Community News

Buying a new house is an exciting time in any homebuyer’s life. However, it can also be overwhelming as you navigate the options available for mortgaging your new home purchase in Tennessee. Fortunately, the mortgage experts at Citizens Bank are here to explain your options and help you get into your new home today.  Your Home Lending Options in Tennessee With the average monthly payment in Tennessee averaging at just over $1,400 per month, a mortgage is more affordable than you may think. However, factors like your credit score and choosing the right mortgage make a difference when it comes to being able to afford a new home. Below are some of the mortgage options offered by Citizens Bank to our members.  Government Programs To make homeownership more accessible, the federal government offers special lending programs for qualified individuals looking to buy a home. These include:  FHA Loans The Federal Housing Administration (FHA) offers government-insured mortgage loans through approved lenders, like Citizens Bank. These loans are ideal for first-time homebuyers or retirees with lower incomes or credit scores. Your mortgage…

As the modern financial landscape changes, keeping yourself safe from fraud and identity theft has become more important than ever before. If you’ve been a victim of fraud, you’re not alone. In the past year, 60% of credit card holders in the United States have been victimized by fraud. To help you stay safe, the fraud prevention experts at Citizens Bank in Nashville, TN, have compiled a list of tips and other resources.  Seven Tips to Keep You Safe from Fraud & Identity Theft Preventing fraud and identity theft starts with actions you can take to protect your financial and other personal information. By taking these steps, you can keep your information safe from those who want to use it for nefarious purposes.  1. Protect Your Personal Information By obtaining your personal information, fraudsters can hack into your accounts and cause a great deal of damage to both your finances and your reputation, including your credit score. While you may need to share this information in certain situations, like applying for a new credit card or loan, generally, you should otherwise…

With the start of the new school year quickly approaching, you may be thinking a lot about your child’s education. Part of that should include their financial education. You may think they’re too young to learn about money, but that is far from the truth. In fact, your child may already have their own ideas about money and how to manage it. Research from the University of Michigan shows that children begin to form attitudes about money between the ages of 5 and 10. This is why it’s essential to start teaching them good financial habits as early as possible. To help you get started, the personal bankers at Citizens Bank in Nashville, TN, have compiled a list of financial literacy tips for kids.  Six Tips for Teaching Your Kids About Money While some schools do offer classes in financial literacy for students, this type of education often begins at home. Below, we highlight some tips you can use to teach your child about money and how to manage it.  1. Lead by Example Children often mimic their parents’ behaviors…

Managing your personal finances can be complicated, but it doesn’t have to be. One valuable tool to help you do that is your credit score. This number, derived from your financial activity like credit card payments, determines your creditworthiness to banks and other lenders. The personal bankers at Citizens Bank are here to help you understand this number and why it is an important part of your financial health.  What is Included in My Credit Score? A credit score is a number, typically between 300 and 850, that determines whether a lender should grant you credit. The average American has a credit score of 705. It is comprised of a variety of different factors and activities. You can increase or decrease your score depending on your financial habits. Below, we break down the various components of your credit score and their importance to your financial health. Open Accounts  The type and number of accounts that you have open can impact your credit score. These accounts include credit cards, mortgages, and other loans like car loans. If you open a new…

Starting a business can be an exciting adventure. It’s a venture that more people are embracing, with over 5.5 million new businesses launching in the United States alone in 2023. However, there is a lot you need to consider, including where and how you will bank. Citizens Bank is here to help you navigate your business banking needs.  What Banking Services Does My Business Need? Much like you use several different banking services like checking accounts and credit cards as an individual, your business has equally complex financial needs. Below are some banking services your business will need to succeed.  Business Checking Account To manage your cash flow, you need a checking account for your business. Various types of accounts are available depending on where you are in your entrepreneurial journey. Your checking account provides a register of all transactions that occur within your business, even those using your business debit card.  Online Banking  Regardless of which type of business checking account you choose, it is recommended that you use online banking for optimal convenience and security. As a busy…

Selecting the right credit card can be complicated. With a variety of options, you may not know where to start. The personal bankers at Citizens Bank are here to help you navigate the process of choosing and applying for a new credit card. Why Do I Need a Credit Card? Just over 80% of Americans have a credit card. This tool can help you to conveniently make purchases and build your credit score. However, those are just two benefits that credit cards offer to consumers. Below, we explore others that may be of interest to you, depending on your financial goals.  Rewards Along with providing discounts at certain retailers, some credit cards offer you the opportunity to earn points or cash back that can be used for purchases, flights, or other rewards. This benefit is especially helpful to those who travel regularly.  Fraud Protection You know that credit cards are safer to carry than cash, but did you know that they can also protect you from fraud? In the event of suspected fraud, you can report it to the credit…

Life can be busy. Between work, vacations, and family obligations, you may not have time to go to the bank. That’s why online banking can be a valuable asset in your financial management strategy. At Citizens Bank, we want to empower you to make the best decisions possible about your finances, including where and how you choose to bank. That’s why we’re here to help our members explore the many benefits that online and mobile banking can offer.  The Benefits of Online Banking Due to its convenience, nearly 80% of Americans now prefer to use online banking. While you may know that online banking is more convenient than visiting a branch in person, you may not know about the other benefits this service offers.  1. Access Your Account Anytime If your personal schedule doesn’t allow you to visit your bank during its regular business hours, you can still access your account online 24/7. If you’re not near your computer, no problem. Many banks, including Citizens, have apps you can use to access your account on your smartphone. You can even…