​Savings accounts

​A savings account is a safe place to put money aside for a future goal or for unexpected expenses.

• Savings accounts

• Money market accounts

• Certificates of Deposit or CDs​

​Interest

​When you put your money in a savings account, the bank rewards you by adding a small amount of extra money to the account, called interest, on a regular schedule. As a result, your money grows!

​Checking accounts

​Checking accounts allow you to utilize your cash when you need it. Checks and debit cards allow you to to pay for things in other ways than using cash.

​opening a savings or checking account

• ​You can open a savings account and begin putting away money at any age.

  • As a minor under the age of 18, you typically need a parent to help sign documents and paperwork

  • You will also need 2 forms of identification (birth certificate, state ID, driver's license, etc

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​Once you open your account

​once you open a savings or checking account, you need to responsible by doing the following thing:

• keep track of your transactions (deposits, withdrawals, checks, etc)

• avoid over spending

• check your bank statements for accuracy

• take precautions to protect your accounts & identity​

​how to protect yourself:

​review the material from hands on banking that you read earlier by following this link:

https://youth.handsonbanking.org/courses/high-school-getting-started/?lesson=fCX8lIGOSNRJVuTArcHWSLB0t9duU84i​

​You will be asked questions regarding this information in the next 2 slides.