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Why save?
Savings Institutions
Savings Options
Interest
Wildcard
100
trading spending now for the ability to spend later
What is saving?
100
a financial institution that offers memberships to people who share a common bond
What is a credit union?
100
a written promise to pay a debt by a specific date
What is a bond?
100
the amount of money put on deposit for saving
What is the principal?
100
the amount printed on a bond
What is the face value?
200
Saving money in case of accidents or necessary repairs
What is Saving for the Unexpected?
200
a financial institution serving individuals and businesses with a wide variety of offerings
What is a commercial bank?
200
a deposit account where the interest rate changes over time with the economy
What is a Money Market Account (MMA)?
200
interest earned on principal only
What is simple interest?
200
an product a bank offers that enables you to deposit money, earn interest on deposits and withdraw money at any time
What is a savings account?
300
the concept that you should make a deposit in a saving account as you pay your bills
What is Pay Yourself First?
300
financial institutions that originally specialized in lending money to buy a home
What is a savings and loan association?
300
the actual interest rate an account pays per year
What is the annual percentage yield (APY)?
300
interest earned on principal and interest already earned, provided the interest is not withdrawn from the account
What is compound interest?
300
the amount an account must have in it in order to earn interest
What is a minimum deposit?
400
putting aside a certain amount or percent of your pay each paycheck
What is Save by the Numbers?
400
a financial institution owned by its depositors, whom earn dividends
What is a savings bank?
400
a deposit in which the principal earns a fixed interest rate for a specific period of time and are subject to penalty if taken out early
What is a certificate of deposit (CD)?
400
interest calculated twice a year and paid on deposit and interest earned
What is interest compounded semiannually?
400
a treasury security with terms of 2, 5 or 10 years
What is a treasury note?
500
when you authorize your bank to send a certain amount of money each month from your checking account to your savings account
What is Checking Account Transfer?
500
the government agency that insures deposits up to $250,000
What is the Federal Deposit Insurance Corporation (FDIC)?
500
bonds for which the interest is adjusted for inflation
What is an I Savings Bond?
500
the frequency of compounding that will earn you the most money
What is compounding daily?
500
when an employee authorizes an employer to take a specific amount from their paycheck to be deposited into your savings account
What is a payroll deduction?