Katherine wants to open a bank account that allows her perform frequent transactions without being charged a penalty, and she does not want to maintain a minimum balance. What type of bank account should she open?

a)savings account

Binterest-bearing checking account
Cchecking account
Dcertificate of deposit
Emoney market account

Katherine wants to open a bank account that allows her perform frequent transactions without being charged a penalty, and she does not want to maintain a minimum balance she should open savings account.

What is minimum balance?

The minimum balance is the minimum amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest. For margin accounts, it is the minimum deposit amount before margin trading is allowed, and after a stock is purchased on margin, the minimum balance is the maintenance margin requirement for the account. The minimum balance is usually calculated as the actual dollar balance in the account but may be an average balance in the account over a certain period of time. This is beneficial for individuals that don't have a steady source of income. There can also be more than one minimum balance for the same account.

What is saving account?

"A savings account is a basic type of financial product that allows you to deposit your money and typically earn a modest amount of interest. Think about your savings goals. Shop around – at more than just big banks:. Online banks, credit unions and community banks tend to offer more competitive interest rates than large retail institutions. And don’t forget to look at monthly maintenance fees, minimum balance requirements and transaction fees."

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