For most people, having a simple checking and savings account is about all they really need. No need to make things complicated, just provide easy-to-access to safely save and access money, and they’re happy.

Interest-bearing accounts are an easy way to increase the
size of your piggy bank securely.

Simple checking and savings accounts are great financial tools that we at Lincoln Savings Bank believe everyone should have. However, for those who have a larger amount of funds or want to see their money work for them, an interest-bearing account is a safe and secure option to earn a return in a marketplace full of riskier investment options.

Lincoln Savings Bank offers one interest-bearing checking account, the “Abe” account, and three FDIC-insured savings options that pay interest:

1. Savings account
2. Money Market account
3. Certificate of Deposits (CD)  

However, these accounts shouldn’t be looked at only because they earn interest.

In a volatile economic climate, these are great financial tools.  If you are risk-averse, now may not be the best time for you to take on more risk or committing to long-term investments. An interest-bearing account from LSB gives your money a safe place to live while also earning a little something on the side.

The best part is that these accounts are protected by the FDIC for the maximum amount, so if the worst does happen, your money is secure.  These accounts are also easy to open!  With LSB’s secure online account opening system, you can open any of these accounts in just minutes!  Visit www.mylsb.com/opennow for current rates and to start the account opening process.

While the “Abe”, Money Market and CD accounts have a higher minimum balance requirement to open them, they also provide the greatest return. That being said, these accounts aren’t ideal for everyone. You can learn more about our checking and savings options to see if an interest-bearing account is right for you.

You can also call or come by one of our many locations for assistance, and our knowledgeable and friendly staff will be able to help. 

As the home buying market begins to cool off with the weather, some of you may have the “we should’ve been more prepared this year” feeling if you were thinking about finding a new home.

If you're hoping to sign on the dotted line for a new home
next spring or summer, your work starts now!

However, there is some good news Lincoln Savings Bank wants to share with you: there are steps you can take right now to make sure you’re ready for next spring and summer’s housing rush. While these things may take awhile to get in place, you’ll have all fall and winter to make sure you’re prepared to buy a home come next spring or summer.

Check your credit report- you want to get a great mortgage rate, and a solid credit score is the easiest way to do that. Check for errors or marks against your credit and get them taken care of.

Save in every way imaginable- drop the HBO, Netflix, eating out and other unnecessary costs. The higher down payment you can make on your home, the more financing options you’ll have.

Find out how much home you can afford- the worst thing you can do is overextend yourself financially. Look at your debt-to-income ratio; if it’s over 36, you need to start reducing your debt immediately.

Get pre-approved- it may sound like this step will cost you time, but it’s actually a time-saver.  By knowing ahead of time how much money you are approved to borrow, you will save you and your real estate agent a lot of time looking at properties that may not fit your budget.  Visit www.lsbmortgage.com to learn more about mortgages and even apply online in just a few minutes.

Find a real estate agent- not to sound biased, but the folks at Century 21 LSB Real Estate are amazing at their jobs. Your agent is your representative in helping you find a home, so having someone you trust is a huge bonus.

Keep assessing your financials and the housing market- there’s nothing wrong with staying current. You can order your FICO scores without hurting them, and keeping an eye on the national housing market is smart.

When it comes to buying a home, follow the adage of “failing to prepare is preparing to fail.” The process is complex enough, so adding more difficulty just isn’t necessary. Lincoln Savings Bank and Century 21 LSB RealEstate would be more than happy to help you on your journey to finding a new home, so get in touch with us to get started.  

Despite all the ads we see on television, our credit score – what it is and how it affects our life – is a largely unknown factor to many of us. Even after the 2008 recession and more attention being given to knowing your personal finances, a lot of us still have questions: What affects my credit score? How does it affect me? How do I make it better? 

Your credit score is  your gateway to a lot of  great
opportunities, so make sure it stays in good shape!

Lincoln Savings Bank would like to provide answers to these questions in the hope that we can help you become a credit rock-star and maintain a great credit score.

What affects my credit score?

The simple answer is everything you do that uses credit and generates debt, from student loans to credit card debt. Other factors taken into account are how much of your credit you use, timing of payments, how quickly you pay off your debt and the diversity of your credit.

How does my credit score affect me?

