Question

Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access to her money for a full year. Which type of savings account will be best for Tamara?

Answer 1

Tamara should save her money in a Trust Account or a Time-deposit account. This way she won't be able to withdraw her money because the bank and her would have an agreement when the account can be accessible. This kind of savings account will help her save enough money for her next few plans.