What is Identity Theft?

When one illegally uses another individual’s personal information, like their Social Security number or banking information, without their permission, this is known as identity theft. Some common activities done through identity theft include: 

• Opening new bank or credit card accounts
• Making purchases in another person’s name
• Assuming another’s identity for fraudulent purposes

Depending on how their information was used, victims of identity theft may experience financial losses from unauthorized purchases, damage to their credit history, and even legal issues if their identity was used to commit a crime.

Causes of Identity Theft

Access to information is the main cause of identity theft. This can occur through various methods, including: 

• Phishing emails
• Data breaches
• Mail theft
• Lost wallets or credit cards 
• Dumpster diving for carelessly discarded documents

Because identity theft can happen in a variety of ways, safeguarding one’s personal information, either online or offline, is critical when it comes to prevention. 

How to Prevent Identity Theft

While you may know that you need to protect yourself from identity theft, you may not be sure how. Below, our fraud prevention experts share some tips you can use to prevent yourself from becoming a victim of identity theft and other similar crimes.  

1. Safeguard Your Information

As identity thieves need access to your information, safeguarding it can protect you from becoming a victim. To do this, do not share your social security number or other personal information unless absolutely necessary. 

Also, use strong passwords for online accounts with your bank or other services you access. Avoid conducting financial or other important business on public Wi-Fi so that your information cannot be accessed digitally. 

When disposing of documents or old credit cards, be sure to destroy them before discarding them. This way, there is less of a chance that identity thieves will be able to find your information in a recycling bin or dumpster. 

2. Monitor Your Credit

By law, you are entitled to one free credit report per year. Along with giving you your credit score, this report can help you detect suspicious activity like new accounts being opened in your name or unauthorized purchases. 

3. Review Bank Statements Regularly

As a member of Citizens Bank, you get a monthly statement of all transactions that have occurred in your bank account over the past month. Reviewing these statements can help you detect unusual transactions that show up. If you spot this type of activity, you can promptly follow up with the bank. 

What to Do if Your Identity Has Been Stolen

Despite your best prevention efforts, you may still end up becoming a victim of identity theft. While this can be a stressful situation, there are some steps you can take to ease your mind and mitigate the situation. These include:

• Filing a report with the Federal Trade Commission (FTC)  
• Reviewing your credit reports for any suspicious activity
• Contacting your bank and credit card company
• Placing a fraud alert on your credit report

If you are a member of Citizens Bank, our team is available to assist you as you navigate the next steps after your identity has been stolen. Contact us if you notice any unusual or suspicious activity on either your banking or credit card accounts with us, and we will work with you to resolve the issue. 

Prevent Identity Theft in Tennessee With Citizens Bank

Preventing identity theft goes beyond just safeguarding your information. Citizens Bank can help you protect yourself from threats like fraud and identity theft through the various benefits we offer our members. 

To get started today, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis. Our fraud prevention experts would be happy to help you shop, bank, and live more safely both online and in real life.

Identity Theft Protection in Tennessee From Citizens Bank

With so many threats out there, like fraud and identity theft, you may not know how to protect yourself. Citizens Bank can help you create a plan to keep yourself safe, including helping you monitor account activity. We offer account monitoring and fraud prevention options for both our credit card and bank accounts.

To learn more, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We can help you explore your options for keeping your information safe from identity theives and other risks. It’s part of our commitment to supporting our members and their financial well-being.

The post How to Protect Yourself from Identity Theft appeared first on Citizens Savings Bank and Trust Company.

If you’re one of the Americans looking to improve your financial fitness this year, the personal bankers at Citizens Bank are here to help you set and reach your financial goals in 2025 and beyond. Below, we explore some popular financial goals our members set for themselves and how to reach them.

Financial Goals to Set for Yourself in 2025

While you may know that you want to improve your financial situation this year, you may not know how. Below, our personal bankers share some ideas for financial goals you can set for yourself in the new year and how you can best reach them. 

1. Make a Budget

A budget can help you keep track of your income and everyday expenses, such as housing, food, and transportation costs. The new year is a great time to create a budget. It can help you start the year off right by informing you of where you can reduce your spending and providing other insights about your financial situation. You can use a combination of spreadsheets and online banking tools to help you create your budget, as these provide you with the information you need to do so. 

