ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Unlimited amount of checks can be written
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Requires a minimum amount of $5, 000
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Average yield (rate of return) higher than regular savings accounts
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None of the above
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Detailed explanation-1: -You can open an account at a bank or credit union, deposit your money, earn interest, and withdraw your money when you need it. The primary trade-off is that you’ll be rewarded with more interest than you’ll get from the financial institution’s non-MMA savings account.
Detailed explanation-2: -High-yield savings accounts and money market accounts typically come with higher annual percentage yields (APY) than standard savings accounts.
Detailed explanation-3: -If you’re looking for a new home for your emergency fund, it pays to consider high-yield savings accounts and money market accounts. Money market accounts offer easier access to your money, but high-yield savings accounts often have lower minimum balance requirements (or none at all). Thankfully, both are FDIC insured.
Detailed explanation-4: -FDIC Insured. Money Market Accounts are FDIC insured up to insurance limits†. Higher Interest Rates and Compound Interest. Liquid Savings. Online and Mobile Banking. Digital Savings Tools. 28-Oct-2022