Match each feature with the savings account type. 1. basic savings account 2. cd a] allows money transfers b]has a maturity date c] allows atm withdrawals d] offers a higher interest rate

Answer

Basic Saving account

•Allows for ATM withdrawals

•Allows for money transfer

A Certificate of Deposit (CD)

•It offers a higher interest rate

•It has a maturity date

Explanation

The common features of saving accounts are; presence of interest rate for the savings, inclusion of bonus incentives, they contain promotional interest rates, they require minimum opening deposit, they require monthly deposits, they allow frequent withdrawals, they have ATM facility, allow for automatic salary deposit and can facilitate the linking of accounts.

A certificate of deposit(CD) is a low risk debt instrument obtained via a commercial bank, loan institutions or a saving bank.CD are advantageous because they have excellent short-to-medium term investment, offer higher rates of return than traditional money market accounts and investments are locked in at a specific rate even when rates of interest is increased.

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