# Which of the following statements about savings accounts is false

Posted By Admin @ September 03, 2022

#### Question:

Which of the following statements about savings accounts are false

The correct answer is D) savings account don't usually pay interest on the money you deposit.

The statement about a savings account that is false is "savings account don't usually pay interest on the money you deposit.

A savings account is a basic option a bank offers to keep your money in a safe place and it pays you interest. Not a high one, but a constant one. The savings account is protected by federal insurance in case the bank would go into bankruptcy. The amount of money is up to \$250,000.

The other options of the question were A) savings account may require you to maintain a minimum balance to avoid paying a fee. B) savings account are best used to store money for long-term goals. C) savings account limit the number of withdrawals that can be made each month.

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