Which of the following is NOT a type of savings account?

Prepare for the BPA Banking and Finance Test. Engage with practice questions and detailed explanations. Ace your exam with confidence!

A checking account is designed primarily for day-to-day financial transactions such as deposits, withdrawals, and bill payments, rather than for saving money. Checking accounts typically offer little to no interest on the balances maintained, which further distinguishes them from savings accounts that are intended to help individuals save money while earning interest.

In contrast, a money market account, a passbook savings account, and a certificate of deposit are all types of savings accounts that encourage savings by providing interest and often have restrictions on the number of transactions or withdrawal limits to promote longer-term use. These accounts are structured with the goal of helping individuals save efficiently, making them essential tools in managing personal finances and building savings over time.

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