2.1T (S1) EXIT TICKET- Checking and Savings Accounts Exit Ticket

First Name

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Last Name

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Class Period

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All of the following are reasons to open a checking account EXCEPT…

• Making it easier to pay bills
• The ability to make purchases with a debit card
• Access to cash at an ATM
• Saving money for retirement

One difference between a checking account and a savings account is that…

• Checking accounts typically offer higher interest rates
• Savings accounts offer more flexibility for daily purchases
• Checking account balances will typically change frequently
• Savings accounts usually have a debit card and checks

Tyreke has $5,000 to put into an account that earns compound interest. Which of the following is the BEST advice you can offer so that he can maximize interest?

• It’s ok to open an account with a low interest rate as long as you deposit your money early
• Deposit your money as early as possible in an account with the highest interest rate possible
• Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect
• Compound interest will not have any effect at such a low dollar amount. Find different opportunities to earn interest on your savings.