Savings accounts

What is a savings accounts?

• A savings account is a basic type of financial product that allows you to deposit your money and typically earn a modest amount of interest

• A savings account is a separate bank account for your business that is strictly used for payroll

• A savings account is a deposit account held at a financial institution that allows withdrawals and deposits.

With savings accounts can you use the money using a debit card?

• TRUE

• FALSE

Can you lose money in a savings account?

• No, You’ll never lose the money you have saved

• it is up to the FDIC

• If you stop using the card for a while, you lose the money

It's a Savings accounts advantage ...

• Savings accounts are generally interest-bearing, meaning you will earn interest on the money you save in the account.

• savings account let you make up to six withdrawals or transfers per statement cycle.

• You don’t need a large amount of money to open a savings account, and you also have easy access to your money

• All the answers are correct

in savings accounts there are some limits when making a transaction, this statement is:

• TRUE

• FALSE

• I DON'T KNOW

Features about the saving accounts:

• You can use a debit card

• Have online bill pay

• Earn interest

• All ATM withdrawal and online transfer are unlimited

When you open a savings account at a bank or credit union and deposit money into the account, the bank then pays you interest on your balance?

• TRUE

• FALSE

With which methods you can continue adding money to savings:

• Direct deposit

• Wire transfers from another bank account

• Cash or check deposits at a branch

• All are correct

When you want to set aside money for future needs and goals, a savings account may be the best option, this statement is:

• FASLSE

• TRUE