Unit 5 test- Savings

Things you would like to have; they are not absolutely necessary, but they would be nice to have.

• Wants

• Goods

• Interest

• Needs

A saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck, rather than waiting until the end of the month to save what's left.

• Online Saving Accounts

• Never Budget For Entertainment

• Emergency Fund

• Pay Yourself First

The money you earn on your savings account balance over a period of time.

• Interest

• Deposit

• Allowance

• Budget

An amount of money you add to a bank account.

• Deposit

• Interest

• Budget

• Withdrawal

A type of bank account that allows you to put aside money for future use and earn interest.

• Emergency Fund

• Checking Account

• Saving Account

• Joint Account

An amount of money given by a parent or guardian at regular intervals to their child.

• Deposit

• Withdrawal

• Allowance

• Budget

The minimum amount of money required to open an account with a bank (this amount may change between banks and account types).

• Minimum Balance Requirement

• Initial or Minimum Deposit

• Savings Account

• Statement Interest

Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.

• DEPOSIT

• ATM

• SEC

• FDIC

A type of savings account offered to to young adults and students that may have additional benefits including no monthly fees and no minimum balance requirement.

• Joint Account

• Teen Savings Account

• Budget

• Pay Yourself First

An amount of money you take out of a bank account.

• Withdrawal

• Interest

• Budget

• Deposit