ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bank
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Credit Union
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Both
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Neither
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Detailed explanation-1: -Key Takeaways. Savings accounts are a safe place to keep your money because all deposits made by consumers are guaranteed by the FDIC for bank accounts or the NCUA for credit union accounts. Certificates of deposit (CDs) issued by banks and credit unions also carry deposit insurance.
Detailed explanation-2: -The best place to save your money depends on your short-term and long-term financial goals. High-yield savings accounts, money market accounts, and CDs help to earn high interest rates. To save for retirement, consider opening an IRA or employer-sponsored account, like a 401(k).
Detailed explanation-3: -Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. There were 24.5 million millionaires in the U.S. in 2022. And only 21% of them inherited money.
Detailed explanation-4: -Higher-Yield Money Market Accounts. Certificates of Deposit. Credit Unions and Online Banks. High-Yield Checking Accounts. Peer-to-Peer (P2P) Lending Services.