Bank Accounts QUIZ

This type of account offers the following features:

-Save your money in a safe spot

-LOW interest earned here

-Kepp $ separate from your normal, everyday spending account

• Checking account

• Savings account

• Retirement account

• Loan

This type of account offers the following features:

-Offers a debit card to use at stores and online

-Use for your everyday spending

• Savings account

• Certificate of Deposit (CD)

• Checking account

• Loan

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 withraw money before time is up

-Can use this as a security / collateral for 1st credit card to start building credit

• Savings account

• Retirement account

• Certificate of Deposit (CD)

• Credit card

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

• Loan

• Certificate of Deposit (CD)

• Retirement account

• Debit card

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

• Mobile or online banking

• Checking accounts

• Loans

• Retirement accounts

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.)

• Retirement account

• Checking account

• Savings account

• Loan account

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

• ATM card

• Debit card

• Credit card

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

• Credit card

• Checking account

• Debit card

• ATM card

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

• ATM card

• Debit card

• Credit card

• Savings account

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

• TRUE!

• FALSE!