Chapter 1 Planning Your Financial Future: It Begins Here
23
Check
Your
Understanding
How does adding to your investment each year (or more often) affect the
results of your investment?
1. Go to the Internet and fi nd the websites
for fi ve savings institutions. What rates are
they currently paying on savings accounts?
Typically, the interest rate and an APY
(annual percentage yield) are shown. Record
both rates along with any minimum balance
required and related fees.
Savings Institution Interest Rate APY Minimum Balance Fees
2. What is the purpose of showing an APY? Search the Internet to learn how
using this number can help you when comparing investments.
Web
Connect
Current Interest Rates