Checking + Savings Accounts
You can take money out of this account by making purchases with a debit card or writing a check.
What is a checking account?
Banks sometimes charge this fee when you spend more money than you have in your account
What are overdraft fees?
Banks will pay you this for keeping your money in a savings account.
What is interest?
TRUE or FALSE: Setting unrealistic financial goals can make it hard to save consistently.
TRUE
These apps allow quick, convenient transactions
What are peer-to-peer (P2P) payment apps?
Opening a checking account here often means lower fees than a national bank and support for your local community.
What is a credit union?
Keeping this in your account can help you avoid certain bank fees and maintain your account in good standing.
What is the minimum account balance?
Financial experts recommend saving this percentage of your income regularly.
What is 20%
This occurs when the prices of goods and services rise over time, causing the purchasing power of your money to decrease.
What is inflation?
This type of app stores your debit or credit cards on your smartphone, allowing you to make contactless payments without a physical card?
What is a digital wallet?
_____ accounts allow easy access to your money while _____ accounts are for storing money to earn interest.
What are checking and savings?
Using these types of ATMs helps you avoid extra withdrawal fees charged by other banks
What are in-network ATMS?
Money set aside to cover unexpected expenses like car repairs or medical bills.
What is an emergency fund?
This term describes when someone's income is just enough to cover their expenses, leaving little or no money to save.
What is living paycheck to paycheck?
TRUE or FALSE: You should always use public Wi-Fi when banking online.
FALSE
This type of account typically offers the highest interest rate, but restricts access to funds for a set period of time.
What is a Certificate of Deposit (CD)?
You can avoid these by choosing accounts that don't have them or will waive them under certain conditions.
What are maintenance fees?
A fully funded emergency fund should cover this many months of expenses.
What is 3 to 6 months?
TRUE or FALSE: Relying on digital payments instead of cash can lead to higher spending, which may make it harder to save money.
TRUE
Using this feature on your banking app allows you to deposit checks without visiting a branch.
What is mobile deposit?
This type of interest earns you money not only on the money you originally invested, but also on the interest that has already been added.
What is compound interest?
This fee can occur if you don't use your account for a long period, like making no deposits or withdrawals.
What is an inactivity fee?
One advantage of the 'Pay Yourself First' strategy is that it guarantees you will do this regularly.
What is contribute to your savings?
To combat inflation, you want your savings to earn a _____ interest rate.
What is higher?
A notification your bank can send you if your account gets too low.
What is a low balance alert?