Savings Account 6 th Period - Shumate. A deposit account held at a bank or other financial...
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Savings Account 6 th Period - Shumate. A deposit account held at a bank or other financial institution that provides principal security and a modest interest
A deposit account held at a bank or other financial institution
that provides principal security and a modest interest rate. the
interest on your money is compounded daily, so your balance grows
faster. What is a Savings Account?
Slide 3
Keeps your money safe Earns interest Keeps you informed Helps
you avoid fees What does it do?
Slide 4
Not using direct deposit to transfer money into a savings
account Your savings are tied up in investments You keep your large
Sums of cash as savings You see savings as a chore Underestimating
Your emergency funds What are common problems people have with
savings accounts?
Slide 5
You can open a checking account You can keep money at your
house What other options do you have if you do not want to use a
savings account?
Slide 6
You need your social security number Some form of I.D If
required minimum amount required by your bank for a initial deposit
to start a savings account How do you open a savings account?
Slide 7
You can get a savings account at your local bank. Where Do You
get A Savings Account?
Slide 8
Regular Savings Account Online Savings Account Money Market
Deposit Account Different Types of Savings Account
Slide 9
Almost all banks offer a regular, basic savings account that
you can sign up for in person, by phone or online. The difference
between this account and a checking account is that it generally
doesn't have check-writing privileges. It may have a higher opening
deposit requirement. It may also have a higher daily minimum
balance requirement. Regular Savings Account
Slide 10
An online savings account differs from a regular savings
account in that you deal with it exclusively through the internet
(sometimes also by phone) It pays interest at a higher rate. One
drawback of these accounts, aside from not being able to deal with
them in person through a bank teller, is that in some cases, it may
take longer to get access to the money in an online savings
account. Online Savings Account
Slide 11
The money market is a segment of the financial market in which
financial instruments with high liquidity and very short maturities
are traded. The money market is typically seen as a safe place to
put money due the highly liquid nature of the securities and their
short maturities Money market deposit accounts tend to have higher
minimum balance requirements than regular or online savings
accounts. This minimum usually ranges from $100 to $2,500. Money
Market Deposit Account