What type of account will typically have the highest interest rate
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certificate of deposit is a type of account which will typically have the highest interest rate because here customers left the money in the bank for a fixed time and they cannot withdrawal money from bank.
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The ‘money market account’: earns more interest than a regular savings account.
Explanation:
- The money market accounts pay higher rates of interest than the regular saving banks account.
- But it is necessary to keep a certain fixed minimum amount in the account as they require a certain balance to avoid monthly fees.
- There are some of the money market accounts that also provide a cheque book and a debit card.
- Normally the money market accounts are insured by the government for protecting the money.
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