Savings products are the most popular products offered by banks. Most adults in the United States avail themselves of at least one of these products: savings accounts, certificates of deposit, and/or money market accounts.
Access the following pages:
http://www.themint.org/investing/savings.php
http://www.themint.org/investing/certificate.php
http://www.themint.org/investing/bankmoneymarket.php

Explain your answers to the following questions:

• What are three reasons savings accounts are among the most popular banking services?
• How does compound interest help increase the savings of bank customers?
• How does the “rule of 72” help explain the potential growth of money that is saved?
• How is a certificate of deposit (CD) different from a basic savings account? What are the advantages of a CD over a basic savings account? What are the disadvantages?
• How is a bank money market account different from a basic savings account or a CD? What are the advantages and disadvantages of a bank money market account over a basic savings account or a CD?
• If you wanted to deposit money in a bank, which type of account would you open -- a basic savings account, a CD, or a money market account?