- Savings accounts don’t usually require a minimum balance
- Savings accounts pay interest on the money you deposit
- Savings accounts limit the number of withdrawals that can be made each month
- Savings accounts are best used to store money for longer-term goals.
Answer:
The false statement about savings accounts is:Savings accounts don’t usually require a minimum balance.
Explanation:
While some savings accounts may not have minimum balance requirements, it’s actually quite common for them to do so. In order to earn the advertised interest rate and avoid account fees, many savings accounts require you to maintain a certain minimum balance in the account each month.