Founded in 1902, AAA is a not-for-profit organization of clubs serving more than 51 million members in the United States and Canada. As North America's largest motoring and leisure travel organization, AAA provides its members a full range of travel, insurance, financial and automotive-related services through a network of 1,100 offices, as well as its full-service Web site: AAA.com. Since its founding, AAA has been an advocate for the motorist and traveler, continually lobbying for driver and passenger rights, fair laws and safer vehicles and roads. Through affiliations with motoring clubs around the world, AAA provides benefits to members traveling in 130 countries on six continents. Today, 25 percent of all U.S. households have a AAA membership. Nearly 27 percent of all North American passenger vehicles belong to AAA members.
How to Invest in CDs, Money Markets & Savings Accounts
Bill Gerhard, AAA’s director of Financial Services, explains how to invest in CDs, Money Market, and Savings Accounts.
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Bill Gerhard: Hi! I am Bill Gerhard, Director of Financial Services for AAA. There is never been a better time than right now, to start saving money. So let's get back to my office and talk about some of the more popular options.
How to save money?
So now that we are back in the office. I am going to discuss how to invest in Certificate of Deposit (CDs), money markets, and savings accounts. I this video I'll began by began by explaining three popular savings options: the C.
D, Money Market and Savings Account. Then I'll discuss how to compare APR and APY rates.
Next, I'll discuss early withdrawal, penalties and maturity options. Then we'll look at the basics of CD Laddering. Next I'll talk about compound interest and the Rule of 72 and then finally I'll discuss where you can go to open an account, that's right for you.
As a director of AAA Financial Services, I'll be your guide through this series which we created to promote savings and help you understand savings products. We hope to give you a good foundation to build upon, but please keep in mind that investment opportunities and tax regulations are subjects to change.
Talk with a financial professional or tax consultant before you make large or a long term financial commitments. AAA offers the information in this video series for educational purposes only. Carefully consider objectives, risks, expenses and tax implications before investing. Up next, I'll explain what three popular savings options are: CDs, Money Market Accounts and Savings Accounts.