ashley2474 ashley2474

27-06-2024
Business

Answered

Which account generally has a higher interest rate but has a penalty for accessing the money before the account matures (end date)?

A. Certificate of deposit
B. Savings account
C. Money market account

Answer :

GinnyAnswer GinnyAnswer

27-06-2024

Final answer:

A Certificate of Deposit offers higher interest but has a penalty for early withdrawal.

Explanation:

A Certificate of Deposit (CD) generally offers a higher interest rate compared to a regular savings account but has a penalty for accessing the money before the account matures. For example, if you invest in a CD with a bank for a set period, such as a few months to several years, you will earn a higher interest rate on your deposit. However, withdrawing the money before the end date may result in a substantial penalty.

Learn more about Certificate of Deposit (CD) here:

https://brainly.com/question/34237513

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