Lucy will open a checking account and 3 savings accounts for different purposes (emergency fund, gift fund, and education fund). Which of the following items should not be among her main considerations in selecting these accounts?

Question

a.
The account recommended for somebody with different needs.
b.
The amount of interest to be paid on deposits.
c.
Any advantages of having all the accounts at the same bank.
d.
Fees for having multiple savings accounts.

Answer 1

a. The account recommended for somebody with different needs.

When selecting her accounts, Lucy's main considerations should focus on her specific needs and circumstances rather than recommendations for someone with different needs. The other options (interest rates, advantages of consolidating accounts at one bank, and fees) are directly relevant to her own financial situation.