Lesson 2, Assignment 1 Savings Options

College tuition costs are increasing every year. While you plan to apply for scholarships and student loans, you also think it would be a good idea to save some money on your own. You still have a couple of years left before you start college, and so far have managed to save $2,000 from summer obs and part!time work. You think that it is about time to start earning some serious interest on your savings. "sing various websites #www.wellsfargo.com, www.bankofamerica.com, www.bankrate.com, www.money.com, www.savingsbonds.gov, ust to name a few$ research four different types of savings programs% savings accounts, certificates of deposit, money market accounts, and ".&. &avings 'onds. (ill in all the information re)uired for each type of saving option. *fter completing the chart, write a short paragraph e+plaining which option you would choose to put your money in to save for college. ,efend your choice to me.

Name of Institution and product

Percentage Yield

Fees

Financial Restrictions (List any penalties for early withdrawal)

Savings Account Certificates of Deposit Money Market Account !S! "reasury #ill$ Notes$ and #onds

Wells Fargo Bank of Merica CNN Treasur !irec"

0.1% 0.05% 0.12% 0%

$25.00 $25.00 $29.00

$5.00 $12.00 none

$100 1.#$% none

Which option would you choose to save for college and why-

. would choose 'ank of *merica because the interest rate is high so you would get more money back. /hat would be the best choice in the end.