- A savings account is a banking account that allows you to keep your money in a safe place while it earns a small interest each month.
2) What are THREE benefits of a savings account?
-Your less likely to spend your money
-Your money would be insured
-Your money would be safe from fires or robbery.
3) What is the FDIC? What is its purpose?
-The FDIC is the Federal Deposit Insurance Corporation. Its purpose is to keep your money there even if the business you had your saving account goes bankrupt or goes out of business.
4) What is compound interest?
-Compound interest is when the bank is paying you interest on the money they've paid you in interest
5) What are credit unions?
-Credit unions are non-profit cooperative organizations that are organized for specific groups of people
6) What is the difference between a regular savings account and a Money Market account?
-The difference between a regular savings account and a Money Market account would be that a regular savings account you would need a minimum balance requirement or a low one and could withdraw money any time you want, when a Money Market requires you to have money in the account. and you have limited withdraws.
7) Do you have a savings account?
-No i do not have a savings account.
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