BANKING AFFAIRS

Detailed explanation-1: -Savings accounts offer easy access to your money in the event of an emergency, while your money is in a savings account, it can earn interest, allowing your money to grow, and finally keeping your money in a savings account means that your money is safe.

Detailed explanation-2: -Certificate of deposit (CD) A savings alternative in which money is left on deposit for a stated period of time to earn a specific interest rate.

Detailed explanation-3: -Traditional savings accounts earn the least amount of interest. Money market accounts earn higher interest rates than traditional savings accounts but still typically offer lower interest rates than other accounts.

Detailed explanation-4: -The term “commercial bank” refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.