ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No minimum balance requirements
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Unlimited transactions every month
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Tiered interest rates
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The money must remain in the account for a specific period of time.
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Detailed explanation-1: -Most money market accounts pay a higher interest rate than regular (passbook) savings accounts and often include check-writing and debit card privileges. They may also come with restrictions that make them less flexible than a regular checking account. They are important for calculating tangible net worth.
Detailed explanation-2: -A tiered-rate account is a bank account that pays different rates of interest, depending on the amount of the funds held in it. It can be any type of account but usually is either a money market or a savings account.
Detailed explanation-3: -Money market account definition In general, the average money market account provides several features from both savings and checking accounts, including: Debit card access. Check-writing privileges. ATM withdrawals (but not ATM deposits)
Detailed explanation-4: -It can be called as a collection of the market. Its main feature is liquidity. The volume of traded assets is generally very high. It enables the short-term financial needs of the borrowers. Also, it deals with investments that have a maturity period of 1 year or less. It is still evolving. 20-Feb-2023