Checking vs. Savings Accounts

Arjun noticed that many online banks offer no- or low-fee checking accounts and better interest rates on ________ accounts.

• savings

• checking

• investment

• credit

Savings accounts are designed for holding funds intended to save, not for day-to-day transactions. True or False?

• True

• False

Kai is considering opening a checking account. True or False: Checking accounts always earn interest.

• True

• False

Mason is reviewing financial reports and wants to know: What is the average national savings rate as of Aug. 19, 2024?

• 5.2%

• 3.8%

• 4.5%

• 6.1%

Harper is looking to open a new bank account. Which type of account is likely to offer higher interest rates?

• Checking account

• Savings account

• Credit card

• Loan account

Elijah is considering switching to an online bank because he heard they may charge fewer fees compared to traditional banks. True or False?

• True

• False

Isla wants to know how many withdrawals per month her savings account is limited to according to Regulation D?

• 3

• 6

• 9

• 12

James is reviewing his bank account transactions. Which of the following transactions counted toward the withdrawal limit according to Regulation D?

• ACH withdrawals

• Overdraft transfers from savings to checking

• Transfers made via online banking

• All of the above

David and Ava are comparing checking and savings accounts. Is there a minimum balance requirement?

• Yes, there is a minimum balance requirement.

• No, there is no minimum balance requirement.

• It depends on the bank.

• Minimum balance requirements are the same for both.

Rohan is comparing checking and savings accounts. Does a savings account come with an ATM card or a debit card?

• ATM card

• Debit card

• Both ATM and Debit card

• Neither ATM nor Debit card