Tips on Opening a Savings Account

What is one of the benefits of keeping separate checking and savings accounts according to Mary Beth Storjohann?

• It helps to minimize costs.

• It makes it easier to track your success on financial goals.

• It increases the interest rates on savings.

• It consolidates financial planning.

What feature of a savings account can save you time and money according to the text?

• High-interest rates

• Convenient ways to access your money

• Savings account insurance

• No minimum balance requirements

What does the FDIC insurance cover for a savings account?

• The first $100,000 of your money at each bank

• The first $250,000 of your money at each bank in each account ownership category

• The first $500,000 of your money at each bank

• The first $1,000,000 of your money at each bank

What should you look for when opening a savings account to avoid additional costs?

• High-interest rates

• Multiple branch locations

• Few or no fees, such as minimum balance fees, maintenance fees, or transaction fees

• A large number of ATM locations

Why should you get a written list of all potential fees when looking for accounts?

• To avoid the bank charging you unexpectedly

• To ensure you can make as many withdrawals as you want

• To get a higher interest rate on your savings

• To increase the balance in your savings account

What can a higher interest rate on your savings account help you do as you build up your rainy day fund?

• Decrease the amount of money in your fund

• Add more money to your fund each year

• Allow for an unlimited number of withdrawals

• Reduce the transparency of the bank fees

What might banks offer if you keep a higher minimum balance in your savings account?

• Lower interest rates

• More maintenance fees

• Higher interest rates

• A written list of potential fees