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Savings Account 6th Period - Shumate.

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Presentation on theme: "Savings Account 6th Period - Shumate."— Presentation transcript:

1 Savings Account 6th Period - Shumate

2 What is a Savings Account?
A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. the interest on your money is compounded daily, so your balance grows faster.

3 What does it do? Keeps your money safe Earns interest
Keeps you informed Helps you avoid fees

4 What are common problems people have with savings accounts?
Not using direct deposit to transfer money into a savings account Your savings are tied up in investments You keep your large Sums of cash as savings You see savings as a chore Underestimating Your emergency funds

5 What other options do you have if you do not want to use a savings account?
You can open a checking account You can keep money at your house

6 How do you open a savings account?
You need your social security number Some form of I.D If required minimum amount required by your bank for a initial deposit to start a savings account

7 Where Do You get A Savings Account?
You can get a savings account at your local bank.

8 Different Types of Savings Account
Regular Savings Account Online Savings Account Money Market Deposit Account

9 Regular Savings Account
Almost all banks offer a regular, basic savings account that you can sign up for in person, by phone or online. The difference between this account and a checking account is that it generally doesn't have check-writing privileges. It may have a higher opening deposit requirement. It may also have a higher daily minimum balance requirement.

10 Online Savings Account
An online savings account differs from a regular savings account in that you deal with it exclusively through the internet (sometimes also by phone) It pays interest at a higher rate. One drawback of these accounts, aside from not being able to deal with them in person through a bank teller, is that in some cases, it may take longer to get access to the money in an online savings account.

11 Money Market Deposit Account
The money market is a segment of the financial market in which financial instruments with high liquidity and very short maturities are traded. The money market is typically seen as a safe place to put money due the highly liquid nature of the securities and their short maturities Money market deposit accounts tend to have higher minimum balance requirements than regular or online savings accounts. This minimum usually ranges from $100 to $2,500.

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