The correct option is Certificate of Deposit (CD).
Further Explanation:
Certificate of Deposit (CD) usually provides more interest rate than other type of accounts. These are similar to saving accounts but having fixed duration like 6 months, 1 year, 2 years or 5 years etc. Depositors generally get more interest than other saving accounts but if they withdraw money than they will have penalty usually in the form of low interest rates.
A saving account provides you the interest on money you have saved for the future. The interest rates are vary for different account types.
Money market accounts are similar to the saving accounts but they have a preset minimum account balance limit. If you don’t have minimum required balance than they will penalize you.
Checking accounts provide you the easy access for your money on daily basis and make sure that your cash is secure. They generally provide you the debit cards for money transaction or bill pay.
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Answer details:
Grade: High School
Subject: Business
Chapter: Banking System
Keyword:
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