- Determine what to look for when choosing a savings account
- Understand the four different types of savings accounts
- Determine what type of savings account you would choose
- Identify savings tips as well as why keeping your money in a bank is a good thing
- Watch this video to identify the the three basic questions one should ask themselves when choosing an account as well as the four types of savings accounts available at most banks. Identify the pros and cons of each type of account.
- Create a Google Document titled Types of Savings Accounts-(Your Initials). In that document, create a 5×5 table that lists the four types of savings accounts on the left, pros for the accounts in the second column, and cons for the accounts on the third column. For the fourth column, you need to go find a bank online that offers all four types of accounts. In column four, you will provide the current savings rates that that bank offers for those accounts. In column five, you will provide a direct web link to that information you found for column four. It should look like the table below:
|Type of Savings Account||Pros||Cons||Interest Rate||Web Link|
- Part I
- Create a new Google Document titled My Choice-(your initials).
- Using the information you gathered from the video above and using the table you created, write a paragraph explaining what type of account you would choose and why.
- Then use the internet to find a local bank (non-regional or national) offering that type of account. Create a table like the one below that showcases the details about that type of account and the requirements to be able to use that type of account.
**Be sure to provide the website where you got your specific account information for the bank you chose.
|Account Details||(Name of Account)|
|Monthly service fee|
|Minimum opening deposit|
|Features and benefits|
|Current interest rate|
- Part II
- After completing the assigned tasks in Lesson 3 above, share your Lesson 3 folder with your teacher. These are the files you should have in your Lesson 3 Folder:
- Checking vs Savings
- Types of Savings Accounts
- My Choice
Lesson 3 Quiz-BAU
- Complete the Lesson 3 Quiz for the Banking Unit.