Places to put your money review [2025]

Front

What is a 529 account used for?

Back

Education expenses like tuition, housing, meal plan

Front

To avoid paying a monthly bank account fee, you can use a student account which links to a ________ account.

Back

parent's

Front

Which of the following is a characteristic of a high-yield savings account (HYSA)?
Options:
Lower interest rates,
Interest rates that change depending on the Federal Reserve interest rate,
Available at physical bank branches,
No FDIC insurance coverage

Back

Interest rates that change depending on the Federal Reserve interest rate

Front

What is a debit card?

Back

A card that links to your checking account and uses your money to make purchases.

Front

A 529 account is primarily used for ______.

Back

Education expenses like tuition, housing, meal plan

Front

Which of the following is a way to avoid paying a monthly bank account fee?
- Maintain a minimum daily balance
- Use a credit card
- Withdraw cash frequently
- Close the account.

Back

Maintain a minimum daily balance

Front

What is the maximum amount guaranteed by the government under FDIC insurance if your bank fails (disregarding HYSA's)?

Back

$250,000

Front

What is one key feature of a Certificate of Deposit (CD) that differentiates it from a checking or savings account?

Back

Higher interest rate

Front

A Certificate of Deposit (CD) has a maturity date. What happens if you withdraw from it early?

Back

You are penalized (lose $)

Front

FDIC insurance guarantees up to ______ by the government if your bank fails.

Back

$250,000