Question
A savings account is useful for all of the following purposes EXCEPT:
A.
Building an emergency fund
B.
Putting aside money for retirement
C.
Funding a future vacation
D.
Saving for a new car
A.
Building an emergency fund
B.
Putting aside money for retirement
C.
Funding a future vacation
D.
Saving for a new car
Answers
GPT-4o mini
A savings account is useful for all of the following purposes EXCEPT:
**B. Putting aside money for retirement**
While you can technically use a savings account for retirement savings, it is generally not the most effective tool for that purpose due to lower interest rates compared to investment accounts that offer higher potential growth. Retirement accounts, such as IRAs or 401(k)s, are typically better suited for this goal.
**B. Putting aside money for retirement**
While you can technically use a savings account for retirement savings, it is generally not the most effective tool for that purpose due to lower interest rates compared to investment accounts that offer higher potential growth. Retirement accounts, such as IRAs or 401(k)s, are typically better suited for this goal.