Question

identify the following bank account.
this account offers a good interest rate, but tends to require a certain minimum deposit. usually, this account becomes mature in a matter of several months. you can withdraw money from this account before it becomes mature without penalty, but there is a limit to how frequently you can withdraw it.
a. savings account
b. online savings account
c. money market account
d. certificate of deposit

please select the best answer from the choices provided

a
b
c

Explanation:

To identify the bank account, we analyze each option:

• Savings account (a): Typically has lower interest rates and fewer restrictions on withdrawals compared to the described account.
• Online savings account (b): Similar to regular savings but online; still doesn't match the minimum deposit and maturity details.
• Money market account (c): Offers good interest, requires minimum deposit, has maturity periods (often months), allows limited penalty - free withdrawals before maturity. This matches the description.
• Certificate of Deposit (d): Usually has penalties for early withdrawal, which contradicts the "without penalty" part of the description.

Answer:

c. Money market account