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Saving

Saving. Benefits of Saving. Savings Strategies. What Savings Options Do I Have?. Comparing Interest Rates. Annual percentage yield (APY) – the actual interest rate an account pays per year. Government Savings Bonds. Bond – a written promise to pay a debt by a specified debt

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Saving

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  1. Saving

  2. Benefits of Saving

  3. Savings Strategies

  4. What Savings Options Do I Have?

  5. Comparing Interest Rates Annual percentage yield (APY) – the actual interest rate an account pays per year

  6. Government Savings Bonds • Bond – a written promise to pay a debt by a specified debt • Savings bonds are non-marketable (can’t be sold to another person) • Pay taxes on interest only when redeemed • Series EE savings bonds – fixed interest rate • Series I savings bonds – interest rate varies

  7. Fixed vs. Compound Interest • Principal – the money you have on deposit in a savings account, CD, or other savings option • Interest is calculated on your principal • Simple interest – interest paid once a year at the end of the year on the average balance in a savings account • Compound interest – interest paid on the principal and on previously earned interest, assuming the interest is left in the account

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