Questions and Answers
Match the following savings account types with their descriptions:
Online savings accounts = Accessible through digital channels like internet banking Short-term savings accounts = Designed for holding money for a brief period of time Notice accounts = Require advance notice for withdrawals Regular saver accounts = Encourage regular deposits with higher interest rates
Match the following features with their descriptions:
Best Children's Savings Provider award = Received for the Demelza Children's Account at the Moneynet Awards Financial Services Compensation Scheme = Protects eligible deposits up to £85,000 in the UK Branch-only savings accounts = Accessible only through physical bank branches Rate of interest = Determines how much money grows while held in a savings account
Match the following actions with their impact on access to funds:
Putting away money for a set period of time = Limits easy access to funds Easy access savings accounts = Allow convenient withdrawal and deposit of funds Eligible deposits protection = Provides security for deposited funds up to a specified amount Growing at a particular rate of interest = Affects the amount of money available when accessing funds
Match the following entities with their role in savings accounts:
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