Savings Account Basics

What is an ACH transfer?

• A transfer of funds using a wire transfer

• A transfer of funds using a mobile deposit

• A transfer of funds between two different banks

• A transfer of funds within the same bank

What does APY stand for?

• Account Payment Yearly

• Annual Profit Yield

• Average Personal Yearly

• Annual Percentage Yield

What are ATM networks?

• ATMs located in different bank branches

• ATMs located in the same bank branch

• ATMs located outside of your bank's network

• ATMs located within your bank's network

What is a balance in a savings account?

• The amount of money you have in your account

• The amount of money you owe to the bank

• The interest earned on your account

• The minimum amount required to open an account

What is a CD ladder?

• A grace period after a CD term ends

• A type of CD with a fixed interest rate

• A strategy to maximize earning potential with CDs

• A penalty for withdrawing money from a CD early

What is a CD term length?

• The amount of time your money sits in a CD account

• The amount of time you have to withdraw funds penalty-free

• The amount of time it takes for a CD to renew

• The amount of time it takes for a CD to mature

What is an early withdrawal penalty?

• A fee for withdrawing money from a savings account

• A fee for depositing money into a savings account

• A fee for withdrawing money from a CD before the term ends

• A fee for depositing money into a CD

What is a fixed APY?

• An APY that is higher than the average

• An APY that is locked in for the duration of a CD term

• An APY that is lower than the average

• An APY that changes over time

What is a grace period?

• The amount of time it takes for a CD to mature

• The amount of time you have to withdraw funds penalty-free after a CD term ends

• The amount of time you have to deposit more money into a CD

• The amount of time it takes for a CD to renew

What is a maturity date?

• The date that a CD term ends

• The date that a CD term begins

• The date that a CD matures

• The date that a CD renews