Question

All of the following are advantages of having a savings account except

Savings accounts help you be prepared for emergencies and unplanned spending

Funds held in a savings account are highly liquid

Savings accounts pay a high rate of interest

Savings accounts at banks are insured by the FDIC

Answer 1

Funds held in a savings account are highly liquid

Step-by-step explanation:

The purpose of a savings account is the assist a customer achieve their saving objectives. A savings account is a secure way of accumulating funds for an intended purpose or keeping money that does not have immediate use.

Financial institutions that offer savings account limit on withdrawals to help a customer achieve planned saving objective. It means money saved is not accessible at will. Penalties apply should a customer insists on more than the acceptable number of withdrawals.