Question

You can use a _______ to make electronic fund transfers to another account.

• A. savings account
• B. fixed account
• C. recurring account
• D. current account

Answer 1

Answer: (A)

savings account

$\Rightarrow$ You can use a $Savingsaccount$ to make electronic fund transfer to another account.

$\Rightarrow$ A savings account holds your money in a safe place - your bank or credit union. Instead of carrying cash or keeping money in your home, you can put the funds into savings account for safe keeping.

$\Rightarrow$ Savings accounts offer easy access to you cash (also known as liquidity, or the ability to make a withdrawal easily and quickly). Once you're ready to spend money you can withdraw cash or pay by check, debit card, or an electronic fund transfer.