Savings accounts without substantial withdrawal penalties should be classified as?

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25-08-2022
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Savings accounts without substantial withdrawal penalties should be classified as?

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-09-02T09:18:14+02:00

Savings accounts without substantial withdrawal penalties should be classified as cash.

A savings account pays interest on cash not needed for daily expenses but which is available for an emergency. The best savings accounts can be usually found online because they will pay a higher interest rate. Thus, interest rates on savings accounts is low but often higher than on checking accounts.

So if one has a savings account, there is a limit to how many withdrawals they can make through it. The savings account withdrawal limit is no more than six convenient withdrawals per month.

Hence, the savings account withdrawal limit is no more than six per month.

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