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If there’s one thing we can be sure of in life, it’s change—and change that will undoubtedly affect your financial status. Over time, our lives evolve into different stages with varying levels of monetary demand and often with unexpected twists and turns that can derail the best of financial intentions. Alternatively, events may occur that enhance our financial position, and these need to be handled with knowledge and care, making the most of our long-term worth.

Central Bank understands the special considerations that need to be addressed throughout the different stages of our lives. Wherever you are on life’s journey— preparing for college, starting a career, raising a family or planning for retirement— we have the experience, personnel and products to guide you towards the attainment of your financial dreams and goals.

To take advantage of our specific products and programs, click below on the stage that’s right for you, and see how we can help you strengthen your financial position.



Financial advice for young adults entering the work force

Laying the right foundation as you start your career is the key to future financial success, and at this
lifestage, TIME is your greatest asset.  Consider that each dollar you save in your 20s can be worth ten times
as much as one saved in your 40s.  Through the magical power of compounding, the beginning of your working life is the prime time to start saving towards retirement—even though many people don’t want to think about, or worse yet, act on this principle.

During this time, young adults have the exciting task of learning how to manage the spending and saving of their money within the constraints of their income.  Here are some steps to take now to put your financial
future on track:

1. Identify your short, medium and long-term goals – budget your money accordingly.
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Your short term goals of less than five years might encompass a wedding, honeymoon, furniture or a new car.  Medium term goals could include the purchase of a home and financing your future children’s college education, followed by long-term retirement goals.  These goals will help you determine how to spend and save your money.
2. Build assets through saving at least X percent of your income – It may be wise to invest in CDs for your short term goals and the stock market for your longer term goals. Historically, the stock market has outperformed other types of investments over comparable time periods, but it’s not for the faint of heart. You may also want to join a 401K plan if available from your employer or open up an IRA account.
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Central Bank can help compound your savings with an account that’s right for you:

Christmas Club-
Help plan ahead for the holidays by opening an account that lets you deposit all year long yet discourages withdrawals until a designated date mid-November set by the bank each year. As a bonus, you earn interest on your contributions and have extra money already set aside to use for gifts, donations, ect! ($5 to open the account; $10 charge for withdrawals made before payout date).

Certificates of Deposit –
CDs start as low as $1000.00 with terms beginning at 6 months. Call our IRA specialist, Danny, today for more information.

Traditional IRA –
Tax deductible contributions to a traditional IRA can help you build long term wealth and help you reach your retirement goals. Call our IRA specialist, Danny, today for more information.

Roth IRA –
Contributions to this type of retirement account are not tax deductible, however, when you retire, distributions are tax free. For more details call our IRA specialist, Danny.

A visit with your tax professional may also help you decide which IRA product would be most suitable for your current financial situation.

Central Bank Investment Services –
See "Investment Services" tab for more investment information.

3. Establish an emergency fund – A good guide is to save three to six months worth of living expenses to cover rent or house payments, utilities, car payments, food, transportation and insurance into a separate bank account that could be easily accessed in the case of job loss or uncovered medical expenses.  Don’t use the money for anything else.
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Central Bank recommends this accounts for the establishment of your emergency fund:

Passbook Savings –
A great way to save for a rainy day. $50 minimum deposit to open an account. Interest on your funds accrue daily and pay quarterly. $3 per month service fee if daily balance falls below $500.

4. Conserve time, money and paper with Central Bank’s convenient checking accounts with online banking and bill pay and no-charge ATM services – You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage  while helping the environment as well.
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At Central Bank we are pleased to offer our checking account customers a special overdraft privilege called “Bounce Protection” (a $400 safety net just in case you need it). As always, we encourage you to manage your finances responsibly. However, as long as you maintain your checking account in good standing, Bounce Protection provides you with a safety net (a $22 per item overdraft fee applies). See Overdraft Protection for details.

Central Bank offers:

Complimentary Checking –
A checking account just for you. No monthly fee, no minimum balance required, free ATM/Debit Card, online banking and more. $100 minimum to open this account.

Beyond Checking –
For $9 per month, you get unlimited checks, a $10,000 Life Insurance plan, $25,000 IDENTITY THEFT insurance, as well as access to outstanding travel, vacation, medical, and shopping deals.

Performance Interest Checking (NOW Account) –
Interest bearing checking account with minimum to open $1000.

Borrow wisely –
Avoid high-interest credit cards and pay off your credit card debit monthly. Work with Central Bank for your major lending needs.

 Most loan decisions are made locally, which means no long waiting periods to see if your loan is approved. We are here to help you reach your financial goals the easiest way possible.

Auto Loans –
Central Bank offers auto loans to purchase or refinance any new or used vehicle.

Personal Loans –
We offer personal loans when you need cash for a variety of purposes (Collateral for a personal loan can be certificates of deposit or other personal property).

Mortgage Loans –
Central Bank has a wide selection of mortgage loan programs and options.

Commercial Loans –
If you are thinking of starting your own business or need some financing for your current operation, Central Bank offers commercial loans to help you reach your goals.

5. Understand your credit report – Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report.
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Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and will repay a loan. Your credit score can also influence the interest rate you pay. In many cases, the higher your score, the lower your interest rate.

Each agency allows consumers one free credit report a year. It is a good idea to check your credit report three times a year using a different agency each time. If you have any questions, you may call and speak with someone in the loan department. Contact us.


  • Pay off your credit card debt.  It is senseless to pay 13 – 20 percent interest on credit card payments while your savings accounts earn one or two percent.
  • If you cannot pay off your credit card debt, pay more than the minimum payment each month which in some cases will only cover the interest charges.
  • Don’t  worry  too much about paying off student loans early.  These normally have a much lower interest rate than credit cards.  By making low payments on student loans, you’ll have more money to reduce high-interest credit card debt.

For help determining the best accounts and products for sound and productive money management during
your Getting Started Lifestage, please contact us at 731-925-9046 or