To earn as much interest as possible, you should open a savings account that earns ..... interest and has the ..... interest rate

BANKING GENERAL KNOWLEDGE

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

To earn as much interest as possible, you should open a savings account that earns ____ interest and has the ____ interest rate

A	compound;lowest
B	compound;highest
C	simple;lowest
D	simple;highest

Explanation:

Detailed explanation-1: -High-yield fixed deposits are a form of savings account that earns a greater rate of interest than a conventional savings account while still being protected by the FDIC. Because it normally needs a bigger initial payment and accessibility to the bank is limited, it earns more money.

Detailed explanation-2: -Savings accounts earn compound interest, which means the interest you earn in one period gets deposited into your account, and then in the next period, you earn interest on that interest.

Detailed explanation-3: -Money market accounts earn higher interest rates than traditional savings accounts but still typically offer lower interest rates than other accounts. CDs generally have higher interest rates than money market accounts.

There is 1 question to complete.