ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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you will earn interest, but it will be low.
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your money will compound quickly.
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you will not be able to spend it until your are 21.
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you will be able to spend it with a credit card.
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Detailed explanation-1: -But unlike most checking accounts, you can also earn a small amount of interest each month, and if used the right way, a savings account can help you curb impulsive, unnecessary spending and meet your long-term goals. Savings accounts are offered at most banks.
Detailed explanation-2: -One reason savings account rates are so low is that financial institutions profit when the rate on the money they lend out is higher than the rate they pay people who deposit money into savings. When rates on loans are low, banks like to keep savings account rates even lower to continue making money on them.
Detailed explanation-3: -Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100, 000. Many banks offer an interest rate when you put your money in a savings account.
Detailed explanation-4: -Switch to a high-interest savings account. Consider a rewards checking account. Take advantage of bank bonuses. Try a money market account. Check with your local credit union. More items •16-Dec-2022