Savings Tools- Personal Finance

Front

A depository institution account that is designated to hold money not spent on current consumption.

Back

Savings Account

Front

An account at a depository institution that is used for a fixed period of time and allows restricted access to the funds deposited.

Back

Certificate of Deposit

Front

An account at a depository institution that provides an easy method for withdrawing and depositing money.

Back

Checking Account

Front

An account at a depository institution that usually has minimum balance requirements and tiered interest rates.

Back

Money Market Deposit Account

Front

Which type of savings tool is the MOST Liquid? Options: Savings, Checking, Certificate of Deposit, Money Market Account

Back

Checking

Front

Which type of savings tool typically earns the HIGHEST Interest? Options: Savings, Checking, Certificate of Deposit, Money Market Account

Back

Certificate of Deposit

Front

Reduces the need to carry large amounts of cash.

Back

Checking Account

Front

Easily accessible, but less liquid than checking accounts.

Back

Savings Account

Front

May require a minimum balance or have a limited number of withdrawals each month.

Back

Savings Account

Front

Penalties are most likely assessed if funds are withdrawn early. Options: Certificate of Deposit, Checking Account, Money Market Deposit Account, Savings Account

Back

Certificate of Deposit