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How to Save for Your Business
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ASB May 14, 2021 | 5 min read BusinessOwning your own business is exciting, but navigating the financial pieces can be challenging. Separating your business and personal expenses can help you manage your business finances and stay on track. Opening a business savings account can help you save for the future of your business.
What's the difference between a personal savings and business savings account?
Both accounts help you to save money for the future. From saving for a big purchase to covering unexpected emergency expenses, a savings account makes it easier to manage your money.
Personal savings accounts are designed for personal, family, or household purchases and expenses while business savings accounts are made to cover and save up for your business’ expenses. For example, say you need to set up a point-of-sale system at your storefront. You can tap into your business savings to make the purchase without needing to take out a business loan.
Why should you open a business savings account?
A business savings account can help you to play for future financial needs. Benefits include:
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Work-Life Separation: Having a separate savings account for your business from your personal account will make it easier for you to track the money coming into and going out of your business. Keeping accounts combined could also complicate filing your taxes. You risk overlooking business expenses or misreporting business income. This can make the process a lot more difficult if your business is audited by the IRS.
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Prepare for the Unexpected: Like a personal savings account, your business savings can serve as a rainy-day fund for your business. If you experience an unexpected emergency, you can use money from your business savings to cover the expense without disrupting cash flow. For example, say one of the vehicles owned by your business breaks down and needs repairs. You can cover the repairs with money from your savings account rather than relying on financing from options such as a business loan.
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Save for the Future: As your business grows, your needs will change. You may find yourself needing a bigger space, more employees, or new equipment. A business savings account makes it easier to plan for future needs and expenses. You can set a savings goal and set aside money in your business savings, an account designated to keep you from spending money on other things.
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Strong Banking Relationships: By opening a business savings account at a local bank, you’ll establish or further strengthen your relationship with a business banker. Your banker can help you navigate the financial needs of your business both now and in the future. When you need additional financing or services, such as a business loan or merchant services, you’ll already have a relationship with your business banker and your bank.
Compare Business Savings Accounts*
Similar to a personal savings account, a business account can help you earn interest on your money. That means that the more your business puts into savings, the more the money will grow. As your savings increase, your business earns more cash that will help you reach your goals and allow you to have money for the things you need, such as broken equipment or a new product line.
Where business checking accounts help you manage business transactions, a business savings account helps you plan for future money needs. At ASB, we offer three types of savings accounts for local businesses. All of our accounts feature low opening balance requirements — meaning you can start saving for the future of your business, even if cash flow is tight.
Biz Statement Savings
Are you looking for a basic business savings account that can earn interest with little to no fees? Our Biz Statement account might be right for you. This simple business savings account lets you open your account with only a $100 minimum opening deposit. The monthly service fee is a low $4.50. You can waive this service fee by maintaining a daily balance of $300 or more. You’ll get access to your account anytime, anywhere with phone and online banking included at no extra charge. You can even earn more on the money you deposit through interest earnings. If your account balance is $100 or more, you’ll earn interest on the balance that’s compounded daily.
Biz Tiered Savings
Want to get a little more out of your business savings? Our Biz Tiered account rewards you with a higher interest rate when you have a balance above a certain amount. You can waive the $5 monthly service fee with a monthly average balance of $500 or more. Like our Biz Statement account, the Biz Tiered account gives you access to phone and online banking for easy, fast access to your account when you need it.
Biz Money Market
Do you need fast access to the funds in your business savings? With our Biz Money Market account, you earn interest on your balance and get access to your savings with checks. You can open a Biz Money Market account with a small $1,000 minimum opening balance. Like our Biz Tiered savings, you’ll earn higher interest rates on higher balances. The $10 monthly service fee can be waived by maintaining a $1,000 minimum daily balance or a $2,500 average monthly balance.
How to open a business savings account
There are a lot of options out there when it comes to business savings accounts. Consider choosing local and working with a bank that truly understands your business needs and your community. At ASB, any one of our business bankers can walk you through the process of setting up accounts, applying for financing and managing business funds in Hawaii. They know and understand our local business requirements, and will ensure that your application is submitted smoothly.
Contact a business banker to make an appointment and open a business savings account today.
*Regulatory limits on withdrawals apply.
David Oyadomari
Executive Vice President &
Operations
David Oyadomari is Executive Vice President of Operations. In his role, he is responsible for delivering integrated operations solutions and improving the bank's operational efficiency.
