Answered: Which type of savings account and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which type of savings account and interest rate are an incentive for people to save money?

Expert Solution

Step 1

A savings account can be a safe deposit box that you do not intend to use immediately.

Savings accounts are useful when plànning for short-term needs, such as an emergency fund, or long-term goals such as hiding low home payments.

But there àre several types of savings accounts, and it is important to choose the one that best suits your financial needs. Options include traditional or regular savings accounts, high sàvings accounts, cash market accounts, deposit certificates, cash management accounts and special savings accounts.
Knowing how the sàvings account options compare can make it easier to choose the right place to save your money.

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