2. Build Your Savings

Saving money is another goal many people set for themselves in the new year. Whether you want to save for retirement or a major purchase, there are many options available to help you do that. Opening a savings account can be a great place to start. However, if you want to grow your savings, consider using investment tools like certificates of deposit (CDs) or individual retirement accounts (IRAs). 

3. Financial Literacy Education

Whether you’re teaching your children about financial literacy or want to become more knowledgeable about money yourself, the new year is a great time to start learning. Taking a financial literacy class is one way to do this, but there are also many free resources available online, including those from Citizens Bank. 

From there, you can put your newfound knowledge into practice and share it with your children. Being financially literate is a skill that will benefit you well beyond the new year. You will be empowered to make more informed decisions about your finances, which will help you achieve other goals you may have. 

4. Give More to Charity

Many people wish to give back to their community during the new year. When making a budget, make sure to plan for charitable giving, regardless of whether you’re giving a one-time donation or a recurring gift. 

You can also choose to work with banks and other businesses that partner with local nonprofits, like Citizens Bank. We support efforts related to racial equality and economic development in the communities we serve. 

5. Prepare for a Major Purchase

Perhaps you’ve decided that 2025 is the year that you’re going to buy a house or a new car. The beginning of the year is a great time to start preparing for these purchases. Research auto loan or mortgage options to help you determine how large of a payment you can afford each month. 

Also, look at your budget to see if you can afford to make the purchase this year or if you could put it off until later to save up for it. Pursuing shorter-term savings growth options, like CDs or Citizens Bank’s holiday club, can help you save for these purchases in as little as three to six months. 

Set Financial Goals in Tennessee With Citizens Bank

Setting financial goals for the new year goes beyond just saving money. Citizens Bank can help you set and reach financial goals in 2025 and beyond. To get started today, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis. Our personal bankers would be happy to help you reach your financial goals this year.

Reach Your Financial Goals in Tennessee With Citizens Bank

You have many financial goals that you want to reach in 2025, but you may not know how to do that while staying within your budget. Citizens Bank can help you create a plan to reach your financial goals, including major purchases like homes or vacations. We offer savings and lending options for every need and budget.

To learn more, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We can help you explore your options for reaching your financial goals and keeping your New Year’s resolutions. It’s part of our commitment to supporting our members in pursuing their goals.

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Fortunately, the business bankers at Citizens Bank are here to help business owners in Tennessee set and reach their goals in 2025. Below, we highlight some of the financial and other goals we have helped our business members reach. 

Financial Goals to Set for Your Business in 2025

While you know that you want to start or grow your business this year, you may not be sure where to begin. Below, our business bankers share some ideas for goals you can set for your business in the new year and how to best reach them. These tips can apply to both new and existing businesses looking to grow.  

1. Make a Budget for Your Business

A budget is a valuable tool for any business as it helps you keep track of your income and expenses. If you don’t have one already, the new year is a great time to create a budget for your business. Use spreadsheets and online banking tools to create your budget, as these provide you with the information you need to do so.

If you already have a budget for your business, the new year is a great time to look at it and gain insights into your current financial situation. From there, you can use the information gleaned to make business decisions like reducing expenses or increasing the prices of your goods or services to grow your profits. 

2. Build Your Savings & Your Business

If your business is turning a profit, consider putting the extra money into a savings account or investing it. Whether you want to grow your business in the future or save for an equipment purchase, there are many options available to help you.

Opening a business savings account can be a great place to start, as you do earn some interest. However, to grow your business savings further, consider using investment tools like certificates of deposit (CDs) or a money market account. 

3. Empower Your Employees Financially

If you have employees, one goal you can set is to empower them financially. With the help of free resources available online, including those from Citizens Bank, you can provide them with financial literacy education about topics like saving for retirement. 

To help them start saving for retirement, consider offering an individual retirement account (IRA) or other option. You can even match employees’ contributions to their retirement savings plan to further boost their financial stability and overall morale.  

4. Give Back to Your Community

Giving back to the community can improve the reputation of your business. Whether through charitable giving or employee volunteer opportunities, your customers will appreciate your efforts and be more likely to work with your business. Employees will also enjoy the opportunity to serve their community. 

