Savings Tools- Personal Finance

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

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

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

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

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

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

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

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

Which two are reasons savings tools ideal for storing emergency savings? (Check all that apply)

• Secure

• Insecure

• Not Liquid

• Liquid

Which type of savings tool is the MOST Liquid?

• Savings

• Checking

• Certificate of Deposit

• Money Market Account

Which type of savings tool typically earns the HIGHEST Interest?

• Savings

• Checking

• Certificate of Deposit

• Money Market Account

Reduces the need to carry large amounts of cash.

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

Easily accessible, but less liquid than checking accounts.

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account

May require a minimum balance or have a limited number of

withdrawals each month.

• Certificate of Deposit

• Checking Account

• Money Market Deposit Account

• Savings Account