In more ways than you know. Lenders use your credit score to assess your risk. The more risk you carry (i.e., the worse your credit score), the lower the chance of you being approved for that credit, or the higher rate you will be charged for that credit. Mortgages, auto loans, personal loans, credit cards; you could be paying higher interest rates for all of these if your score is poor.

How do I improve my score?

There are a number of ways to boost your score:

·         Make your payments on-time

·         Make more than the minimum payment

·         Use credit smartly- never use more than a third of the total amount available to you

·         Have a repayment plan- lenders and credit score companies see constant payments over time, even on high balances, as a sign you can handle debt intelligently.

The most important thing to remember is that no matter what you do, improving your credit score is not an overnight thing. It takes time and building a solid history to really boost your score, but staying vigilant will increase your chances of getting the best rates for your future financial projects.

Yes, we know it’s only September, but we’re talking about getting financially ready for the holidays. The months leading up to the holiday season are crucial when planning for expenses and making sure you have enough cash on hand for purchasing gifts, hosting holiday parties or having those delicious once-a-year meals. 

It's never too early to start saving for the holidays, they'll be
here before you know it!

While many people save throughout the year, it’s easy to forget about the financial burden of the holidays in April or May. You can start that now if you haven’t been saving over the course of the year since every little bit helps. Here are some other ways you can be sure you’re ready for madness of the holiday season.

Do a little research- depending the age of your family members and their interests, gift prices can range widely. Toys will be less than the more techy gifts, so while it is hard to predict what will be on everyone’s wish list, having a basic idea of costs will help you…

Develop a budget- you definitely don’t want to go into debt from the holidays, so find out how much you can save and adopt a budget for the next couple of months to help you reach your goals. Of course this may mean you’ll need to…

Make cuts- how crucial is everything you spend money on? Re-evaluate your spending so that you can shop smarter at the grocery store and quit wasting money on things like going out to eat, HBO or other items you don’t really need.

Shop early- yes, savings abound on Black Friday and Cyber Monday, but there are also a ton of great deals before holiday season even approaches. If you see something you think may be perfect for a loved one, don’t hesitate to make the purchase. You can return it if you need to, and you’re far enough away from the holidays to not feel like you’re up against a deadline.

Don’t forget you earn CA$H BACK on your qualifying debit card purchases with LSB.  Make sure you select the “CREDIT” option when you swipe your LSB DEBIT card while you’re shopping so you maximize your CA$H BACK earnings!  Learn more about CA$H BACK from LSB at www.mylsb.com/cashback.

If you would like additional assistance in planning for the holidays, Lincoln Savings Bank would be glad to help in any way we can! Stay safe, and happy saving!

How many times have you watched a television commercial for a mutual fund or investment company and were left scratching your head thinking, “What was that?” It seems everywhere we look someone is trying to offer us the next best investing strategy or is telling us about the trendiest stock or mutual fund. It sounds complicated because it is! 

Some of the wisest financial advice is also the simplest!

Lincoln Savings Bank is here to help simplify things and solidify wise financial tips that have worked for so many people over the years. The reason they work is because they’re simple to follow.

Cash is king- it always has been and always will be. Whether it’s cash on hand or funds in an easy-to-access checking or savings account, cash is great to have in case of emergencies. Speaking of…

Emergency funds are a must have- no one can predict the economy, so it’s best to have three to six months of living expenses saved up. While we’re talking about saving…

Nothing beats saving early- saving for retirement with a 401(k) or Roth IRA is a smart move at any age, but especially starting young. The longer you are putting money in, the more return you get!

Have a good credit score and history- this can help you get the best rates on credit cards, auto loans, mortgages and even lower your rates for auto insurance.

Have a marketable skill- your own earning power is the most powerful asset you’ll ever own, to quote Knight Kiplinger, editor-in-chief of financial website Kiplinger.com. By investing in yourself throughout your life, you increase your ability to earn a good living and set yourself up for success.

It’s easy to be confused in today’s financial world by people promising huge returns and magical money solutions. By sticking with time-tested financial advice like this you’ll do just fine. As always, Lincoln Savings Bank is here to help in any way possible. Get in touch with us if you have any questions at any point in your financial life!

As the new college year has begun, we’ve been touching on a number of financial topics that impact college students and ways they can be more financially successful while on campus. 

Things like school supplies and textbooks can really add up fast.

When students and their parents think about college expenses, they most often look at what the school is charging for tuition, room & board and activity fees. However, what they often forget to account for are the additional costs that go along with living and being a college student.

