Personal Banking Services

From a wide range of flexible checking and savings accounts to CDs and more, our personal banking services are designed for your financial success. 

Personal Checking 

What Is a Checking Account?

Where you put your money matters. But what is a personal checking account really? And how do you find the right checking account for you?

With a personal checking account, provided by a bank, you have one place to keep and manage your money how you want. You can use a checking account to make direct deposits, cash a check, pay bills online, send money to third parties and more. Depending on your needs and goals, you can also choose from different types of checking accounts with a wide range of added benefits. Some will even earn you money back on your checking account balance.

Types of Checking Accounts

It’s normal to have questions when opening a personal checking account. Before you do open a checking account, it’s important to understand your options and the obligations of each one.

Free Checking Accounts. A free checking account is a checking account that doesn’t require you to maintain a minimum account balance and doesn’t have fees or a monthly service charge. Free checking is ideal if you’re looking for a no-obligation way to open a bank account.

Interest-Earning Checking Accounts. With a direct or preferred interest checking account, you can earn interest on the money in your checking account over time. You may consider opening an interest-earning account if you plan on keeping a high balance in your account. Some interest-earning checking accounts also offer additional advantages, such as free personalized checks, if you maintain a higher daily balance or are over age 50.
 
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Savings Accounts 

What Is the Difference Between a Savings and Checking Account?

A savings account is a bank account where you can deposit money safely for future use and earn interest on the money you save. Unlike a personal checking account, your savings account can’t be used directly to make payments. You can withdraw your money at any time, however, or transfer it to a checking account. Your bank will also pay you interest on your savings account balance.

Types of Savings Accounts

Before you open a savings account, consider your reasons for saving money. Are you saving for a specific need, such as medical expenses? Are you interested in earning interest on your balance? Different types of savings accounts can help with your personal and financial goals. 

In addition to standard savings account, there are also money market accounts and health savings accounts. 

Money Market Savings Accounts. There are several key differences between traditional savings vs. money market accounts. While a money market account may earn more interest on your balance, you may need to maintain a higher minimum balance. If your goal is to earn high interest on your savings account, a money market account may be right for you.

Health Savings Accounts. A health savings account (HSA) is another type of interest-earning savings account that can help you save for out-of-pocket medical, dental, vision and mental health services. Unlike a traditional savings account, an HSA can only be used for health care expenses. However, qualified contributions are generally tax-deductible. That means you can grow your savings tax-free. 

Keep in mind that all savings account interest rates are variable and subject to change over time, even after you’ve opened your account.

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What Is a Certificate of Deposit (CD)? 

In addition to personal checking and savings accounts, you may consider a third option for personal banking: a certificate of deposit. 

What Is a CD Account?

A bank-issued certificate of deposit (CD) is a type of federally insured savings account that allows you to make low-risk investments by leaving your money in the account for a set time period (term length). Term lengths can vary from several months to many years. Generally, the longer you commit to keeping your money in a CD account, the more interest you earn. You can easily open a CD online.

Here are some things to consider when opening a CD account:

  • CD rates are subject to change without notice.

  • Early withdrawal penalties may apply to some certificates of deposit. 

  • Fees may reduce your earnings.

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Online Banking Services

There are many benefits of personal online banking. You can use personal online banking services anytime, plus:

  • Access your account from all your devices.
  • View real-time account information.
  • Deposit, withdraw or transfer funds on-the-go. 
  • And more.

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Mobile Banking

You can use your phone or mobile device to connect to your bank account online with your browser, text or our mobile banking app. You can also sign up to receive secure electronic statements for your monthly checking, savings and mortgage accounts to reduce paperwork and clutter while increasing convenience.

Remote Deposit: Another benefit of mobile banking is the ability to make a remote deposit. Using the camera on your smartphone, you can deposit money into your checking, savings or CD account 24 hours per day, so you don’t have to wait to get to a physical bank branch.

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Online Bill Pay

Secure online bill pay makes it easy to pay one-time or recurring bills in minutes from your online checking account or electronically send money to friends, contacts or other third parties. 

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Debit Card Monitoring

Real-time bank alerts and electronic notifications can make debit card monitoring easy with FFL Card Shield mobile app. When something important happens in your account, you’re alerted immediately by text, email or push notifications. First Federal Lakewood continuously monitors for suspicious activity, so you can be confident that your money is safe.

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Get Started With Personal Banking 

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