Bank Accounts

Front

What are the two main types of bank accounts?

Back

Savings account and checking account

Front

Explain the difference between a savings account and a checking account.

Back

Savings accounts are for saving money and offer higher interest rates, while checking accounts are for everyday transactions and do not earn interest.

Front

True or False: A checking account is for daily access and a savings account earns higher interest.

Back

True

Front

What is the importance of online banking in today's digital age?

Back

Convenient and secure access to financial services

Front

What are the advantages of using an ATM for banking transactions?

Back

Convenience, accessibility, and time-saving benefits

Front

Explain the process of opening a bank account.

Back

Visiting a bank branch or applying online, providing personal identification and proof of address, completing an application form, and making an initial deposit.

Front

What documents are typically required to open a bank account?

Back

Valid identification such as a driver's license or passport, proof of address, social security number, and initial deposit.

Front

Why is it important to compare different banks before opening an account?

Back

To find the best interest rates, fees, and services that meet your financial needs.

Front

What is the purpose of a bank statement?

Back

To provide a record of all transactions in an account over a certain period

Front

What is a debit card?

Back

Debit card is tied into your checking account and you use it to deduct money directly from your account through purchases.