An account at a commercial bank designed for people who want to earn a higher savings rate is a(n) __________ account.

Question

A. regular savings account

B. regular checking

C. share draft

D. money market account

My answer is D. Am I right?

Answer 1

Yes, you are correct! The correct answer is D. money market account. This type of account at a commercial bank is specifically designed for people who want to earn a higher savings rate compared to a regular savings account. Money market accounts usually have higher minimum balance requirements and may offer a tiered interest rate structure, allowing customers to earn higher interest rates as their balances increase. It is a popular choice for individuals looking to get a competitive return on their savings while still having access to their funds.