Which of the following statements about savings accounts is FALSE?
A. Savings accounts pay interest on the money you deposit.
B. Savings account allow an unlimited amount of withdraws each month.
C. Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
D. Savings accounts are best used to store money for longer-term goals.
Which of the following statements about savings accounts is FALSE?
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The FALSE statement is:
B. Savings accounts allow an unlimited amount of withdrawals each month.
Explanation: Many savings accounts have limitations on the number of withdrawals you can make each month (often up to six). This is to encourage saving rather than frequent use of the account for transactions, which is more typical of checking accounts.