2.SAVINGS ACCOUNT

There are several steps to opening a savings account. Select all of these steps.

Choose a director for the account. Fill out a deposit slip and deposit at least the minimum amount of money. Go to the bank and sign the necessary bank forms. Collect all the required information.

Before you select a savings account, you want to think about how long you'll keep your money in the account.

True

The annual percentage yield (APY) is the _____.

amount of interest you'll earn in one year from a savings account

Match the terms to their definition.

annual percentage yield - the amount of interest you will earn in one year from a savings account interest thresholds - the minimum balances before the bank begins paying interest money market account - a savings account that offers a higher rate of interest when you make large deposits variable interest rates - different interest rates paid for different size balances, with higher balances earning higher rates

An online savings account _____.

offers higher interest rates because they don't have the overhead that standard banks have

Select each of the tools and services available with a savings account.

online savings plan ATMs transfer money to other accounts automatic transfer online statement direct deposit