Sofia has saved $10,000 and wants to be sure that she is earning substantial interest on her money. Though she plans to add to h
er savings as her earnings increase, she wants to be able to access her money if the need should arise. Which type of account is most suitable for Sofia’s needs?
Because she wants to be able to access her money she needs a high interest savings account that used compound interest that compounds as often as possible.
-A money market account is an interest-bearing account that typically pays a higher rate of interest than a savings account, and also provides the account holder with limited check-writing ability.
-Its minimum deposit and balance is often considerably higher than the minimum balance of a basic savings account.
