A savings account is a safe place to stash your cash. While keeping your money safe from theft or fire, the bank or credit union will pay you interest on your account balance. Knowing about savings accounts can help you to manage your nest egg.
Why is a savings account a safe place to stash your money?
It's safe from fire or theft.
What does the bank pay you?
When does the bank pay interest?
What is compounded daily interest?
interest on interest
interest on principal
interest on principal and interest
What do banks and credit unions do with your account deposits?
donate to charity
What is a money market savings account?
type of saving account
type of checking account
Certificate of Deposit
Do money markets have any fees?
How can you track your deposits, withdrawal fees and interest payments?
What is account reconciliation?
matching your records with the bank records
balancing the account
totaling the interest
How do you receive the monthly bank statement?
What if you don't want a written statement mailed to your address?
You must receive your bank statement by regular mail.
You may stop paper statements.
You may pick the statement up at your local branch.
What is a passbook savings account?
low or no minimum balance
low interest rate
What type of business is a credit union?
What type of business is a bank?
Why would you rather get a loan from a credit union than a bank?
lower interest rate
high interest rate
How does a bank make money from savings accounts?
loaning money at higher interest rates
selling office supplies
How do account interest rates differ at banks and credit unions?
What kind of groups have credit unions?
For savings accounts, are the bank fees expensive?
When you open a savings account, how much money do you need for the initial deposit?