High Yield Savings Accounts Quiz

What is the main reason for the recent increase in interest rates by the Federal Reserve?

• To encourage spending

• To decrease unemployment

• To stabilize the stock market

• To combat inflation

Which of the following is NOT a criterion for selecting a high yield savings account mentioned in the video?

• No monthly fees

• High minimum deposit

• FDIC insurance

• Availability to all US residents

What is the current APY offered by the American Express high yield savings account?

• 3.75%

• 4.50%

• 5.00%

• 4.15%

What unique feature does Ally Bank offer for its high yield savings account?

• Free international transfers

• Cashback rewards

• Savings bucket feature

• ATM access

What is a potential downside of Ally Bank's high yield savings account?

• Limited customer service

• High fees

• Slow interest rate adjustments

• No mobile app

Which bank offers a high yield savings account with an immediate interest accrual feature?

• American Express

• Ally Bank

• Sofi

• Marcus by Goldman Sachs

What is the maximum FDIC insurance coverage offered by Sofi?

• $250,000

• $500,000

• $1,000,000

• $2,000,000

What is the APY offered by Wealthfront's high yield savings account?

• 5.00%

• 4.15%

• 4.50%

• 4.80%

How does Wealthfront provide up to $5 million in FDIC insurance?

• By offering private insurance

• By customer deposits

• By partnering with multiple banks

• By government subsidy

What additional benefit does Wealthfront offer when you refer a friend?

• No account fees for a year

• Extra 0.50% APY for three months

• Free financial advice

• Higher withdrawal limits