SAVINGS ACCOUNTSGeorgia 4-H Cottonbowl and Consumer Judging

What is a savings account?

Set up in a bank or credit union

The institution pays interest

Benefits

SafetyInterestMore savingFinancial goals

Types of Savings Accounts

Basic Small minimum deposit Relatively low interest rates No restrictions on cash flow

Certificate of Deposit (CD) Higher interest rate Large minimum deposit Maturity date Penalties

Types of Savings Accounts

Money Market Account Higher interest than basic Large minimum deposit Limits withdrawals No maturity date Fees for falling below minimum balance

Find a bank or credit union near you for easy access

Banks v. Credit Unions

Banks For-profit company Protect deposits with FDIC

Credit unions Non-profit organization Insured through NCUA

Considerations for Savings Accounts

Insurance (NCUA/FDIC)

Interest Rate & Compounding

Minimum deposit

Withdrawal restrictions

Transaction restrictions

Fees

Special offers

Easy access/mobile app