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Saving for the Future - PowerPoint PPT Presentation
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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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Presentation Transcript
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
- Slightly higher interest rate than a passbook account
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?
- 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
Saving for the Future
Review Quiz
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__________
- (a) power.
- (b) security.
3. Money in a savings account earns
- (a) dividends.
- (b) interest.
4. Dividing 72 by the interest rate is known as
- (a) Rule of 72.
- (b) doubling by 72.
5. The Rule of 72 tells us how long it takes money to
- (a) triple.
- (b) double.
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
- (a) they are using your money to loan to others.
- (b) they make money by paying you.
8. Stock is
- (a) a portion of profits paid to shareholders.
- (b) an investment and ownership in a company.
9. A mutual fund is
- (a) a stock listed on the NYSE.
- (b) an investment in a collection of stocks.
10. Stocks are
- (a) more risky than savings.
- (b) less risky than savings.
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