what does it mean for a savings account to have a minimum balance? a. if you do not keep at least that much…
what does it mean for a savings account to have a minimum balance? a. if you do not keep at least that much money in the account, you will be assessed fees. b. if the amount of money you have in the account drops below the minimum, the interest rate will increase to replenish your savings to the minimum. c. you must have the minimum amount of money in a separate account before you are allowed to open a savings account. d. you must deposit that much money into the account every month or your account will be closed. please select the best answer from the choices provided
Answer
Brief Explanations:
A minimum balance in a savings account is a requirement set by the bank. If the account - holder's balance falls below this amount, fees are usually charged. Option a correctly states this. Option b is incorrect as the interest rate doesn't typically increase when the balance drops below the minimum. Option c is wrong because the minimum balance is for the savings account itself, not a separate account. Option d is incorrect as there is no requirement to deposit the minimum amount every month to keep the account open.
Answer:
A. If you do not keep at least that much money in the account, you will be assessed fees.