BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Certificate of Deposit (CD)
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Money Market Account
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Savings Account
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Checking Account
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Detailed explanation-1: -Three major examples of savings vehicles are savings accounts, money market accounts (MMAs) and certificates of deposit (CDs).
Detailed explanation-2: -Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can typically use a debit card or checks to make purchases or pay bills.
Detailed explanation-3: -A jumbo certificate of deposit (CD) is a type of savings account with higher balance requirements than a traditional CD that, in return, pays a higher interest rate. A promotional certificate of deposit (CD) rate is a higher rate of return on a CD offered by banks and credit unions to attract new deposits.
Detailed explanation-4: -Your available balance is the amount you can spend right now.