Which of the following statements about savings accounts is FALSE?
Which of the following statements about savings accounts is FALSE?
Savings accounts don’t usually pay interest on the money you deposit.
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
Savings accounts are best used to store money for longer-term goals.
Answer: The statement that savings accounts don’t usually pay interest on the money you deposit is FALSE. In fact, one of the primary benefits of a savings account is that it typically pays interest on the money deposited in the account. The other statements are true: savings accounts limit the number of withdrawals that can be made each month, may require you to maintain a minimum balance to avoid fees, and are often used to store money for longer-term goals.
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