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2.4 Select a Savings Account

Last updated 12 months ago
9 questions
Note from the author:

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

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


Required
30
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. _______

Ally Bank Commercial - Would You Like a Pony?


Required
20

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?

Finances 101: Tips on Opening a Savings Account

Read this article, then answer the following questions.
Required
10

What account features do they recommend inquiring about?

Required
10

What account fees should you avoid with savings accounts?

Required
10

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?

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.”
Required
20
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._______

Exit Ticket

Required
3

What is one reason you might use a checking account instead of a savings account?

Required
3

When banks provide information about savings accounts, they typically quote the interest rates they offer (e.g. 1%) on a...

Required
3

  1. Which of the following would you expect to have the HIGHEST interest?