Which description matches a savings account?

• A. An account used primarily for day-to-day purchases.
• B. An account for storing money to earn interest, often with withdrawal restrictions.
• C. An account that charges monthly fees regardless of balance.
• D. An account designed for business payroll.

Answer: (B)

Saving accounts are designed to store money you don’t need right away and to earn interest on what you keep there. They’re not for everyday spending, and they often impose withdrawal restrictions to encourage keeping funds saved rather than dipping into them frequently. That combination—earning interest while limiting withdrawals—best describes a savings account. The other descriptions fit different types of accounts: an account used for day-to-day purchases corresponds to a checking account; a monthly fee regardless of balance describes a fee-based or basic checking option, not savings; and a business payroll account is tailored for processing a company's salaries.