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Saving for the Future. Types of Savings Accounts. Passbook Savings Account. Minimum balance required to open Withdraw/deposit at anytime ATM/debit Pays lowest interest rate. Money Market Account. Minimum balance required Limited number of withdrawals/deposits per year

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passbook savings account
Passbook Savings Account
  • Minimum balance required to open
  • Withdraw/deposit at anytime
  • ATM/debit
  • Pays lowest interest rate
money market account
Money Market Account
  • Minimum balance required
  • Limited number of withdrawals/deposits per year
  • Slightly higher interest rate than a passbook account
certificate of deposit cd
Certificate of Deposit (CD)
  • Large minimum balance required to open
  • Time based – lock in money for a certain period of time
  • Pays the highest interest rate of any savings account
  • Penalty for early withdrawal
which one
Which One?
  • Depends on your financial goals
  • How much interest you want to earn
  • How you plan to use the money
  • How much money you have at the time of opening the account
1 saving is
1. Saving is
  • (a) putting money aside for future use.
  • (b) investing your money.
2 when a person saves money he she is creating spending
2. When a person saves money, he/she is creating spending__________
  • (a) power.
  • (b) security.
3 money in a savings account earns
3. Money in a savings account earns
  • (a) dividends.
  • (b) interest.
4 dividing 72 by the interest rate is known as
4. Dividing 72 by the interest rate is known as
  • (a) Rule of 72.
  • (b) doubling by 72.
6 liquidity is
6. Liquidity is
  • (a) the ability to move money from one account to another.
  • (b) the ability to quickly withdraw money and turn it into cash.
7 banks pay interest because
7. Banks pay interest because
  • (a) they are using your money to loan to others.
  • (b) they make money by paying you.
8 stock is
8. Stock is
  • (a) a portion of profits paid to shareholders.
  • (b) an investment and ownership in a company.
9 a mutual fund is
9. A mutual fund is
  • (a) a stock listed on the NYSE.
  • (b) an investment in a collection of stocks.
10 stocks are
10. Stocks are
  • (a) more risky than savings.
  • (b) less risky than savings.