Section: Banking
Q:
What is the best way to use/invest savings bonds after they have matured?
A:
It’s always best to redeem your savings bonds as soon as they mature as some bonds stop earning interest. You can contact a Client Services Representative at any branch of The Heritage Bank for assistance. Once redeemed, you have many options to invest these funds. Every person’s investment and financial goals are different, so there’s no one “best” answer. Placing your money in a Time Deposit, Money Market Account, or Savings Accounts are all safe ways to invest while earning interest. Time Deposits will generally pay the highest rate of return but does have a time requirement. You can also reinvest your money in savings bonds.
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Section: Banking
Q:
How can I get a loan to start my own business?
A:
Your first step is to visit either myself or another Commercial lender. We can advise you as to what will be required of you in the loan application process. This would commonly include a well thought out business plan, personal financial statements, and personal tax returns. Doing this legwork first can save you valuable time and effort. There are many non profit agencies which can assist you in the creation of a business plan. The SBA offers great programs for start up businesses. We can also provide you with more agency contacts.
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Section: Banking
Q:
How can I improve my credit score?
A:
Your credit score can be described as a look at your past and a prediction about your future. It changes over time to reflect your current financial behavior and your past debt and payment history.
Improving your credit score takes time and hard work on your part. Three important actions you can take are paying your bills on time, paying off debts, and keeping your debt to income ratio as low as possible. Exercising responsible use of your credit cards over time is also a great way to improve your scores. Do not exceed using more than 50% of your available credit on your credit card.
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Section: Banking
Q:
What is a money market account?
A:
A money market account is a type of savings account offered by banks. It’s like a regular savings account, but generally pays higher interest rates and has higher minimum balance requirements. Also, the number of third party transactions or preauthorized transfers is limited to six per month, no more than three of which may be checks. You can open a money market account at The Heritage Bank with your $50 deposit.
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(9) people have found this answer helpful.
