Which of the following statements about savings accounts is False
a. Savings accounts are best used to store money for long-term goals
b. Savings accounts may require you to maintain a minimum balance to avoid paying a fee
c. savings accounts pay interest on the money you deposit
d. savings accounts allow an unlimited amount of withdrawals each month
Answer: d. savings accounts allow an unlimited amount of withdrawals each month
Most savings accounts have certain limitations, such as the number of transactions you can partake in during the month. This is because federal legislation that restricts the directivity of withdrawals from savings accounts to a maximum of six for each statement cycle led to this. Answer: (a), (b), and (c). First of all, savings accounts are ideal for long-term savings objectives and usually have a minimum deposit that must be kept to prevent incurring charges. Besides, the money on the account earns interest at certain rates. On the other hand, withdrawal limitation is set to discourage excessive use of the account, which is the main purpose of the account is to promote savings, not to provide current use as source
Leave a Reply