# Personal Finance Level 2: Banking and emergency savings (free quiz and certificate) | Get Certified for Free

Source: https://getcertifiedforfree.com/courses/personal-finance/level-2/

Personal Finance · Level 2 of 5 · Foundations

# Banking and emergency savings

Accounts, fees, deposit insurance, and an emergency fund.

## Study notes

1. Checking accounts are for everyday spending. Savings accounts are for money you are setting aside.
1. FDIC insurance protects deposits at insured banks up to $250,000 per depositor, per insured bank, for each account ownership category. NCUA provides similar coverage at federally insured credit unions.
1. Watch for fees: monthly maintenance, overdraft, out-of-network ATM fees. Many banks waive fees with direct deposit or a minimum balance.
1. An emergency fund covers surprises like car repairs or job loss. A common target is three to six months of essential expenses.
1. High-yield savings accounts often pay more interest than standard savings. Compare the annual percentage yield (APY).

## Quiz: 6 questions

Choose one answer for each question, then check your answers. Score 5 of 6 to pass. Then enter your name and email to download a PDF certificate and have a copy emailed to you. Answers are graded in your browser.

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