Bank Accounts FLASHCARD

Front

This type of account offers the following features:

-Save your money in a safe spot
-LOW interest earned here
-Keep $ separate from your normal, everyday spending account

Back

Savings account

Front

This type of account offers the following features:

-Offers a debit card to use at stores and online
-Use for your everyday spending

Back

Checking account

Front

This type of account offers the following features:

-Safe place to keep your money w/ low-medium interest
-Lock your money away for 6 months, 9 months, 12 months, 18 months, etc.
-Fee to withdraw money before time is up
-Can use this as a security / collateral for 1st credit card to start building credit

Back

Certificate of Deposit (CD)

Front

This type of account offers the following features:

-Borrow $$$ in order to purchase something
-Pay interest on top of the original amount of $ you borrow

Back

Loan

Front

This type of account offers the following features:

- Check account balances
- Transfer money from one account to another
- Make virtual deposits with checks
- Set up automatic bill payments
- Make loan payments

Back

Mobile or online banking

Front

This type of account offers the following features:

- Set up your stock market portfolio
- Purchase and track bond investments
- Purchase and track fund investments (ex: Mutual funds, Exchange traded funds, etc.)

Back

Retirement account

Front

This type of card offers the following features:

- Borrow money to make purchases
- Build a credit score by making payments on time
- Late payments = Late fees = Credit score drop

Back

Credit card

Front

This type of card offers the following features: -Connected to your checking account for direct purchases -Connected to your savings account (optional) for transfers via mobile app or ATM -Use for everyday spending at stores or online

Back

Debit card

Front

This type of card offers the following features:

-Use only at automatic teller machines
-Cannot use at stores or online
-Safer way to access money when banks are closed

Back

ATM card

Front

True or False: You must be 18+ to open any kind of bank account

Back

TRUE!