savings accounts
what features should I look for in savings accounts?
High interest rates and no ( or low) monthly fees.
Is there a minimum balance?
A minimum may be required to keep certain checking accounts
what can you spend your paycheck?
groceries, bills, eating at any type of place
when buying a property
make a monthly budget on your spendings
talk to trusted adults?
can help you with future planning
What is bank account interest?
Money that banks pay by holding your deposits.
Can there be overdrafts?
Spending more in your account can access excessive fees
Why are paychecks important?
pay monthly bills
when wanting to travel
have a savings for needs and wants
ask others about their financials
help others with financial planning
What is average interest rate on savings account?
Do accounts earn interest?
yes they can earn interest depending on the amount kept within time
When using a paycheck what should you spend it on first?
bills, needs
when going to college
always have money put to the side
talk to your significant other
help with any need with bills or food
What is compound interest?
Its interest on the balance added to previously earned interest
What can you use a checking account for?
mobile deposits?
How can you budget a paycheck?
50/30/20 Rule
when wanting a family
have good income and save
help your friends
give advice for their planning to make thing simpler for them
What does APY stand for?
Annual percentage yield
Are there any ATM fees?
Yes they are required for certain ATMS
Do you spend money on wants or needs first?
Needs
to help family
put money to the side and help those in need
communicate with your bank
can be given needed advice