question 3 / 5 which interest - bearing account is best for people who wont need access to their money for…

question 3 / 5 which interest - bearing account is best for people who wont need access to their money for several months or longer? a. certificate of deposit b. checking account c. savings account d. credit card

question 3 / 5 which interest - bearing account is best for people who wont need access to their money for several months or longer? a. certificate of deposit b. checking account c. savings account d. credit card

Answer

Brief Explanations:

A Certificate of Deposit (CD) is a time - deposit with a fixed term. People agree not to withdraw money for a set period (months or years) in exchange for a higher interest rate. Checking accounts are for daily transactions and usually have low or no interest. Savings accounts have more liquidity than CDs but lower interest rates. Credit cards are for borrowing money, not for saving or earning interest.

Answer:

A. Certificate of Deposit