1) What is a savings account?
-A savings account allows you to put money in a bank to earn interest.
2) What are THREE benefits of a savings account?
-One benifit is the longer you keep your money in the savings account you earn more interest.
-In the bank Your money is also protected.
-You can also use your money to fund loans.
3) What is the FDIC? What is its purpose?
-The FDIC is Federal Deposit insurence corporation. The purpose of them is to protect your money just incase the bank closes.
4) What is compound interest?
-Compound interest is when the bank is paying you interest on your money
thats in the bank.
5) What are credit unions?
-Credit union are non profit organizations that are for specific groups of people.
6) What is the difference between a regular savings account and a Money Market account?
-The basic savings account has no minimum balance requirement or a low one, but will offer a very low interest on your money.
-A Money Market accounts usually pay more money in interest but will require you to have more money in the account.
7) Do you have a savings account?
-Yes, I do have a savings account.
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