2/3/14 “Checking accounts”

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2/3/14 “Checking accounts” After doing your research, which bank would you choose to open a checking account with & why? On desk: (C-block) Checking account research wksht.

2/3/14 Econ. Agenda Savings Accounts (class notes) Research savings accounts HW: Savings Accounts research

2/3/14 Class Notes – Saving accounts You want to go on a week-long vacation to California on August 1st, and you’ve figured out it will cost a total of $1,500. How much do you have to save each month from now until then in order to be able to go on your trip?

2/3/14 Class Notes – Savings accounts Why save your money? You save for larger purchases: house, car, college, babies… Emergencies: hospital, parents get sick, natural disasters… Starting a business or investing in a company Retirement Vacations & dreams!!

2/3/14 Class Notes – Savings accounts How to save your money: Important expense every time you get paid should be PYF (Pay Yourself First) PYF = every time you get paid, you should put some amount in savings Can be $5, $10, $20…..or a certain percentage of your income – it will add up very quickly!

Saving Accounts Checking Accounts Class Notes What is the difference between checking & savings accounts? Saving Accounts $$ you deposit in bank for long-term to SAVE Allows withdrawals, but may have transaction limitations (Only certain number of withdrawals allowed per month) Bank pays you interest for keeping money in bank!! Checking Accounts $$ you deposit in bank for short-term to SPEND Allows withdrawals (usually unlimited)

What do banks do with your money? Banks loan $$ Banks use your $$ Businesses borrow $$ from bank to build more stores CVS pays back Bank, Bank pays you (interest)

2/3/14 Class Notes – Savings accounts Annual Percentage Yield (APY): How much interest bank will pay you in one year! Given as a percentage of your average balance. Example: APY = 0.2%, Balance = $5,000 Interest earned = (0.002)(5,000) = $10 Interest rates can be fixed or variable Fixed = rate stays the same Variable = rate fluctuates

2/3/14 To- Do: Research 2 different savings accounts Based on your research, which bank would you choose to open accounts in & why?