Financial Lit PSA
Storyboard Text
- We Finally Graduated!Hey.. you don't look happy, is something wrong?
- I'm just Confused about how to begin saving for my goals after we leave college;I don't know where to start
- Well, it depends on what you're saving for, and how far away that goal is.But, there's three main types of accounts, Standard savings, CD accounts, and MMAs
- A standard savings account typically has the lowest interest rate out of all the accounts, its main purpose is to keep savings safe, they're best for short-mid term goals
- Well, What's the difference?
- A certificate of deposit (CD) account is better for longer term goals, you wont be able to touch the money, even in case of emergency, but it tends to earn more interest than other accounts.
- And finally, Money Market Accounts (MMA) are better if you already have a large amount of money saved up. These accounts tend to have large down payments but, have checking account like privileges like bill paying ATM withdrawals, they also gain mid to high levels of interest over time.
- Thanks! Now I finally know what kind of accounts exist to help me with my future savings goals!
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