class 8 - -Minimum balance requirements-May limit o of...

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Savings - Paying off dent is a form of savings - Pay yourself FIRST! Concepts for discussion - Liquidity - Safety/Risk - FDIC o Bank Protection/Insurance o $250,000 - NCUA o Credit union - FSLIC o Savings and loans - APR vs. APY o Annual Percentage Rate Will grow if you $$ is compounded once a year o Annual percentage yield APR plus the compounding of interest o More frequent compounding results in a greater or higher yield. Checking accounts - Interest checking - Minimum balances - Overdraft charges - Check fees - ATM fees Money Market Deposits Accounts
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Unformatted text preview: -Minimum balance requirements-May limit o # of transactions o Minimum withdraws-Offers check writing Certificate of Deposit $ for a fixed item 6 mos – or 4 to 5 years-Principal does not fluctuate-APY-Good balance of risk and reward-Caution: Watch for FDIC insurance-Caution: Penalty for early withdrawal-Laddering of CD’s (or Bonds) o Liquidity (access to your money without penalty) o Earn the highest amount of interest Savings accounts: Checking, Savings, MM, CD’s...
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