Maria inherited a sum of money from her grandparents. She doesn't plan to make any big purchases in the near future, and she wants to earn as much interest on this money as she can. Which type of bank account would be best suited for her inheritance?
A.
interest-bearing checking account
B.
certificate of deposit
C.
money market deposit account
D.
savings account
1 answer
The best option for Maria to earn as much interest on her inheritance while not needing to access it for big purchases in the near future would be:
B. certificate of deposit
A certificate of deposit (CD) typically offers higher interest rates compared to regular savings accounts or checking accounts, especially if she can commit to leaving the money for a fixed term without withdrawing it.
