Savings Accounts Retake Activity

How many withdrawals can you make a month with a savings account?

You earn _______________ by saving money in a savings account.

Interest earned on both the principal and any interest earned on the principal.

Interest calculated on the amount of money deposited ONLY.

What government agency insures your money in a savings account?

What is a good strategy to help you save? Options: Spend money on all expenses first; put the rest into saving, Tap into your savings on a regular basis, Pay yourself first - set aside money for savings each month, Keep your spending and saving money together in 1 account

Which of the following is an effective strategy for personal saving?
- Wait until the end of the month and save whatever is left in your checking account
- Save a certain percentage of each paycheck and deposit it directly into a savings account
- Cover all of your wants and needs and save whatever is left over
- Take out a payday loan so you can save before you receive your paycheck

You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from shortest term to longest term? A new cell phone, college tuition, a house down payment

Which statement best describes a savings account? Options: This account offers a convenient way to pay bills and access cash from an ATM, This account pays you interest on money you have put away for later to help your money grow, This account is automatically debited when you use a debit card, This account typically allows an unlimited number of transactions per month

Savings account with higher interest rate (variable rate)