Savings Account

What is a savings account?

• A basic type of money product that allows you to save money and earn profits. 

• A complex type of money product that allows you to save money.

• A simple type of money product that allows you to spend money.

• A easy type of money product that allows you to spend money.

What is one example of a savings account fee?

• Bottom Line Fees

• Average monthly fee.

• Out-of-Network ATM fee

• Online Savings account fees

Another type of savings account fee:

• Paper Statement fees

• Online savings account fee.

• ATM savings account fee.

• Overdraft fees

What is the 1st step to making a savings account?

• Research Intrest rates.

• Calculate how much to save.

• Compare Options

• Set a budget.

What is one advantage of having a savings account?

• Access emergency funds.

• Money in the savings account gains value over time

• Opportunity to use an ATM.

• Ability to make secure investments?

What is one disadvantage of having a savings account?

• Having to pay taxes for interest. earned

• Trouble in accessing necessary funds.

• Risk of the bank going out of business.

• When the inflation rate becomes higher than the interest rate you lose money.

How much is the penalty to withdraw money from a savings account?

• No penalty.

• $20-$30 range

• $5-$10 range

• $15-$25 range

How much intrest does a holder of a savings account earn?

• 0.2%-0.7%

• 0.15%-0.30%

• 0.1%-0.2%

• 0.25%-0.35%

What is the minimum amount to open a savings account?

• Between $25-$100

• $1

• Between $40-$500

• Over $1000

What was the essential question?

• What is the best way to invest money?

• How do you open a savings account?

• What do you know about savings accounts?

• Why are savings accounts important?