QAEconomics › In which situation would a savings account be the best investment to earn interest?
Q

In which situation would a savings account be the best investment to earn interest?

A. Saving for retirement in 20 years

B. Saving to buy a new car in three years

C. Saving to buy a new house in seven years

D. Saving to easily access the money when needed

A

Answer: D. Saving to easily access the money when needed

Savings account is the type of account where money can be deposited in order to keep your money safe while earning interest. With very low interest rates, the savings account is best used for saving money in order to access it when needed. Investing your money in savings account for a long period of time will make you earn less. With this, investing in a savings account will only make the money available whenever you need it.

10 months ago
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