COMPARE: Types of Saving Accounts - Personal Finance

Name ________________________________

Hour ______

COMPARE: Types of Saving Accounts

Please use the links to these accounts from my website at cooldogpf.links ¨C there may be

additional links you need to click on within the links provided.

Part I: Types of accounts

1. Conduct online research to complete each field below for each type of savings account.

a.

Commerce Bank Personal Savings Account

Describe how it works, and how can you deposit money into the account?

Interest rate:

Minimum balance:

Is it FDIC insured?

Can you write checks or pay bills How many withdrawals can you

directly from it?

make in a month?

YES

NO

YES

Can you add to the balance

regularly?

YES

NO

NO

b.

Discover Online Savings Account

Describe how it works, and how can you deposit money into the account?

Interest rate:

Minimum balance:

Is it FDIC insured?

Can you write checks or pay bills How many withdrawals can you

directly from it?

make in a month?

YES

NO

YES

Can you add to the balance

regularly?

YES

NO

NO

1

c.

Commerce Bank Certificate of Deposit (CD) ¨C 1 Year

Describe how it works:

Interest rate:

Minimum balance:

Is it FDIC insured?

Can you write checks or pay bills Is there a penalty for

directly from it?

withdrawing your money early?

YES

NO

YES

Can you add to the balance

regularly?

YES

NO

NO

d.

Discover Bank Certificate of Deposit (CD) ¨C 1 Year

Describe how it works:

Interest rate:

Minimum balance:

Is it FDIC insured?

Can you write checks or pay bills Is there a penalty for

directly from it?

withdrawing your money early?

YES

NO

YES

Can you add to the balance

regularly?

YES

NO

NO

Part II: Analysis ¨C Use additional paper if necessary and/or type and email to me at dceule@

What are the advantages of a savings account? What are the advantages of a CD?

What are the advantages of a traditional bank like Commerce? What are the advantages of an online bank like

Discover?

Which Savings Account do you prefer? Why? Which CD do you prefer? Why?

2

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download