Strategy Beginner: Choosing a Savings or Checking Account

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
What type of earnings are paid on credit union savings accounts?
Choose wisely. There is only one correct answer.
Dividends. While banks pay interest, credit unions pay dividends.
2.
In return for getting earnings, a checking account will typically _______.
Choose wisely. There is only one correct answer.
Both of the above. This is to ensure that your funds stay available for the financial institution to use.
3.
When evaluating fees at a bank or credit union, what is perhaps the most helpful question to ask yourself?
Choose wisely. There is only one correct answer.
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.
4.
Compared to brick-and-mortar financial institutions, online ones offer _______ services.
Choose wisely. There is only one correct answer.
Fewer. This is a disadvantage of the online institutions.
5.
A savings account for a working teenager can help him or her save money because it helps discourage paychecks from being spent right away.
Choose wisely. There is only one correct answer.
True. That, in turn, can put a damper on excessive spending.