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Published byEvangeline Walsh Modified over 9 years ago
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SAVINGS ACCOUNTS Georgia 4-H Cottonbowl and Consumer Judging
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What is a savings account? Set up in a bank or credit union The institution pays interest
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Benefits Safety Interest More saving Financial goals
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Types of Savings Accounts Basic Small minimum deposit Relatively low interest rates No restrictions on cash flow Certificate of Deposit (CD) Higher interest rate Large minimum deposit Maturity date Penalties
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Types of Savings Accounts Money Market Account Higher interest than basic Large minimum deposit Limits withdrawals No maturity date Fees for falling below minimum balance Find a bank or credit union near you for easy access
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Banks v. Credit Unions Banks For-profit company Protect deposits with FDIC Credit unions Non-profit organization Insured through NCUA
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Considerations for Savings Accounts Insurance (NCUA/FDIC) Interest Rate & Compounding Minimum deposit Withdrawal restrictions Transaction restrictions Fees Special offers Easy access/mobile app
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