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Lecture 8

CDAE 158 Lecture Notes - Lecture 8: Financial Institution
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3 Pages
20 Views
Fall 2018

Department
Cmty Dev & Apld Econ
Course Code
CDAE 158
Professor
Fritz
Lecture
8

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Choosing a financial institution
1. List your important features
2. Rank the top 3 or 4 features on “importance”
3. Prepare a list of financial institutions
4. Conduct research (talk to others who have used their services, research online
the services and fees, and visit the financial institution to meet staff)
5. Decide where you will do business based on your needs
Regular savings accounts
- Usually involve a low or no minimum balance
- Credit unions call them share accounts
Certificate of Deposit
A CD is a savings plan that requires you to leave your money on your deposit for a set
time period, otherwise you incur early withdrawal penalties
- Several types to choose from
- Consider all the earnings and all the costs before saving with a CD or rolling over
a CD
- Consider creating a CD portfolio with CDs maturing at different times
US Savings Bonds

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Description
Choosing a financial institution 1. List your important features 2. Rank the top 3 or 4 features on importance 3. Prepare a list of financial institutions 4. Conduct research (talk to others who have used their services, research online the services and fees, and visit the financial institution to meet staff) 5. Decide where you will do business based on your needs Regular savings accounts Usually involve a low or no minimum balance Credit unions call them share accounts Certificate of Deposit A CD is a savings plan that requires you to leave your money on your deposit for a set time period, otherwise you incur early withdrawal penalties Several types to choose from Consider all the earnings and all the costs before saving with a CD or rolling over a CD Consider creating a CD portfolio with CDs maturing at different times US Savings Bonds
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