Banking Introduction 11-14

What is the main purpose of a savings account?

• • (a) To borrow money from the bank

• • (b) To save money and earn interest

• • (c) To keep cash at home

• (d) To avoid budgeting
  

What should you consider before opening a bank account?

• • (a) The account fees

• • (b) Interest rates offered

• • (c) Minimum balance requirement

• (d) All of the above
  

Which type of account is best for kids to save money?

• • (a) Current Account

• • (b) Savings Account

• • (c) Fixed Deposit

• (d) Loan Account
  

What is a key benefit of having a bank account?

• • (a) You can safely store your money

• • (b) You earn extra money as interest

• • (c) It helps in developing saving habits

• (d) All of the above
  

Why do banks give interest on savings?

• • (a) To encourage people to save

• • (b) To charge customers later

• • (c) To borrow from customers

• (d) To reduce savings habits