 SAVINGS ACCOUNTS Georgia 4-H Cottonbowl and Consumer Judging.

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Presentation transcript:

 SAVINGS ACCOUNTS Georgia 4-H Cottonbowl and Consumer Judging

What is a savings account?  Set up in a bank or credit union  The institution pays interest

Benefits  Safety  Interest  More saving  Financial goals

Types of Savings Accounts  Basic  Small minimum deposit  Relatively low interest rates  No restrictions on cash flow  Certificate of Deposit (CD)  Higher interest rate  Large minimum deposit  Maturity date  Penalties

Types of Savings Accounts  Money Market Account  Higher interest than basic  Large minimum deposit  Limits withdrawals  No maturity date  Fees for falling below minimum balance Find a bank or credit union near you for easy access

Banks v. Credit Unions  Banks  For-profit company  Protect deposits with FDIC  Credit unions  Non-profit organization  Insured through NCUA

Considerations for Savings Accounts  Insurance (NCUA/FDIC)  Interest Rate & Compounding  Minimum deposit  Withdrawal restrictions  Transaction restrictions  Fees  Special offers  Easy access/mobile app