Question

9.
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. Selecting an account with a minimum balance that is low enough to meet your needs.

Rationale: Choose an account whose minimum balance requirement you can reliably maintain to avoid fees or losing benefits.