Which of the following statements about savings accounts is FALSE?
(A) Savings accounts don’t usually require a minimum balance.
(B) Savings accounts pay interest on the money you deposit.
(C) Savings accounts are best used to store money for longer-term goals.
(D) Savings accounts limit the number of withdrawals that can be made each month.
Answer:
Savings accounts are a type of bank account that allows individuals to store their money while earning interest. However, many savings accounts do have a minimum balance requirement.
Explanation:
Savings accounts are a type of bank account that allows individuals to store their money while earning interest. However, the false statement in this case is that savings accounts don’t usually require a minimum balance. In reality, many savings accounts do have a minimum balance requirement that customers must maintain in order to avoid fees or other penalties.
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