Question

Name the deposite account which allows overdraft facility. Mention any other feature of that deposir account.

Answer 1

Better to get an overdraft facility against a deposit (FD). The reason is while you receive interest income on the entire deposit, you only pay interest on the overdrawn amount (although 1% or 2% p.a. higher), but in the end it is likely to be a win situation for you with this route than to just park the funds in the savings account and earn much lower interest.

glad to answer your question !!!

hope it may be helpful to you !!!

Answer 2

With a Mountain America Credit Union term deposit, you set aside funds for a set period of time—between six months and five years—and in return, you receive a higher dividends rate than with a traditional online savings account. The longer your term deposit, the more you earn. It’s a simple way to boost your savings and prepare for your financial future.


Account details
Minimum balance of only $500
Terms available for 6, 12, 18, 24 and 30 months, as well as 3, 4 and 5 years
Automatically renews at the same rate the credit union is offering on term deposits with the same term
When you choose Mountain America, you know you’re getting some of the best term deposit rates in Utah, Idaho, Arizona, Nevada and New Mexico.