David has more than 12 years of diverse experience in banking. His work includes working on ATMs, digital banking solutions, new product development, and retail and consumer lending. He previously served as founder and managing director of Ekklesia Capital, an innovation and strategy firm focused on developing small businesses.
David holds a Bachelor of Arts in Economics and Philosophy from Claremont McKenna College and a Master of Business Administration in Strategic Management from the Wharton School at the University of Pennsylvania.
He serves as President of the Claremont McKenna Alumni Association – Hawaii Chapter, strategic advisor for FTV Capital, advisory board member of Chaminade University Business School, network member of Family Business Center of Hawaii and board member of Hoea Foundation. David is a founding member of Kakaako Christian Fellowship and a member of the Omidyar Fellows, Cohort IV.
Managing Debt in College and Beyond
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ASB May 10, 2021 | 5 min read PersonalThe cost of higher education continues to be on the rise, with student loan debt becoming increasingly common among younger generations. Learning how to manage your debt and establishing good money habits as soon as possible can help to ensure you have a financially healthy and stable future that allows you to pay back your debts.
Read on to learn more about managing debt in college, and beyond.
Good Debt vs. Bad Debt
A lot of students start college believing that all debt is a bad thing. This common misconception sometimes holds people back financially. In reality, some types of debt are considered “good debt” while others are considered “bad debt.”
Good debt refers to money that you can borrow to invest in your future. Common examples include student loans and mortgages. Your student loan(s) may be costly, but you can view them as an investment towards your higher education. By using a loan to pay for college, you’re able to get a degree, which hopefully will lead you to a career that allows you to make more money. Similarly, a home loan like a mortgage can help you to afford a house – a real estate investment that will grow in value over time, vs. losing money while renting.
Bad debt, on the other hand, usually refers to money that is borrowed to buy something you can’t afford, or to cover expenses that aren’t considered an investment. Examples include unnecessary credit card debt, or a payday loan to pay for a new outfit. Generally, if you can’t afford something and don’t need it, taking out a loan to purchase it will result in bad debt.
Managing Debt in College
When it comes to debt in college, student loans is probably the first type of debt that comes to mind. However, many student loan programs, such as federal student loans, don’t require you to start repaying your debt right away. In fact, depending on the loan you have, you may not need to pay off your loan until you graduate, leave school, or switch to part-time enrollment. This gives you some time to focus on your studies and find a good job after graduation.
If you do have extra money available, you can start paying off your student loan debt while you’re still in school. Getting a head start on repaying your loans can make room for more money in your budget to move out on your own or plan a big life event.
Credit Card Debt During College
Another common form of debt while in college is credit card debt. You might be thinking of applying for a credit card while in school to start building your credit and help you pay for emergencies and regular expenses. You’ll want to be sure you’re responsible enough to handle a credit card before you apply. Can you make your payments each month, by your credit card’s deadline? Do you have a rainy day or emergency savings, in case you spend more on your credit card than expected and need to dip into extra funds?
A good way to get started building credit is to look for a secured credit card. Secured cards give students a better chance of approval because they use a security deposit. The credit card issuer can use the security deposit to cover purchases on the card if you suddenly can’t pay your bill. Pay your bill on time each month and your deposit should be automatically refunded to you.
Once you have a credit card, you can reduce your risk of falling into credit card debt by following these tips:
Use your card like a debit card. This means you only buy things on the card if you already have the money to cover the cost in your bank account.
- Only put regular expenses, like gas or groceries, on the card. By only making normal purchases with your credit card, you’re less likely to overspend.
Managing Debt After Graduation
Post-graduation is a great time to consider paying off any student loans you might have. Contact your student loan lender to see if you can create a repayment plan that includes a set monthly payment and timeline to pay off the loans.
Student loan repayment could take decades, depending on how much you borrowed for school and your income. In the time it takes to repay student loans, you might want to borrow money for other things as well. For instance, you could be looking to upgrade your vehicle with a new car or want to buy your first house.
Making smart choices with your money can help you with managing debt in college and after graduation.
Here are a few tips to help you with managing your debt:
Create a budget for your monthly payments.
Set up automatic payments so your bills are paid on time each month.
Use extra money, such as a bonus at work, to help pay down high-interest debt.
- Build an emergency fund to cover living expenses if you lose your job or have an unexpected expense.
Need help in figuring out how to save toward paying off and managing your debt? Discuss your options with American Savings Bank today.
