A Guide to Understanding Savings Accounts and Interest Rates
While many high-schoolers take basic economics, they don’t always learn about the more relevant topic of personal finance and of saving their own money. Even many college graduates may not understand the differences between Certificates of Deposit (CDs), Money Market accounts, and Savings accounts.
But being financially savvy doesn't have to be difficult. Here's an activity that can help your teenager realize his financial options and use that information to make informed decisions for his future. The insights from this activity can help govern your young adult’s financial choices for years to come, allowing him to save wisely for college, a car, and other future needs.
What You Need:
- Access to the Internet or banks’ rate sheets
- Pen and paper