Consider partnering with a local nonprofit for a cause relevant to your business or customer base. For example, as a Black-owned bank, Citizens Bank supports efforts related to racial equality and economic development through our partnerships with various nonprofit organizations. 

5. Prepare to Purchase Equipment or Property

Perhaps you’ve decided that 2025 is the year you’re going to expand your business by opening a second location or moving into a larger one. The new year is a great time to start preparing for this type of purchase. 

Research mortgage options and look at your budget to help you determine if you can afford to make this purchase. Consulting with a business banker can help you find the right lending option based on your budget.  

Set Business Goals in Tennessee With Citizens Bank

Setting goals for your business in the new year goes beyond improving your bottom line. Citizens Bank can help you set and reach your business goals in 2025. To get started, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis. Our business bankers would be happy to help you reach your business goals this year.

Reach Your Business Goals in Tennessee With Citizens Bank

You have many goals that you want your business to reach this year, but you may not know where to start. Citizens Bank can help you create a plan to reach your business growth and development goals. We offer savings and lending options for businesses of all sizes and types.

To learn more, contact us online, call (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We can help you explore your options for reaching your business goals this year. It’s part of our commitment to supporting businesses in the communities we serve.

The post How to Set Financial Business Goals for 2025 appeared first on Citizens Savings Bank and Trust Company.

Fortunately, the personal bankers at Citizens Bank are here to help you financially prepare for holiday travel with expert advice and programs like our holiday club, designed with your needs in mind. Below, we explore some ways you can start preparing for your next holiday vacation, even if your trip is months away. 

How to Financially Prepare for Holiday Travel

It’s never too early to start preparing for the holidays, especially when it comes to travel plans and your budget. In fact, it’s recommended that you start planning your trip at least six months in advance. Below, our personal bankers share some tips on how to save money for your holiday travel and other related expenses.

1. Create a Holiday Travel Budget

Many people think of budgets as an overall summary of their income and expenses. However, you can budget for specific events and vacations, including holiday travel. This allows you to track expenses and plan for them accordingly. You can set an amount of money to spend on each part of your trip, like transportation and accommodations. Other related expenses, like pet care while you’re away, can also be included in your budget. 

2. Join Our Holiday Club

Citizens, like many other banks, has a holiday club for its members. You can put as little as $25 into this account to start and contribute to it throughout the year. During this time, it collects interest and grows your savings. In November, the money is dispersed so you can use it to pay for holiday travel and other related expenses.

3. Get a Certificate of Deposit (CD)

Shorter-term investment tools, like certificates of deposit or CDs, can help you save for holiday travel expenses. Much like holiday clubs, they allow you to plan ahead. You can find a CD with a maturity date that meets your timeline. Popular options include: 

• Three months for shorter-term savings
• 6 to 18-month long-term options

When you’re ready to start making plans, a personal banker, like those at Citizens Bank, can help you determine the best option for your needs. To start financially preparing for your holiday travels, contact us today.

4. Involve Your Family

Traveling as a family requires more planning than solo travel. This is especially the case during the holidays. While you may think that involving your children in holiday travel planning will create more stress, that’s far from the truth. By doing so, you will be teaching them a valuable lesson about financial responsibility and planning.

Involve them in creating a holiday travel budget and choosing activities they want to do while on vacation. You can determine the cost of these activities and how they fit in with your overall holiday travel budget. Your children will also learn about making compromises so everyone will be able to do something they enjoy on the trip.

How Much Should I Save for My Holiday Travels?

The amount of money you should save varies depending on your travel plans. If traveling internationally, you will need to save more than if you’re just driving across the state to visit family or friends. No matter what your plans are, you need to know how much you will be spending so you know how much you need to save. 

Citizens Bank has created a purchase calculator to help you determine how much you should save for holiday travel expenses. This calculator calculates how much you need to save to make a purchase, like an airline ticket, using the information you put into it. It can help you create a budget for your expenses. 

Prepare for Holiday Travel in Tennessee at Citizens Bank

If you’re traveling for the holidays, planning is essential to ensuring your trip goes smoothly. Citizens Bank is here to help you prepare for your trip beyond simply packing your bags and booking your hotel room. With a variety of savings options, like our holiday club, we make your holiday travel expenses more affordable than ever. To get started, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis.

