T - Personal Finance
COMPARE: Types of Saving AccountsThere are multiple types of savings accounts that can help you meet your goals. You’ll explore and compare those in this activity. Nerdwallet is a good place to start your research: Part I: Types of accountsConduct online research to complete each field below for each type of savings account. Traditional Savings Account (NOT an online savings account)Describe how it works: Pros: Cons: (compared to online, CDs, Money Market Accounts)Typical interest rate:Typical minimum balance:Can you add to the balance regularly? YES NOIs it FDIC insured? YES NOCan you write checks or pay bills directly from it? YES NOIs your money “stuck” for a set time? YES NOOnline Savings AccountDescribe how it works: Pros: Cons: (compared to traditional, CDs, MMA) Typical interest rate:Typical minimum balance:Can you add to the balance regularly? YES NOIs it FDIC insured? YES NOCan you write checks or pay bills directly from it? YES NOIs your money “stuck” for a set time? YES NOCertificate of Deposit (CD)Describe how it works: Pros: Cons: (compared to traditional, online, MMA) Typical interest rate:Typical minimum balance:Can you add to the balance regularly? YES NOIs it FDIC insured? YES NOCan you write checks or pay bills directly from it? YES NOIs your money “stuck” for a set time? YES NOMoney Market Account (MMA)Describe how it works: Pros: Cons: (compared to traditional, CD Online)Typical interest rate:Typical minimum balance:Can you add to the balance regularly? YES NOIs it FDIC insured? YES NOCan you write checks or pay bills directly from it? YES NOIs your money “stuck” for a set time? YES NOPart II: Research one bank or credit unionChoose one bank or credit union and research its options for savings accounts. Complete the chart below based on the terms of that bank or credit union’s accounts. Note: If the bank offers multiple products in the same category (ex: two tiers of MMA or CDs at 10 different time intervals) just record answers for ONE of the options. Bank or credit union name: Bank or credit union website: Is this bank/credit union online or a traditional brick & mortar? Savings AccountCDMMAAccount name (ex: Basic Savings, 1 Year CD, 5 Year CD)Interest rateMinimum deposit or balanceFeeTime period for your depositPart III: Choose the best optionRead each scenario below and select which type of savings account, from the 3 you’ve chosen above, fits best. Robert wants to get serious about saving for a new car. Which account would you recommend? Why? Cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary. She’s hoping to earn a bit more interest than she currently is with that $45,000 just sitting in her traditional bank’s savings account. Which account would you recommend? Why?Janelle likes to keep all her savings goals separate, so she has an account for each one, including an account to save for her college textbooks every semester. She buys books about every 6 months, with roughly $550 due each time. She likes to save the money up in installments, with auto-deposits from each of her twice monthly paychecks. She’s wondering if her online savings account, earning 0.75%, is still her best option for monthly deposits toward her textbooks. Which account would you recommend? Why? ................
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