Why Every Business Owner Needs a Business Checking Account
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ASB August 05, 2024 | 5 min read BusinessAre you starting up a new business? We’re here to help! One of the ways we help businesses manage their finances is by offering different types of business bank accounts. Whether you’re running your business by yourself or have a team of employees, a business checking account can help you to better manage your money on a daily and long-term basis.
What is a business checking account and how does a business account work?
A business checking account is a bank account designed to manage the financial transactions of a business. It allows businesses to deposit funds, write checks and includes features for business needs like wire transfers, higher transaction limits, administer debit cards to employees and more. Businesses can access their account in a branch or through online banking.
What's the difference between a personal checking and business checking account?
You might think a checking account is a checking account, but business and personal checking accounts aren’t quite the same. The most notable difference is that you’ll need a business to open a business checking account. The account will be in the name of your business instead of your name, which is the case with personal checking accounts. Personal checking accounts are usually used for personal, family, or household use. You also need business documentation to open a business account. While personal accounts are usually easier to open and may incur fewer fees, business checking accounts offer important advantages to business owners. See the the benefits of a business checking account below.
Benefits of a business checking account
Business bank accounts are vital to managing your business’ revenue and expenses. With a business checking account, you can keep your money separate from your personal funds. Your account may also give you access to discounts on business loans or merchant services. Benefits of a business checking account include:
Keeping You Organized: When you keep your personal and business funds in one account, you’re left struggling to differentiate between your personal and business spending. A separate business account eliminates this issue. You’ll be able to easily evaluate business income and expenses without sorting through personal transactions. When it’s time to analyze your business financials, your records will be organized.
Making Taxes Easier: Organized documents don’t just help when you’re looking through records on your own. They also make it easier for you to prepare your documents when filing your taxes. This makes things easier for your accountant, while also reducing stress if you ever face an audit from the IRS. If your business is audited, you can pull up your business checking records to show all of your business transactions over the year.
Look Professional: Using a business checking account to pay vendors looks more polished and professional. This increases the legitimacy of your business when working with other professionals. Having checks and a debit card in the name of your business can also help you feel more confident in your business. You’ll feel empowered to keep growing and improving your business.
- Strong Banking Relationships: By opening a business savings account at a local bank, you’ll establish or further strengthen your relationship with a business banker. Your banker can help you navigate the financial needs of your business both now and in the future. When you need additional financing or services, such as a business loan or merchant services, you’ll already have a relationship with your business banker and your bank.
Find the right business checking account
Once you find a bank that offers the features and benefits you want, you’ll need to narrow down the type of business checking account that’s right for your business. Most banks offer a range of checking options to fit a variety of needs. At ASB, we offer three business checking account options. Whatever type of account you choose, you’ll get the friendly help and expertise of our local business banking team.
All of our business checking accounts include these helpful features:
Online banking with no monthly service fee.
No fee for Bill Pay services.
Receive a debit card for purchases and ATM withdrawals.
Overdraft solutions linked to your business savings account.
- Access to resources to help you start, grow, and manage your business.
BIZ ESSENTIALS CHECKING
If you run a small business or are just starting out, you may not need access to the same features as a large business. Our Biz Essentials checking makes it easy for small businesses to manage their money and day-to-day transactions. The best part is there’s no monthly service fee. This makes it easy for you to deposit money and pay bills without worrying if your bank account is costing you money. You’ll get 50 transactions per month, including checks processed or deposited, with a low fee per transaction afterward. Deposit your checks from almost anywhere with Mobile Deposit. You can also deposit up to $10,000 in cash at a branch per month at no extra charge. With plenty of options to deposit funds for little to no fees, it’s easy to manage cash flow for your business.
BIZ PLUS CHECKING
As businesses grow, they often need more out of their business checking account. That’s why ASB offers Biz Plus checking for growing businesses. You’ll get the same convenience of a Biz Essentials account along with added exclusive discounts on other business banking products. Save on application and annual fees if you need a ProTecLine revolving credit line to protect your business checking from overdrafts. You’ll also get fee discounts on business lines of credit and business loans that can help your business continue to grow. Use funds from a loan of line of credit to increase production, launch a new marketing campaign, or consolidate business debt.
BIZ DELUXE CHECKING
Does your business have a high volume of transactions per month? Do you maintain a large balance and need a business checking account that meets your financial needs? A Biz Deluxe account gives you the most access to account perks from ASB. Save on outgoing wires with discounts only for Biz Deluxe account holders. Get overdraft protection with no fees for savings overdraft transfers. Businesses that accept credit and debit cards can take advantage of discounts on merchant services. You can also access fee discounts for business loans and lines of credit. When you do apply for a business loan or credit line, enjoy special rate discounts for ongoing interest savings.
