Questions: All of the following are good reasons to have a bank savings account EXCEPT that funds deposited in savings accounts earn high dividends.

All of the following are good reasons to have a bank savings account EXCEPT that funds deposited in savings accounts earn high dividends.
Transcript text: All of the following are good reasons to have a bank savings account EXCEPT that funds deposited in savings accounts earn high dividends.
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Solution

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The answer is C: earn high dividends.

Explanation for each option:

A. Funds deposited in savings accounts grow in value because of interest.

  • This is a correct reason to have a bank savings account. Savings accounts typically earn interest, which helps the funds grow over time.

B. Funds deposited in savings accounts are insured up to the legal limit.

  • This is also a correct reason. In many countries, savings accounts are insured by government agencies (like the FDIC in the United States) up to a certain limit, providing security for the depositor's money.

C. Funds deposited in savings accounts earn high dividends.

  • This is incorrect. Savings accounts generally do not earn high dividends. Dividends are typically associated with investments in stocks or mutual funds, not savings accounts. Savings accounts usually offer lower interest rates compared to other investment options.

D. Funds deposited in savings accounts are liquid.

  • This is a correct reason. Savings accounts are considered liquid because the funds can be easily accessed and withdrawn, making them a flexible option for managing money.
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