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The Ultimate Savings Account Quiz
by Staff
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 insured.
  • It's safe from fire or theft.
  • both answers

What does the bank pay you?

  • a dividend
  • interest
  • wages

When does the bank pay interest?

  • daily
  • monthly
  • yearly

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?

  • pay wages
  • fund loans
  • 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?

  • service charges
  • interest charges
  • late fees

How can you track your deposits, withdrawal fees and interest payments?

  • monthly statement
  • online
  • both answers

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?

  • regular mail
  • Internet
  • both answers

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
  • both answers

What type of business is a credit union?

  • cooperative organization
  • business organization
  • charitable organization

What type of business is a bank?

  • for-profit
  • non-profit
  • charity

Why would you rather get a loan from a credit union than a bank?

  • lower interest rate
  • high interest rate
  • lower fees

How does a bank make money from savings accounts?

  • bank fees
  • loaning money at higher interest rates
  • selling office supplies

How do account interest rates differ at banks and credit unions?

  • lower
  • same
  • higher

What kind of groups have credit unions?

  • state employees
  • bank employees
  • stock brokers

For savings accounts, are the bank fees expensive?

  • low
  • high
  • very high

When you open a savings account, how much money do you need for the initial deposit?

  • low
  • no minimum
  • both answers