QuestionMay 28, 2025

Keira is new to earning money and saving . She doesn't have a lot of money to open an account. Which savings option would be best for her? Savings Account Money Market Account (MMA) Certificate of Deposit (CD) Checking Account

Keira is new to earning money and saving . She doesn't have a lot of money to open an account. Which savings option would be best for her? Savings Account Money Market Account (MMA) Certificate of Deposit (CD) Checking Account
Keira is new to earning money and saving . She doesn't have a
lot of money to open an account. Which savings option
would be best for her?
Savings Account
Money Market Account (MMA)
Certificate of Deposit (CD)
Checking Account

Solution
4.0(307 votes)

Answer

Savings Account Explanation 1. Evaluate Savings Account A savings account typically requires a low minimum balance and offers easy access to funds, making it suitable for beginners. 2. Evaluate Money Market Account (MMA) MMAs often require higher minimum balances and may offer limited transactions, which might not be ideal for someone starting with little money. 3. Evaluate Certificate of Deposit (CD) CDs lock in money for a fixed term, usually requiring a higher initial deposit, which is not suitable for someone with limited funds. 4. Evaluate Checking Account Checking accounts are primarily for daily transactions and may not offer interest, thus not ideal for saving purposes.

Explanation

1. Evaluate Savings Account<br /> A savings account typically requires a low minimum balance and offers easy access to funds, making it suitable for beginners.<br />2. Evaluate Money Market Account (MMA)<br /> MMAs often require higher minimum balances and may offer limited transactions, which might not be ideal for someone starting with little money.<br />3. Evaluate Certificate of Deposit (CD)<br /> CDs lock in money for a fixed term, usually requiring a higher initial deposit, which is not suitable for someone with limited funds.<br />4. Evaluate Checking Account<br /> Checking accounts are primarily for daily transactions and may not offer interest, thus not ideal for saving purposes.
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