These expenses include everything from gas used when getting to and from class to cash for occasional meals out and entertainment. In an article from U.S. News and World Report about budgeting for college, one financial expert estimates that for a college that costs $14,000 a year, you should plan for an additional $1,500 to $3,000 in expenses.

Here’s a look at some of the most common college expenses students and parents forget about and how you can avoid them:

Gas- it’s hard to nail this down since the price fluctuates, but it does get pricey week after week. Solution: walk or bike to class, drive home only for major holidays and events.

Meals out- this is an expense that can be largely avoidable, but is a pitfall for so many students. Solution: limit meals out per week and learn how to cook for cheap!

Textbooks- one 2011 study found students are paying as much as $175 per textbook and $900 per year on average. Solutions: search for used editions, buy from Amazon or other online book retailers, rent textbooks or use e-books.

Academic and living supplies- planners, pens, paper, bath mats, towels…they all cost money and while small, they can stack up quickly. Solution: buy academic supplies in bulk and make tradeoffs when it comes to fashion over function.

Recognizing costs and finding savings where you can will help to decrease the amount of impact these expenses will have on your financial life. If there is any way Lincoln Savings Bank can help, please don’t hesitate to get in contact with us. Good luck and happy studies to all the college students!

It’s no secret that the cost of a college education is rising to unprecedented levels. With average student loan debt topping $24,000 across the country, it pays off now more than ever to be financially responsible at a younger age.

The less debt you incur during college, the better off
you'll be financially after you graduate.

Yet, when most people think about how to avoid accruing student loan debt they immediately jump to scholarships. Sure, scholarships are a great resource, but their quantity is limited and most don’t cover all four years of school.

A much more guaranteed approach to preventing large amounts of debt is to take charge of finances and learn how to become a fiscally responsible adult. Here are a few tips and how Lincoln Savings Bank can help.

Find a part-time job- yeah, yeah, working while at school seems like a drag. However, many school jobs pay pretty well. Making $12 an hour while working 15 hours a week and depositing it in your LSB savings account can leave you a good chunk of change to apply toward education expenses.

Pass on the extras- you don’t need a student credit card from a major credit company, and you especially don’t need the high interest rate they charge. You can also stay on your parents’ health insurance until age 26, so you can pass on the student health coverage your college offers.

Take it easy on the partying- once a week is enough, and you’ll be saving money by not paying cover or buying beverages. There’s plenty of free fun to be had that your bank account will thank you for.

Find a paid summer internship- earn a little money over the summer, get some experience in your field and set yourself up for future success. What’s not to love?

The power of the student ID- from college events to various businesses, your student ID can be used for a number of discounts. Carry it with you at all times and ask about student discounts.

While we can’t guarantee that you’ll graduate without any debt at all, these tips should help lessen the load while teaching you the financial skills you can use throughout your life. From all of us at Lincoln SavingsBank, good luck and let us know if there’s any way we can help!

By this point, most colleges around the nation and here in Iowa have started their fall semesters. Students are back in class, campuses are buzzing with activity and thousands of young people are enjoying one of the best and most important times of their life.

Lincoln Savings Bank can play an integral role in the financial lives of college students and help them enjoy this time even more. Here’s a list of reasons why college students that attend school both here in Iowa and out-of-state should use Lincoln Savings Bank:

·         We’re here to help- we don’t assume you know everything about banking, so we’ll always take the time to listen to your questions and help you find the answer.

·         You can use only the services you want- just want a checking and savings account to help you manage your money? Perfect! You can use as little or as many of our services as you want.

·         Online banking and our My LSB App gives you 24/7 access from anywhere- make quick transfers or check your balance from everywhere. It’s time to stop relying on your parents for everything!  

·         Buff up on your financial smarts- whether you’re a finance major or just a banking-savvy student, we offer educational opportunities to help you make better financial decisions.

·         Debit cards- is there anything worse than lugging a bunch of cash or your checkbook with you everywhere? And if you’re a University of Northern Iowa student, you have access to the Panther Card that allows you to earn Cash Back! 

In short, we have everything you need to make it through college without going broke on your way to becoming a responsible young adult. Whether you’re a native Iowan staying in Iowa for school, leaving the state or coming into our area for your education, Lincoln Savings Bank is ready and willing to help.

You can come by one of our 16 Iowa locations to get started today!