Save for Your Holiday Travels in Tennessee With Citizens Bank

Even if your trip is several months away, you can start preparing for your holiday travels today with Citizens Bank. When you join our holiday club, we can help you save for holiday expenses, including travel, gifts, and more. Beyond our holiday club, we offer savings options and other resources to help you budget for holiday travel year-round. To learn more, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis. 

The post How to Budget for Holiday Travel appeared first on Citizens Savings Bank and Trust Company.

However, for many Americans, money is tight during this time of year and they may not have extra to give. Fortunately, the personal bankers at Citizens Bank are here to help you create a budget that allows you to give back while saving money. Below, we explore some ways you can budget for charitable donations this holiday season.

How to Plan for Charitable Donations This Holiday Season

Like any gift you give during the holidays, a charitable donation is something you need to budget for. You want to know your money is going to a good cause and that you will be able to care for your needs before giving to others. Below, our personal bankers share some tips on how to plan for charitable giving this holiday season.

1. Include Charitable Giving When Making a Budget

A budget is an overall summary of your income and expenses like housing, food, and transportation costs. You can also include extras like charitable donations in your budget as well. By doing so, you can see how much you spend on giving to charity or plan to give a set amount based on what you can afford after other expenses.

2. Choose One Cause You are Passionate About

You may consider yourself to be a generous person. However,  it’s best to focus on one cause you are passionate about to fit charitable giving into your budget. Figure out what you care most about and find charities that align with those values. For example, if you value education, you may want to give to a local school.  

3. Involve Your Family in Giving Back

Teaching your children about financial literacy is a gift that will last them a lifetime. Make sure to include lessons about generosity, including giving to charity, as part of their financial education. This way, they will learn how to use their money to not only benefit themselves but others in the community as well. 

Help them find a cause that is of interest to them and make a plan to donate money, time, or resources to it. For example, if your child loves animals, you could help them make a plan to save part of their allowance to give to a local animal shelter as a cash donation or to purchase pet food or other supplies to donate. 

Also, consider making a donation to a charity in honor of a friend or family member as a gift this holiday season. Choose a charity that is important to them or related to their interests. If you want a tangible item to give along with the donation, consider giving a card that describes what the contribution will be used for. 

How Citizens Bank Gives Back to Our Community

Since its establishment in 1904, Citizens Bank has been dedicated to giving back to the communities it serves. We partner with esteemed local nonprofit organizations such as Operation Hope to deliver resources and financial literacy education to individuals in need, helping them attain financial stability and self-reliance. 

As a historically Black-owned bank, we invest in programs related to racial equality and economic growth in the Black community. We also support initiatives to make homeownership and other goals more attainable to all citizens, regardless of race, in our community. To learn more about our community involvement, contact us today. 

Give Back in Tennessee With Citizens Bank

Giving back to your community goes beyond charitable donations. If you’re not already, consider becoming a member of Citizens Bank. As a member, you will be supporting a local, Black-owned bank and the community as a whole through various initiatives promoting economic growth and racial justice. 

To start giving back to our community today, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis to start the process of becoming a member of our bank. Our personal bankers would be happy to help you set up your account and join our many satisfied members. We appreciate your support.

Donate to Charity in Tennessee With Citizens Bank

You have many causes that are important to you. You want to be able to give back during the holiday season but may not know how to do that while staying within your budget. Citizens Bank can help you create a budget that includes charitable donations, along with other holiday gifts and related household expenses.

To learn more, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We can help you explore your savings options and join our holiday club so you can plan for the holidays this year and for years to come. It’s part of our commitment to supporting our members and community.

The post How to Budget for Charitable Donations appeared first on Citizens Savings Bank and Trust Company.

How to Financially Prepare for the Holidays

It’s never too early to start planning for the holidays, especially financially. Below are some tips on how to save money for your holiday gifts this year and beyond.   

1. Create a Budget

While most people think of budgets as being an overall summary of their income and expenses, you can budget for specific events, like holiday shopping. You can set an amount of money to spend on each person on your list and find gifts they would enjoy while staying within that budget. Other holiday expenses, like food and travel, can also be included in your holiday budget. 

