Savings Tools Quiz

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Which of the following savings tools is the most liquid?

Savings Accounts

Checking Accounts (correct)

Certificate of Deposit

Money Market Accounts

Which savings tool typically offers the highest interest rates?

Money Market Accounts (correct)

Certificate of Deposit

Savings Accounts

Checking Accounts

What do customers typically have to do to obtain higher interest rates in high-yield checking accounts?

Maintain a minimum balance

Establish direct deposit or bill pay

Conduct a minimum number of monthly debit card transactions

All of the above (correct)

Which type of account generally pays a higher interest rate than a checking account?

Savings account Signup and view all the answers

What is the main reason for savings accounts to have a higher interest rate than checking accounts?

Savings accounts offer limited transactions Signup and view all the answers

Which type of account offers limited checking account services and pays higher interest rates than standard savings accounts?

Money market account Signup and view all the answers

Which type of account has a fixed rate and a fixed date of withdrawal?

Certificate of Deposit Signup and view all the answers

Which type of account typically offers the highest interest rate?

Certificate of Deposit (CD) Signup and view all the answers

What is the national average APY rate for a one-year CD as of September 24, 2018?

0.72% Signup and view all the answers

What is the minimum deposit required for a two-year CD at Synchrony Bank?

$2,000 Signup and view all the answers

What happens to the buying power of savings if the rate of inflation is greater than the interest rate earned?

It decreases Signup and view all the answers

Savings Tools Quiz

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Questions and Answers

Which of the following savings tools is the most liquid?

Which savings tool typically offers the highest interest rates?

What do customers typically have to do to obtain higher interest rates in high-yield checking accounts?

Which type of account generally pays a higher interest rate than a checking account?

What is the main reason for savings accounts to have a higher interest rate than checking accounts?

Which type of account offers limited checking account services and pays higher interest rates than standard savings accounts?

Which type of account has a fixed rate and a fixed date of withdrawal?

Which type of account typically offers the highest interest rate?

What is the national average APY rate for a one-year CD as of September 24, 2018?

What is the minimum deposit required for a two-year CD at Synchrony Bank?

What happens to the buying power of savings if the rate of inflation is greater than the interest rate earned?

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