2.3 Savings Account - A

Financial Algebra Second Edition

Slide 2

2-3 Saving Basics

Learning Goals

The students will be able to:
•Explain the difference between a checking and savings account
•Compare different savings vehicles such as a savings account, CD, and money market account
•Identify important criteria to consider when selecting a savings account.

Financial Algebra Second Edition

What's the Difference Between Checking & Savings?

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 write at least three ways savings accounts differ from checking accounts

To turn in:

Financial Algebra Second Edition

To turn in:

Ally Bank Commercial - Would You Like a Pony?

Watch this commercial for an online bank, then answer the
following question.

- What does this commercial imply about the financial advice you can expect when you seek to open an account?

Financial Algebra Second Edition To Turn in on paper:

Finances 101: Tips on Opening a Savings Account

Read this brief article about selecting a savings account, and then answer the questions.

1.What account features do they recommend inquiring
about?

2.What account fees should you avoid with savings
accounts?

3.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?

Finances 101: Tips on Opening a Savings Account (link in Canvas)

​Finances 101: Tips on Opening a Savings Account

Financial Algebra Second Edition - To turn in on paper

Finances 101: Tips on Opening a Savings Account (link in Canvas)

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.”

How to Open a Bank Account and What You'll Need

1) Create a list of what you would need to open an account.
 

2) How would you fund your first deposit?