Banzai--Banking

WHICH OF THE FOLLOWING ACCOUNTS DOES NOT EARN INTEREST?

• Checking Account

• Savings Account

• CD

• None of the above

WHAT'S THE #1 REASON TO KEEP YOUR MONEY IN AN INSURED FINANCIAL INSTITUTION?

• You'll have access to seed accounts.

• You can start pillar saving.

• Your transactions won't be limited.

• Your money will be safe.

WHAT DOES APY STAND FOR?

• Average Paying Year

• Account Permitted for Youth

• Annual Percentage Yield

• Automatic Payout Y-Axis

HOW CAN YOU ACCESS MONEY IN A CHECKING ACCOUNT?

• Checks

• Debit Card

• Withdrawals

• All of the above

A SAVINGS ACCOUNT HAS...

• Variable interest, meaning the rate can change at any time.

• Variable interest, meaning chunks of money in the account have different rates depending on the time of year they were deposited.

• Set interest, meaning the rate is locked in once you open the account.

• Set interest, meaning the rate only changes if you submit a request to change it.

If you want to earn as much interest as possible, where is usually the best place to put your money?

• A savings account

• A CD

• A checking account

• A lender account

When something earns compound interest, it earns interest on...

• Only the original amount deposited.

• Only money deposited in the last year.

• The original amount deposited + any previously earned interest.

• The money in the account + a bonus $100 for each $1,000 deposit.

What's likely to happen when a risky borrower takes out a loan?

• They'll pay a high-risk fee.

• They'll fill out more forms than a low-risk borrower.

• They'll have their credit history checked, unlike a low-risk borrower.

• They'll have a higher interest rate than a low-risk borrower.

What is principal?

• The fee charged when you miss a loan payment.

• The amount originally borrowed or deposited.

• The interest someone has earned or owes.

• The total money owed on a loan.

Can you withdraw money from a savings account?

• Yes, you can withdraw money from a savings account at any time.

• Yes, but you’ll need to get a savings card to access the money.

• Yes, but you’ll have to pay a fee if it’s before the maturation date.

• No. You can’t withdraw directly from a savings account, you’ll need to transfer it to a checking account.