Strategy Beginner: Choosing a Savings or Checking Account

Test your knowledge

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Compared to brick-and-mortar financial institutions, online ones offer _______ services.

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Fewer

The same number of

Fewer. This is a disadvantage of the online institutions.

What type of earnings are paid on credit union savings accounts?

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Interest

Dividends

Capital gains

None of the above

Dividends. While banks pay interest, credit unions pay dividends.

_______ financial institutions allow minors to hold checking accounts.

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All

Many

Many. Not all institutions allow them.

It is possible to get some of your bank or credit union fees waived if _______.

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You keep a high minimum balance in your account

You are a senior citizen

You are a new customer or member

All of the above

All of the above. Certain fees can be waived if you meet one of these conditions.

In return for getting earnings, a checking account will typically _______.

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Require a high minimum balance

Charge a fee if you fall below some minimum balance

Both of the above

Neither of the above

Both of the above. This is to ensure that your funds stay available for the financial institution to use.

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