2. Join a Holiday Club

Some banks, like Citizens, have holiday clubs for their members. You put an amount of money, often as low as just $25, into this account. Over the year, it collects interest, growing your savings. The money is disbursed, usually in November, when you can use it to shop for holiday gifts. 

3. Certificates of Deposit (CDs)

Along with holiday clubs, shorter-term investment tools, like certificates of deposit or CDs, can help you save for holiday expenses. These allow you to plan ahead as CDs offer various maturity dates, including: 

• Three months for short-term savings
• 6 to 18-month longer-term options

When you’re ready to start planning for the holidays, a personal banker, like those at Citizens Bank, can help you determine the best option for your needs. Contact us today to start financially preparing for the holidays. 

4. Involve the Family

You may think that involving your children in holiday planning will ruin the magic, but that’s far from true. By doing so, you will be giving them a gift that will last a lifetime: the gift of financial responsibility. 

To do this, involve them in creating a holiday budget and shopping for gifts for friends and siblings. You can even give them an allowance to spend to teach them to manage their own money while shopping for holiday gifts.

For teenagers, encourage them to take a part-time job to earn extra money. Many stores are busy during the holiday shopping season and could use extra help. This way, you will also be giving them the gift of a good work ethic.

How Much Should I Save for the Holidays?

Depending on your holiday plans, the amount of money you should save may vary. If you are traveling, especially internationally, you will need to save more than if you’re just staying home and relaxing with your family. Regardless of your plans, you need to know how much you will be spending and in turn, how much you need to save. 

To help you determine how much you should save for your holiday expenses, Citizens Bank has designed a purchase calculator. This calculator calculates how much you need to save to make a purchase, like a holiday gift, using the information you put into it. It can help you create a budget for your holiday gifts and travel expenses. 

Prepare for the Holidays in Tennessee With Citizens Bank

It’s never too early to start preparing for the holidays! That’s why Citizens Bank is here to help you meet your savings goals this holiday season and beyond. To get started, contact us online, call (256) 681-9181, or visit us in Nashville or Memphis.

Join Citizens Bank’s Holiday Club in Tennessee 

Start preparing for the holidays today with Citizens Bank’s holiday club. We can help you save for holiday expenses like travel and gifts. To learn more, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. 

The post How to Financially Prepare for Holiday Shopping appeared first on Citizens Savings Bank and Trust Company.

How to Save Money in Tennessee

Many people find saving money challenging, but thankfully, there are easy ways to take this vital step in planning for your future. Below are some tips for saving money.  

1. Create a Budget

A budget helps you see where your money goes each month. This, in turn, helps you improve your spending and saving habits. If you notice that you spend too much on non-essential items, you can reduce spending in that area, resulting in savings. You can even create a budget for specific events, like a vacation. 

2. Open a Savings Account

A savings account can be a great place to put your money to avoid the temptation of spending it while still having access to it as needed. It can also grow your savings, as the money in it collects some interest. A personal banker, like those at Citizens Bank, can help you open and maintain a savings account.

3. Invest

While a savings account can be a useful savings tool, using investment vehicles helps you grow your savings in various ways. Popular investment tools include:

• Money Markets – A type of mutual fund that invests in shorter-term, higher-quality securities while offering flexible access to your money.
• Certificates of Deposit (CDs) – CDs are available in a variety of interest rates and maturity options to meet your goals, including:
  • Three months for shorter-term savings
  • 6 to 18-month medium-term options
  • 24 months or more for longer-term goals
• Individual Retirement Accounts (IRAs) – IRAs are tax-advantaged savings tools that can be tailored to meet your needs. Popular options include:
  • Traditional IRAs – Can reduce or delay taxes based on potential growth as they allow for tax-deductible contributions.
  • Roth IRAs – Offer tax-free earnings and withdrawals due to contributions being made with after-tax dollars.

A personal banker, like those at Citizens Bank, can help you determine the best investment tools for your savings needs. Contact us today to explore your options. 

4. Get the Family Involved

It’s never too early to start talking about money with your children. From an early age, involve them in creating budgets and other relevant conversations. You could even open a savings account for them as a way to teach them about saving money while giving them a head start on their own savings.

How Much Money Should I Save?

