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Semester Course3.4 Where to SaveStudent Activity PacketName: In this lesson, you will learn to: Explain the difference between a checking and savings accountCompare different savings vehicles such as a savings account, CD, and money market accountIdentify important criteria to consider when selecting a savings account.ResourcesQuestions1 Discussion PromptsDiscuss these questions with your classmates or with a partner.Estimated time: 5 minsDo you already have a savings account? If so, how did you choose it?If not, what would you look for when selecting an account? 2What's the Difference Between Checking & Savings? Kal Penn ExplainsYou 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.Estimated time: 5 mins3Finances 101: Tips on Opening a Savings AccountRead this brief article about selecting a savings account, and then answer the questions at right. Estimated time: 5 minsWhat account features do they recommend inquiring about? What account fees should you avoid with savings accounts? 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?4COMPARE: Types of Saving AccountsFollow the directions on this worksheet to complete the activity.Estimated time: 15 mins Bank Commercial - Would You Like a Pony?ANDROLEPLAY: Open a Savings AccountWatch this brief commercial, and then follow the directions on this worksheet to complete the activity. Estimated time: 10 mins6Exit TicketEstimated time: 5 mins If you have money saved now that you intend to spend in 2 or more years, which type of savings account might be best?Traditional savingsMoney market accountCDWhy should teenagers, in particular, look for no fee savings accounts? What is a realistic interest rate you could be offered by a savings account this year? ................
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