Savings Options Principles of Business Objective 4.03.

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Presentation transcript:

Savings Options Principles of Business Objective 4.03

Different Types of Savings Options Savings accounts Certificate of Deposit Money Market Accounts

Savings Accounts A savings account usually allows: – low or zero balance – deposit or withdrawals anytime – interest to be earned. Usually withdrawals are allowed without penalties. These accounts earn interest while keeping your money safe.

Certificate of Deposit (CDs) Allows you to earn a higher interest rate than a regular savings account. Certificates of deposits (CDs) requires: – a minimum deposit – money to remain deposited for a period of time without penalties. Penalties may be assessed (applied) if money is withdrawn before specified time.

Money Market Accounts Money market account requires: – a minimum deposit – interest is earned based on government and corporate securities. Usually withdrawals are allowed without penalties.