MMA's
What does MMA stand for?
What is Money Market Accounts?
What does CD stand for?
What is a Certificate of Deposit?
This account is used for what type of spending?
What is everyday spending?
Traditional savings accounts are ideal for this type of spending goal, where you aim to multiply funds over time and don't need to access the funds for daily spending or use.
What are long-term goals?
This is the primary advantage of opening this type of savings account versus a traditional savings account?
What is a higher interest rate?
These are the places where an individual can go to gain (open) a checking and/or savings account.
What is a bank (traditonal/online) or credit union?
This type of account offers higher interest rates than a regular savings account but limits the number of _______________.
What is withdrawals?
This is the amount of time you must leave your money in a CD to avoid penalties.
What is the term?
This is the type of card is provided after an individual signs up for a checking account, that allows for easily access spending and withdrawals?
What is a debit card?
True or False: You can add money to this type of savings account at any moment in time?
What is true?
These are the types of banks that more commonly offer this service at higher interest APY rates, one because they are newer, the other because they are a non-for-profit bank.
What are online banks and credit unions?
This is the term used to define an individual taking money out of an account.
What is a withdrawal?
What is the type of interest rate is offered through this type of savings account?
What is a variable interest rate?
What is the type of interest rate is offered for a CD saving's account?
What is a fixed interest rate?
This is the fee charged when your checking account balance goes below zero because you did not have enough funds to cover the attempted transaction.
What is an overdraft fee?
This is a fund used for saving and a common reason why individuals open a savings accounts and place money aside for unexpected events or situations.
This form of interest rate is offered through this form of a savings account, in which it moves based on the economy.
What is a variable interest rate?
What is Automated Teller Machine?
This type of saving account provides individuals with ______________ interest rates than high-yields savings accounts?
What is lower interest rates?
This is the date when you can remove your money from the CD without facing any penalities or fees for early withdrawl.
What is the maturity date?
This fee might apply, claiming to maintain the account, but may be provided if you don't meet the requirements for a free-penalty checking account.
What is an account maintenance fee?
Despite it being lower than other types of savings accounts, the interest rate for a traditional savings account is usually provided in this format?
What is a fixed interest rate?
True or False: You do not need to compare APY rates because the are all the same.
What is false?
These are the three types of banks offered to access or register an account.
What is a Traditional/ Commercial, Credit Union and Online Bank.
MMA's offer debit cards, ATM and ____________ privileges to help individuals easily access their money.
What are checks/ check writing?
This penalty is usually incurred if you withdraw money from a CD before its maturity date.
What is an (early) withdrawal penalty/ fee?
Many checking accounts offer this feature, which allows you to access money through a machine for free or with reduced fees.
What is an ATM?
What is a check book and debit (ATM) card?
Some online high-yield savings accounts allow for this type of transaction to easily transfer funds to other accounts.
What is an electronic transfer?
The government provides this amount of insurance for all banking accounts, per depositor, per bank.
What is $250,000?
This is when an MMA requires that you keep a certain amount of money in your account to not incur a penalty or termination of the account.
What is a minimum balance?
This type of account is low risk being that the interest rate is fixed and not affected by whom?
What is the stock market?
This banking service is often tied to checking accounts, allowing individuals to access their banking service on their phone.
What is mobile banking?
There are many forms of these that can charged to register and sustain a savings account (for things like low balances, minimum deposit, etc), especially if it is registered with a traditional/ commercial bank.
What are fees?
This is the specific type of interest offered through a high-yields savings account, that provides interest in a compound format.
What is an APY?
This method of transferring your paycheck directly into your bank account without the need for paper checks is often required by employers for faster processing.
What is a direct deposit?
You may be required to place a certain amount of money in the MMA in order to activate the account.
What is an initial deposit?
True or False: Traditionally, you can add additional money into your CD at any point within the term's contract?
What is false?
Some checking accounts allow you to link this type of account to cover overdrafts.
What is a savings account?
This is added to a traditional savings account (generally at a low rate) to increase the account's balance and incentivize individuals to open a savings account.
What is interest?
True or False: Some High Yield Savings Accounts may be limit the amount of times you can withdraw money.
What is true?
The feature that allows you to write checks to access your checking account balance.
What is check-writing?
The interest rate for this savings account is considered low-risk but not the same throughout the time of use because it is based on what?
What is the market or inflation?
Although rare, this type of CD allows the depositor to withdraw money without penalties (therefore, it may offer a lower interest rate than a standard CD)?
What is a no-penalty CD?
This the specific name of the government agency that insures members of a credit unions up to $250,000?
What is the NCUA (National Credit Union Administration)