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A bank's interest rates are a pretty big deal. But
they're not the only part of banking that you need to
think about.
Jeannie decided to open a bank account a few years
ago, because she was always losing money while she was
climbing – it fell out of her pockets, wild mountain
monkeys took it, or she spent it on silly mountain souvenirs.
At first, she wanted a bank with a couple of branches,
or offices, nearby so she could make deposits and
withdrawals
in person. But then she realized that it would be even
easier if she could open an online account with Tangerine
bank. With an online account she can check her balance
and manage her money from any cave, mountain, or slope
with Internet access.
Tangerine Bank offered Jeannie two types of accounts
to help her meet her savings goals:
- Savings accounts. You can add
or withdraw money from your savings account. And the
bank will pay you interest on your balance.
- Certificates of deposit. You can’t
touch the money you put into a certificate of deposit,
or CD until the term you agree to is up. A term can
last from 6 months to 5 years. But during that time
your account will earn interest, and have a chance
to grow faster since you can’t spend it.
Let’s take a look at how Jeannie manages her
accounts.
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