Monday, November 16, 2015 Objective: Students will be able to examine the types of accounts available to consumers from financial institutions and the.

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Presentation transcript:

Monday, November 16, 2015 Objective: Students will be able to examine the types of accounts available to consumers from financial institutions and the risks, monetary costs, and benefits of maintaining these accounts. Purpose: Many of you have or will have financial accounts.

Roles of Interest and Risk the higher the interest rate offered for savings, the more money will be available for savings the lowering the interest rate lowers the amount of money available for saving Risk: The chance that an investment's actual return will be different than expected the riskier an investment is, the higher the interest is

Certificates of Deposits Type of Account Definition Risk Costs Benefits Checking Account Savings Account Certificates of Deposits Money Market Funds IRA Accounts Mutual Funds

Checking Accounts Accounts that allow for numerous withdrawals and unlimited deposits Risks: insured by FDIC Costs: fees (lower or none with minimum balance) Benefits: don't have to carry cash, can be jointly held

Savings Account Accounts that provide principal security and a modest interest rate generally for money that you don't intend to use for daily expenses Risks: insured by FDIC Costs: makes your money less accessible Benefits: earn interest (often a small amount of money)

Certificates of Deposits issued by a bank to a person depositing money for a specified length of time Risks: insured by FDIC Costs: money tied up for a period of time, penalty for withdrawal Benefits: constant interest rate (depends on the health of the economy)

Mutual Funds made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets Risks: not insured by FDIC Costs: fees, can lose money, taxable Benefits: safer than stocks, experts choose several companies to invest in

Money Market Funds open-ended mutual funds that invest in short-term debt securities such as US Treasury bills Risks: insured by FDIC Costs: lower interest than CDs, high minimum amount, can write a limited amount of checks Benefits: no fixed interest rates (depends on the health of the economy)

Individual Retirement Accounts investing tools used by individuals to earn and earmark funds for retirement savings Risks: insured by FDIC Costs: rules and penalties for early withdrawal Benefits: tax deductions

Certificates of Deposits Types of Financial Accounts Type of Account Definition Risk Costs Benefits Checking Account Savings Account Certificates of Deposits Mutual Funds Money Market Funds IRA Accounts