Standard 19 Lesson 2 Assignment 1

Standard 19 Lesson 2 Assignment 1

Page 1

SAVINGS ACCOUNTS

Open, Management, and Balance

  • Why have a savings account?

______
______

  • Types of Savings Accounts
  • ______orpassbook accounts allow you to make a minimum deposit, beginning as low as $5. These types of plans earn low interest rates, but you can easily withdraw or deposit funds.
  • ______accounts earn a higher interest rate than a regular savings account, but you must make a larger minimum deposit - between $1,000 and $5,000. And, you must keep your money in the CD for a specified period of time. There is a penalty for early withdrawal.
  • ______ earn a higher interest rate than a regular account, but you must make a larger minimum deposit - between $500 and $2,500. There is also a limit on the number of monthly withdrawals from this account.
  • How to open a savings account
  • Visit the financial institution of your choice and speak to a ______ about opening a savings account.
  • Bring:
  • ______(including one with a picture)
  • ______
  • ______(cash or check)
  • Be prepared to fill out information on a ______ that will remain on file at the bank. The bank uses the card to verify the signature on checks that bear your name. Signature cards typically include:
  • Your name
  • Current address and length of time at the address
  • Previous address and length of time at that address
  • Type of account (single, joint)
  • Your signature
  • Once your account is approved, make your ______.
  • Deposit and Withdrawal Slips
  • You may recall from the checking account lesson that deposit and withdrawal slips are written orders to your bank. Use these slips to put money in or take money out of your savings account.
  • Keeping track of your savings account
  • As you withdraw or make deposits, keep track of the amount of money remaining in your savings account.
  • Your bank or financial institution will send you a monthly ______or list of the various withdrawals and deposits made on your account. If you have an ATM card, you can also access this type of information at an ATM.
  • To help you keep a current record of your savings account, some banks issue a ______.
  • When your bank statement arrives, compare it with your passbook.
  • Figure out the amount of money you ______, the amount you ______ and the amount you have left.
  • If you bank online, you can also access and track your savings account information on line.
  • To earn the maximum interest on your savings, limit the amount of withdrawals you make from your savings account.

Assignment #1 Standard 19 Lesson 2/2