Compare different savings vehicles such as a savings account, CD, and money market account
Identify important criteria to consider when selecting a savings account
Make a systematic and informed decision by gathering, evaluating, and comparing information
In this lesson, you will learn to:
Compare different savings vehicles such as a savings account, CD, and money market account
Identify important criteria to consider when selecting a savings account
Make a systematic and informed decision by gathering, evaluating, and comparing information
What’s the Difference Between Checking and Savings? Kal Penn Explains
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30
Question 1
1.
Ally Bank Commercial - Would You Like a Pony?
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20
Question 2
2.
Finances 101: Tips on Opening a Savings Account
Read this article, then answer the following questions.
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10
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10
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How to Open a Bank Account & What You’ll Need
Read the sections of this article titled “Opening and funding the account” and “Providing the right information.”
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Question 6
6.
Exit Ticket
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3
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3
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You may be tempted to think you’re all set once you have a checking account, but it’s important to have a savings account, too. Watch this video and then write at least three ways savings accounts differ from checking accounts.
1. _______
2. _______
3. _______
Watch this commercial for an online bank. What does this commercial imply about the financial advice you can expect when you seek to open an account?
Question 3
3.
What account features do they recommend inquiring about?
Question 4
4.
What account fees should you avoid with savings accounts?
Question 5
5.
One could argue that selecting an account with minimal fees is more important than selecting a savings account based on interest rate right now. Why might this be true?
Create a list of 3 things you would need to open a new account. (Assume you are at least 18 and you are the only one on the account.)
1._______
2._______
3._______
Question 7
7.
Question 8
8.
Question 9
9.
What is one reason you might use a checking account instead of a savings account?
Most checking accounts allow you to earn interest on your deposit
Checking accounts are great for setting and keeping short- or medium-term financial goals
Checking accounts are great for making online purchases and paying bills
On checking accounts, the number of transactions allowed monthly is limited
When banks provide information about savings accounts, they typically quote the interest rates they offer (e.g. 1%) on a...
Per day basis
Per six months basis
Per month basis
Annual basis
Which of the following would you expect to have the HIGHEST interest?