Question

24.
In terms of minimum balance requirements, what should you be conscious of when opening a savings account?

A.
Selecting an account that will lower a minimum balance if you are having difficulty maintaining the minimum balance

B.
Selecting an account with a higher minimum balance so you will receive a higher return on interest

C.
Selecting an account with a minimum balance that is low enough to meet your needs

D.
Selecting an account that requires you to maintain a high minimum balance so you won't desire to withdraw money.

Answer 1

C.

Choose an account with a minimum balance low enough that you can reliably meet it — this helps you avoid monthly maintenance fees or losing interest if your balance falls below the required minimum.