Strategy Beginner: Choosing a Savings or Checking Account

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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.

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

False

True. That, in turn, can put a damper on excessive spending.

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.

As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.

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Fewer

The same number of

More. Size generally enables an institution to offer more products and services.

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.

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