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Income Beginner: Introduction to Deposit Accounts

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1.
An account that combines savings, checking, credit/debit card services, and a line of credit in one account is a(n) _______.
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Asset management account. An asset management account combines many banking and investment features in one account.
2.
The simplest kind of deposit account to set up and maintain is a _______.
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Passbook account. A passbook account is easy to start, offers immediate access to funds, and requires low minimum balances.
3.
Funds 'swept' from your asset management account are deposited into _______.
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A money market account. This lets unallocated funds earn a higher rate.
4.
All of the following are advantages of deposit accounts except _______.
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High rates of return. High rates of return are not an advantage of deposit accounts, which typically pay lower returns than other investment opportunities.
5.
Deposit accounts can be appropriate for investors with low risk tolerance.
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True. The high degree of security they provide make deposit accounts an effective alternative for those who can't afford to lose their capital.