While it is recommended that most people save 15% of their pre-tax income, the amount of money one should save varies depending on their income, lifestyle, personal goals, and other needs. To help you determine how much you should save and how various savings tools can help you reach your goals, Citizens Bank has designed special calculators. 

You can determine how much you need to save by inputting your information into these tools. This, in turn, will help you achieve your savings goals while making more informed decisions about your money. This information can also help you have conversations with your personal banker or financial advisor about your current financial situation. 

Save Money in Tennessee at Citizens Bank

Saving money can be daunting, but it doesn’t have to be. Fortunately, the personal bankers at Citizens Bank are here to help you explore your savings options. We can help you meet your savings goals. To get started, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis.

Explore Your Savings Options at Citizens Bank in Tennessee 

Start saving money today with Citizens Bank. We can help you open a savings account or find the right investment tool to meet your needs. To explore your options, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. 

The post Enhance Your Personal Savings With These Tips appeared first on Citizens Savings Bank and Trust Company.

How Much Car Can I Afford?

Before you head to the dealership, you want to know what you can afford. Tools like Citizens Bank’s car affordability calculator can help you. However, you’ll want to look at the following factors as you budget for your new car purchase.

Monthly Payment

When you finance a car, you make monthly payments towards the purchase price plus interest. You want to know the amount you can afford to pay each month before making the purchase. Look at your budget and other monthly expenses to determine the amount of money you have to use for a car payment. 

Credit Score

Your credit score determines your creditworthiness to lenders for car loans. Having a higher credit score can help you access better lending options with lower interest rates. To find out your credit score, request your free annual credit report from major reporting agencies like Experian, Equifax, and TransUnion.

Down Payment

To reduce the amount of your car loan, consider making a down payment for a certain percentage of the purchase price. When purchasing a new car, it’s recommended that you make a down payment of around 20%. This means that for a car that costs $25,000, you would be making a down payment of $5,000. 

Trade-in Value

If you already own a car and are simply looking for a newer model, consider trading it in. By trading your old car in, you can lower the cost of your new car by the amount that your previous vehicle is worth. Tools like Kelly Blue Book can help you determine your current vehicle’s trade-in value based on factors like its age, mileage, and features. However, the dealership will perform its own assessment of your vehicle to determine what they’re willing to pay for it. 

Loan Terms & Interest Rates

Unless you can afford to purchase a car in cash, you have to factor in expenses related to your auto loan. To accommodate different needs and budgets, auto loan terms can vary in length between 2-6 years. 

These loans will also have varying interest rates depending on your credit score and other factors determined by your lender. The interest that your loan collects over time will factor into the total purchase price of your car. 

Savings Available

Saving money for a future car purchase is a smart decision. Some drivers begin to plan for their next vehicle purchase a year or two ahead of time. This allows them the opportunity to use short-term savings tools like certificates of deposit (CDs) to save up for a down payment or to purchase a vehicle in cash. If you have such savings, factor them in when determining how much car you can afford. 

What are My Auto Lending Options?

If you are not purchasing your car in cash, there are a variety of financing options available to you. Sometimes, dealerships will offer promotions with 0% financing or lower interest rates if you finance your vehicle there. These deals may depend on the type of vehicle you purchase. 

Like any other lending option, the dealership will look at your credit history and other factors. However, most people go through a bank or other financial institution. Citizens Bank offers our members a variety of auto financing options tailored to their personal needs and budgets. 

Start Your Car-Buying Journey at Citizens Bank

While the car buying process can be daunting, the personal lenders at Citizens Bank are here to walk you through your financing options. We will help you find an auto loan that fits your needs and complete the application. To get started on your car-buying journey, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis.

Explore Your Auto Loan Options in Tennessee at Citizens Bank

Start your car-buying journey with Citizens Bank. We can help you find the right auto loan to fit your needs and budget. To apply for a loan or explore your auto lending options, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We look forward to partnering with you as you make your next vehicle purchase.

The post Budgeting 101: How to Determine Your Auto Loan Options appeared first on Citizens Savings Bank and Trust Company.

This milestone event is our way of thanking the community for its unwavering support over the past 120 years. Join us for a day filled with delicious food, live music, and family-friendly fun. We’ll have special guests commemorating this significant occasion as we celebrate the rich history and future of Citizens Bank and Trust.

