Question

Match each account type with its description. Tiles basic checking account interest-bearing checking account savings account money market deposit account Pairs pays higher interest than a savings account arrowBoth earns interest and allows unlimited ATM use arrowBoth does not earn interest and has a low minimum balance requirement arrowBoth restricts access to funds through withdrawals

Answer 1

basic checking account = Both does not earn interest and has a low minimum balance requirement; 
interest-bearing checking account = Both earns interest and allows unlimited ATM use;
savings account = Both restricts access to funds through withdrawals; 
money market deposit account = pays higher interest than a savings account;

Answer 2

The correct matching of the different account types are:

• Basic checking account = Both does not earn interest and has a low minimum balance requirement

• Interest-bearing checking account = Both earns interest and allows unlimited ATM use;

• Savings account = Both restricts access to funds through withdrawals;

• Money market deposit account = pays higher interest than a savings account;

There are different account types and as a result of this, the account holders will have different requirements and can use their accounts in different forms.

As for a basic checking account, we can see that the user does not earn interest but has unlimited ATM use.

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