Complete the Mobile Banking and U.S. Savings Rate Data Crunch worksheets.

Start the 2.2 Savings Accounts worksheet using the links below.

VIDEO: What’s the Difference Between Checking & Savings?

• What are the main differences between a checking and savings account?

VIDEO: Compound Interest Explained

• How does the age that a person starts saving impact the amount they can earn in compound interest?
• Ben is comparing savings accounts at different banks and finds that most are offering an interest rate of about 1%. How does this low interest rate impact the power of compounding?

ARTICLE: Finances 101: Tips on Opening a Savings Account
Now that we know about the difference between checking accounts and savings accounts and why savings accounts are useful, it’s time to pick one!  Read this brief article about selecting a savings account. Then, answer the questions.

• What saving account features does the article recommend inquiring about?
• What account fees should you avoid with savings accounts?

Learning Targets:

• Explain the difference between a checking and savings account
• Compare different savings vehicles such as a savings account, CD, and money market account
• Identify important criteria to consider when selecting a savings account