“We are proud to have served the Nashville community for over a century,” said Corey Hammonds. Chief Operating Officer, at Citizens Bank and Trust. “This celebration is not just about us; it’s about recognizing the incredible people and organizations that have supported us throughout the years. We look forward to celebrating together!”

Event Highlights:

• Free Food Sponsored by Jacks BBQ of Nashville
• Live music and entertainment
• Special guests and community recognition

This event is open to everyone, so bring your family and friends for a day of celebration and connection. We can’t wait to celebrate with you!

For more information, please visit our website at www.citizsb.com or contact us at 615.327.9787.

About Us

Citizens Bank, originally founded as The One Cent Savings Bank on January 16, 1904, became the first minority-owned bank in Tennessee. Established by visionary Nashvillians R.H. Boyd, Preston Taylor, and J.C. Napier, our mission has always been to create opportunities for African Americans to build wealth and economic security. As a Community Development Financial Institution (CDFI), we prioritize local economic growth, investing in underserved areas, supporting affordable housing, small businesses, and community facilities, and enhancing financial literacy.

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Your Retirement Savings Options in Tennessee

Many people find investing and retirement savings options to be complicated, but thankfully, there are simple ways to take this important step in planning for your future. Below are some savings tools offered by Citizens Bank to our members. 

Money Market

Put simply, a money market is a kind of mutual fund that invests in short-term, higher-quality securities. Citizens’ Empower Money Market offers competitive rates when compared to similar options. Also, because we realize that life happens, we offer flexible access to funds through our money market.  

Certificates of Deposit (CDs)

A certificate of deposit, or CD, is a great option for saving. These FDIC-insured options yield a variety of interest rates. They’re also available in a range of maturity options to meet your savings goals and timelines, which include: 

• Three months for short-term savings
• 6 to 18-month medium-term options
• 24-month or longer for long-term goals

A personal banker, like those at Citizens Bank, can help you determine the best timeline for your savings goals and set up a CD that meets those needs. Contact us today to learn more about your CD options. 

Individual Retirement Accounts (IRAs)

An individual retirement account, or IRA, is our most popular savings option. It is a tax-advantaged savings tool for retirement. There are different types of IRAs tailored to various savings goals and lifestyles. The two most common types are:

Traditional IRAs

This type of IRA can reduce or delay taxes based on potential growth as it allows for tax-deductible contributions.

Roth IRAs

While contributions to this IRA are made with after-tax dollars, earnings and withdrawals are tax-free.

The tax benefits of IRAs vary depending on which type you choose. A financial planner can help you determine which is best for you based on your needs. Some workplaces even offer IRAs as retirement benefits or the opportunity to roll over a 401K into an IRA if you leave the company for any reason. 

Savings Accounts

If you’re not ready to commit to investment tools like money markets or IRAs, no worries. Even a simple savings account allows you the opportunity to earn interest on your deposits. You also have the ability to access your money as needed for a rainy day or other major purchases, like a new home or car. A savings account can also be a great way to teach children and teens about saving money, giving them a head start as they enter adulthood. By fostering this mindset early on, you make your child more likely to save for retirement or other goals they may have as they get older. 

How Much Should I Save for Retirement?

How much money one should save for retirement varies depending on their income, lifestyle, and other needs. Citizens Bank has designed special calculators to help you determine how much you should save and how various savings tools can help you reach those goals. By inputting your information into these tools, you can determine how much you need to save over how long. You can use this information to make more informed decisions regarding your savings and investments. This, in turn, will help you achieve your financial goals.

Save for Retirement in Tennessee at Citizens Bank

The idea of saving for retirement can be daunting, but fortunately, the personal bankers at Citizens Bank are here to walk you through your savings options. We will help you find the right tool to meet your savings goals. To get started, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis.

Explore Your Savings Options in Tennessee at Citizens Bank

Start saving for the future with Citizens Bank. We can help you find the right savings account or investment tool to meet your needs. To explore your retirement savings options, contact us online, call us at (256) 681-9181, or visit one of our branches in Nashville or Memphis today. We look forward to partnering with you as you take proactive steps to plan for your future.

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