ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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true
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false
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Either A or B
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None of the above
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Detailed explanation-1: -Some savings accounts require a minimum balance in order to avoid monthly fees or earn the highest published rate, while others have no balance requirement. Know the rules of your particular account to ensure you avoid diluting your earnings with fees.
Detailed explanation-2: -While some traditional savings accounts have no minimum balance requirements, most of them do. Major national banks typically require a minimum balance of around $300 to $500 or more to avoid monthly service fees ranging from $5 to $12 or more.
Detailed explanation-3: -Most minimum deposit amounts fall between $25 and $100 for national banks and between $1 and $10 for credit unions. Online financial institutions are the best places to look for savings accounts with no minimum deposit.