How to open a business checking account
There are a lot of options out there when it comes to business checking accounts. Consider choosing local and working with a bank that truly understands your business needs and your community. At ASB, any one of our business bankers can walk you through the process of setting up accounts, applying for financing and managing business funds in Hawaii. They know and understand our local business requirements, and will ensure that your application is submitted smoothly.
Opening a business checking account is a little different than opening a personal account. We’ll need to collect some extra information to confirm the business and who is authorized to access the account. Start by going over our handy Business Account Opening Checklist to get a better idea of what you’ll need to open your new account.
Contact a business banker to make an appointment and open a business checking account today.
American Savings Bank President and CEO Rich Wacker Announces His Departure; Executive Vice President of Operations Ann Teranishi Named as Wacker’s Successor
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ASB May 06, 2021 | 5 min read News ReleasesAmerican Savings Bank (ASB) announced today that President and Chief Executive Officer Rich Wacker will leave the company to pursue other interests. The Board of Directors has appointed Executive Vice President of Operations Ann Teranishi as ASB’s new President and CEO, effective May 7, 2021.
“The most rewarding achievement of my time at ASB has been working with amazing people who are as passionate about delivering great banking and making people’s dreams possible as they are about giving back and making our community stronger. I’m deeply proud of all that we’ve accomplished together,” said Wacker. “Having worked closely with Ann for many years, I am confident that under her leadership, ASB will remain a leading financial institution for many years to come.”
“It is my true honor and privilege to be selected to lead the incredible team at American Savings Bank,” Teranishi said. “When I joined ASB nearly 14 years ago, I knew there was something special about this company – the way we genuinely care about our customers, how we work together and our willingness to roll up our sleeves to support our community. I look forward to building on that success and I thank Rich for his leadership and tremendous contributions to ASB and our state.”
The ASB Board of Directors considered a number of candidates as part of its succession planning process. “It became apparent that Ann was a natural choice, given her outstanding record of accomplishments,” said ASB Board of Directors Chair Connie Lau. “Ann has a gift for building high-performing teams and has the leadership qualities and operational skills that will enable her to lead ASB’s continued growth. She is a strong, collaborative leader with deep banking industry knowledge and a long track record of success at ASB.”
Teranishi’s Experience and Background
As Executive Vice President of Operations, Teranishi is responsible for delivering operational improvements to enhance overall customer experience. She played a key role in transitioning ASB from more traditional branch-centric operations to online and other self-service options, which have become increasingly popular with customers during the pandemic. Throughout Teranishi’s various management assignments, she also was responsible for developing an enterprise-wide compliance program, leading the retail credit team to best-in-class fulfillment times for consumer loans, and heading strategic initiatives to enhance ASB’s quality of customer service.
Teranishi has received numerous recognitions for her business, leadership and community contributions, including Pacific Business News’ Women Who Mean Business, Hawaii Business Magazine’s 20 for the Next 20, and Girl Scouts Women of Distinction. Teranishi is an Omidyar Fellow and serves on the boards of the Chamber of Commerce of Hawaii, Hawaii Literacy, the Hawaii Cellular Therapy and Transplant Center, and the U.S.-Japan Council.
Teranishi holds a Bachelor of Arts in International Relations and Economics from Claremont McKenna College, and a Juris Doctorate from the University of California, Hastings College of the Law. She is a graduate of the Pacific Coast Banking School at the University of Washington’s Graduate School of Business and the Stanford Graduate School of Business Emerging COO program.
Wacker’s Accomplishments and Contributions
Lau also praised Wacker’s accomplishments during his time at ASB. “Under Rich’s leadership, ASB has grown its assets, improved products and services, implemented contemporary risk management and analytic disciplines, and upgraded the bank’s technology and facilities across the state. His intelligence, energy and personal warmth have been a terrific match for a bank committed to providing great customer service and making banking easy for customers. Thanks to Rich’s focus on employees, ASB has been named a Best Places to Work by Hawaii Business Magazine for 12 consecutive years. Through his service on multiple nonprofit boards, Rich has modeled ASB’s vision of bringing real impact to our island community, particularly helping to lead innovation and entrepreneurism to diversify our state’s economy.”
