stage Strategies
You may still rely on financial help from your parents or other family members, but it's not too early to start cultivating sound money-management habits. Many financially sound adults accomplished their goals through careful financial planning that began when they were students.
Flanagan State Bank offers saving accounts specifically designed for students:
Regular Savings– Minimum to open is $50. For balances under $50, there is a $3 service charge per month. Accounts for minors will not incur a low balance service charge.
When you are 18, you may open a savings account on your own at any bank location. Younger students may open savings accounts with the co-signature of a parent.
Student Checking– Entirely free checking account, minimum $100 to open. No minimum balance or service fees. Monthly statement with check images.
Statement Checking– Entirely free checking account, minimum $100 to open. No minimum balance or service fees. Monthly statement with no checks or check images.
Personal Checking– Our standard checking account with minimum $100 to open. Service charges apply for balances under $300. Monthly statement with check images.
When you are 18, you may open a checking account on your own at any bank location. Younger students may open checking accounts with the co-signature of a parent.
Here are some sources to help you and your parents plan how you will finance a higher education:
College Savings Plans – Flanagan State Bank offers several options to help you fund the cost of a higher education. It’s OK to start small, but start now with a college savings plan that both you and your parents can contribute to:
529 Plans – 529 Plans offer the investor tax-free savings if the money is used for qualified education expenses. Flanagan State Bank, with its partnership with CAPS Financial Group, can explain how 529 Plans can help you save tax efficiently for college. Contact Matthew Schwerin at 309-661-6333 for details.
U.S. Government EE Savings Bonds – EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events. These are available at Flanagan State Bank.
Federal Financial Aid for Higher Education (FAFSA) – All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines which can be found at http://www.fafsa.ed.gov. Applications for federal student aid may also be available from your high school counselors, public library or college financial aid office.
When you are 18, you may open a savings account on your own, either online or at the bank. Younger students may open checking accounts with the co-signature of a parent, and you need to do this together inside the bank.