Question

Christina has $150 to open a savings account. Because she doesn’t have a checking account, she’ll need to write checks from her savings account. Which account is the best choice for Christina?

Answer 1

Use the table below showing the different types of savings accounts a bank offers to answer the question that follows.


Standard Savings Money Market Savings High Yield Savings CD
Opening Deposit Requirement $25 $100 $25,000 $2,500
Interest Rate Variable Variable Variable Fixed
Option to Write Checks yes yes
Account Alerts yes yes yes yes
Features Up to 6 withdrawals per month Up to 3 withdrawals per month Up to 3 withdrawals per month Penalty if money withdrawn before maturity
Monthly Fee $3 per month unless you maintain a $300 balance $10 per month unless you maintain a $3,500 balance $25 per month unless you maintain a $25,000 balance none

Answer 2

Standard Savings

Money Market Savings

High Yield Savings

CD