BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Simple savings account
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Certificate of Deposit (CD)
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Checking account
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All of the above
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Detailed explanation-1: -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-2: -What is a CD account? A Certificate of Deposit (also known as a CD, COD, or Time Account) is a financial product that usually pays a fixed interest rate for a set period of time, ranging from a few months to several years. This period of time is known as a “term.”
Detailed explanation-3: -Three major examples of savings vehicles are savings accounts, money market accounts (MMAs) and certificates of deposit (CDs).