Wacker serves and has held leadership positions on the boards of several prominent organizations, including: Hawai‘i Pacific Health (Vice Chair); the University of Hawai‘i Foundation (Chair); Hawai‘i Business Roundtable (Innovation Chair, Former Chair); Hawai‘i Executive Collaborative (CHANGE Innovation Economy Chair); University of Hawai‘i Pacific Asian Center for Entrepreneurship (Past Chair); Chaminade University (Board of Regents); Child & Family Service (Past Chair); and Hawai‘i Bankers Association (President).
Under Wacker’s leadership the bank continued to perform well through the pandemic, including in the first quarter as evidenced in ASB’s earnings release published last week.
About American Savings Bank
With roots going back to 1925, American Savings Bank (ASB) serves Hawaii’s businesses and communities with a full range of financial products and services, including business and consumer banking, home loans, insurance and investments. ASB is one of Hawaii’s leading financial institutions, with e-banking services and branch locations throughout the state offering evening, weekend and holiday hours. ASB provides Hawaii’s consumers and businesses with more extended weekday and weekend hours than other similarly sized local banks, as well as convenient in-store branches. ASB matches its exceptional customer experience with an employee experience that has garnered local and national awards. ASB has been recognized locally as one of the “Best Places to Work” by Hawaii Business magazine for 12 consecutive years and honored nationally as one of the “Best Banks to Work For” by American Banker magazine. Fortune magazine has recognized ASB as one of the 100 Best Workplaces for Women and 50 Best Workplaces for Diversity. For nearly a century, ASB has helped to build strong communities. Through its Seeds of Service program, ASB teammates have contributed more than 63,000 hours of volunteer service and ASB has donated millions of dollars to Hawaii’s nonprofits and community organizations. For more information, visit https://www.asbhawaii.com/ or follow ASB on Facebook, Instagram and LinkedIn.
Media Contact
Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com
Tips to Manage Your Credit
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ASB May 06, 2021 | 5 min read PersonalUnderstanding your credit score and figuring out how to improve your credit may sometimes feel daunting, but it’s something that’s necessary, as it can improve or hinder your financial health. Check out the video below to learn more from Jenny Matsudaira, our Pearlridge Branch Manager.
Credit basically allows you to borrow and access loans to purchase goods and services that you pay back. A common measure of your creditworthiness is a credit score. Your credit score determines things such as whether you qualify for a loan, the interest rate you will be charged, and the maximum amount you may be loaned. With good credit, you’re able to more easily achieve goals such as buying a home, leasing a car, paying off debt and more.
Benefits of a Business Banker
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ASB May 03, 2021 | 5 min read BusinessRunning a small business often means wearing many hats: you might be the founder, head of marketing, human resources manager and IT department of your company all at the same time. There’s no reason you should have to take on every role in your business on your own, especially when it comes to the financial health of your business.
Forming a relationship with a business banker can remove some of the stress from running a business. It gives you the chance to work directly with a financial expert who has experience helping Hawaii business owners.
Who is a Business Banker?
A Trusted Advisor
A major benefit of a business banker is their ability to become your go-to source for actionable business advice. Experienced bankers know what it takes to run a successful business. Your banker can help answer your questions about your financials. They’ll help you understand when to take advantage of growth opportunities, how to manage your day-to-day finances, and what products are available to make money management easier.
The best bankers will help you see both the strengths and weaknesses of your business and give you the tools you need to improve the weaknesses. There’s a good chance they’ve already seen other businesses with similar challenges and can give you creative solutions based on what worked for other clients. They should help you develop a variety of solutions rather than just pushing bank products. For example, your business banker may suggest a business loan to help cover upcoming business expenses. At the same time, they may also direct you to helpful marketing resources that can help you increase your profits.
An Advocate
While your banker should help answer your financial questions, you also want them to ask questions about how you can grow your business. This is a sure sign they’re trying to get to know you and your business better. As they learn about your goals, fears, and strengths, your banker can go to work as your advocate.
A good advocate truly understands what you’re trying to accomplish and wants to see you succeed. They’ll keep an eye out for opportunities that align with your business goals and let you know when these opportunities are available.
Your business banker should be an advocate when looking for financial products as well. That means they’ll do what they can to help you get the best business banking products and rates. If you apply for a loan, for example, your banker supports you through the application process. As the bank looks at your application, your banker is there to fight for your business and make a case for you to get the best available terms.
In 2020, we saw this firsthand with the rollout of the Small Business Administration’s Paycheck Protection Program (PPP). Our business bankers worked hard to help customers across the state secure federal funding to help keep their businesses afloat.
