Savings Account Review

What is a savings account?

• A savings account is a type of bank account that helps you store and save your money while earning interest over time.

• A savings account is a type of bank account used to make daily purchases

• A savings account is when you save money at home in a piggy bank

• None of the Above

A savings account is used to help people save money for future expenses or emergencies.

• True

• False

What does it mean to deposit money?

• To earn interest

• Take money out of your bank account

• Add money to your bank account

• When you have to pay a fee

Interest is when a bank pays a person for having money in a savings account.

• True

• False

What does it mean to withdraw?

• To take money out of an account

• To add money to an account

• Having to pay a fee

• To close your savings account

How old do you have to be to open a bank account?

• 21

• 14

• 18

• 10

Luna Brennan’s is depositing $320  in currency, $1.55 in coins, a check for $213.40, and a check for $400.25. What is the total deposit?

• $752.08

• $1,221.96

• $935.20

• $569.84

Regis Sellers is depositing $450  in currency, $7.25  in coins, a check for $110.90, and a check for $1,263.91. What is the total deposit?

• $1,832.06

• $1,826.60

• $1632.59

• $1,968.00

A Joint or Custodial accounts can be opened with a parent or guardian if you are under 12 years old?

• True

• False

If Nikki earned $50.00 for babysitting her little cousin, would she make a deposit or withdrawal at her bank?

• Deposit

• Withdrawal