Strategy Beginner: Choosing a Savings or Checking Account

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1.
Checking accounts are designed for _______ money.
Choose wisely. There is only one correct answer.
Spending. As such, most of their value lies in helping you pay your expenses.
2.
Online financial institutions often charge fewer fees than traditional ones because they have less overhead and can afford to charge you less.
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True. Online institutions have this advantage.
3.
A savings account for a working teenager can help him or her save money because it helps discourage paychecks from being spent right away.
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True. That, in turn, can put a damper on excessive spending.
4.
When evaluating fees at a bank or credit union, what is perhaps the most helpful question to ask yourself?
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Am I getting what I need from my bank or credit union in return for these fees? Not everyone thinks fees are too high; therefore, determine whether you are getting your money's worth.
5.
When choosing a bank or credit union account, which feature is the most relevant?
Choose wisely. There is only one correct answer.
None of the above. No one feature is the most important; they vary according to the customer.