A NETWORK EXPANDER
Working with a business banker can open doors to new clients, new connections and new opportunities. You'll have more chances to grow your professional network the more that you work with your banker.
Business bankers interact with business owners and managers of every type. There’s a good chance that your business banker knows a great accountant, lawyer, or other professional who can help your business. As they get to know your business, they can recommend you to their other clients.
Even if you’re not looking for professional services, your banker has access to the latest trends and information about the local economy and industry developments. They likely also have access to information on small business development in the community. No matter what you need for your business, your business banker is one of the best resources for recommendations or advice.
Benefits of Business Banking
A business banker is only part of the equation for running a successful business in Hawaii. You’ll need to use the right financial products to reach your business goals. A business bank account is a great way to manage your money and stay on track with your financial goals.
The biggest benefits of business banking include:
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Organization: A business account keeps your financial records in one place and your business and personal finances separated. You’ll be able to accurately see how much money your business is making. Your business account easily lets you analyze your expenses to see where your business is spending most so you can make adjustments.
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Tax Purposes: Having a separate account for your business makes tracking income and expenses easier at tax time. You can quickly look through your account records for deductions. If the IRS audits you, a business account helps prove you’re running a business.
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Professionalism: Asking customers to write a check to your personal bank account can raise eyebrows and leave you looking unprofessional. Your business name on a bank account creates a professional image and instills confidence in your business.
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Multiple Signers: Does your business have several employees who need to write or cash checks? A business bank account allows you to add authorized account users, such as your business partner or store manager, to the account.
Ready to get some financial help with your business? Connect with one of our knowledgeable business bankers at ASB. Our business banking team has local experience in Hawaii and is ready to build a relationship with you and your business.
Get to Know Personal Loans
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ASB April 28, 2021 | 5 min read PersonalDo you have a major purchase coming up, need to pay off debt or have an unexpected expense? A personal loan could help you to cover these costs by spreading out the expense over a set term, usually with a lower interest rate than a credit card.
American Savings Bank provides personal loans designed just for you. Learn how a personal loan works and why you should consider one to cover planned or unplanned expenses.
What is a Personal Loan?
A personal loan is a type of loan that gives you access to cash for almost anything – whether that’s building your financial cushion, consolidating debt or paying for education.
Personal loans vary between lenders. At ASB, we provide personal loans with set terms and fixed interest rates. This means you’ll know exactly how much you owe and pay each month. You’ll also know when your loan will be paid off. Our loans don’t require collateral, so you can access funds without worrying about pledging your assets as collateral.
What Can You Do With a Personal Loan?
Personal loans can sometimes be a better option that opening another credit card. They can be used to pay for most things, from a vacation to a sudden medical bill. You can even use a personal loan to pay off an existing debt in order to take advantage of a lower interest rate.
Some of the most common uses for personal loans in Hawaii include:
Weddings: Getting married is expensive. A personal loan can make it possible for you and your partner to have the wedding of your dreams with reasonable repayment terms.
Home Remodels: From sprucing up a small bathroom to redoing your entire kitchen, a personal loan makes it easy to pay contractors without depleting your savings.
Debt Consolidation: Pay off expensive credit card balances, outstanding medical bills and other high-interest debt with a new personal loan. Personal loans usually have a lower interest rate than high-interest credit such as credit cards. You could save on interest costs by using your personal loan to pay off high-interest debt.
Emergency Expenses: Cover the cost of a trip to the emergency room or unexpected car repairs using loan funds. You won’t have to drain your savings account and you’ll likely save on interest costs compared to other credit options.
- Vacations: From luxury cruises to timeshares, put personal loan funds toward your dream vacation with affordable personal loan interest rates.
What to Know Before you Apply
Applying for a personal loan usually only takes a few minutes, but you’ll want to be prepared before you apply. Most importantly, you should know your credit score and credit history. Check your score before applying and make sure to apply for only one type of credit at a time. For example, consider waiting to apply for a personal loan if you recently purchased and financed a new car.
You should also consider how a personal loan will affect your finances. Use our personal loan calculator to estimate your potential loan payments. Knowing what you’ll probably pay for your loan each month makes it easier to factor your payments into your monthly budget.
Apply Now
Ready to apply for a loan? Click here to get started, or make an appointment with one of our helpful bankers to learn more. Using a personal loan can make it easier for you to manage your finances and maintain a healthy emergency savings.
