Strategy Beginner: Choosing a Savings or Checking Account

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1.
A teenager with a checking account at a financial institution has an advantage if he or she wants to get a credit card there in the future.
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True. The advantage is that the checking account provides evidence of the teen's financial habits, which can be used to make a decision about giving him or her a credit card later on.
2.
Which of the following is the best reason why checking accounts aren't effective for saving money?
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They are designed for spending money. Because they are designed to be spent by you rather than used by the institution holding them, they pay them little or no earnings.
3.
It is possible to get some of your bank or credit union fees waived if _______.
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All of the above. Certain fees can be waived if you meet one of these conditions.
4.
Compared to brick-and-mortar financial institutions, online ones offer _______ services.
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Fewer. This is a disadvantage of the online institutions.
5.
When choosing a bank or credit union account, which feature is the most relevant?
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None of the above. No one feature is the most important; they vary according to the customer.