Savings accounts usually offer ..... interest rates than checking accounts. It is ..... to access your money in a savings account than in a checking account

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Savings accounts usually offer ____ interest rates than checking accounts. It is ____ to access your money in a savings account than in a checking account

A	lower;harder
B	lower;easier
C	higher;harder
D	higher;easier

Explanation:

Detailed explanation-1: -If you’re just looking to pay for everyday expenses, a checking account is the way to go. If you’re focusing on growing your money, a savings account is a better fit. Regardless of the account type you choose, make sure you pick one suited to your financial needs and goals.

Detailed explanation-2: -Interest Rates Savings accounts always accrue interest. The interest rate depends on the bank, the type of savings account (e.g., see Money Market vs Savings Account), and the amount deposited, but is always higher than the interest rate on checking accounts.

Detailed explanation-3: -Because savings accounts are not made for everyday transactions, you can store money in the account for longer to collect interest. Savings accounts-especially high-yield savings accounts-typically offer higher annual percentage yields (APYs) than checking accounts, allowing you to grow your money faster.

Detailed explanation-4: -Checking accounts are better for regular transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest-or none. Savings accounts are better for storing money. Your funds typically earn more interest.

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