Banco de Sergipe 2022
Read the following text to answer questions 8 to 11.
What is the Difference Between Checking and Savings Accounts?
The main difference between checking and savings accounts is that checking accounts are primarily for accessing your money for daily use while savings accounts are primarily for saving money. Checking accounts are considered “transactional,” meaning that they allow you to access your money when and where you need it.
While both allow you to access your money, you may consider it easier to do so with checking accounts. Since these accounts are designed to give you easy access to your cash, they often come with debit cards, checks, and even offer digital payment options. In contrast, savings accounts have a limit on the number of withdrawals you can make each month. While checking accounts are convenient for daily cash needs, it’s important to remember that they may be age restricted. Most banks won’t allow people under the age of 18 to open a checking account without a parent or legal guardian as a co-owner of the account. Before opening a checking account, make sure that its terms fit your financial needs and your lifestyle.
When it comes to setting aside money for a longterm need or goal, you should consider a savings account. Savings accounts are designed to hold money over a long period of time to help you save for larger goals (rather than everyday purchases). As your money stays in the account, it will accrue interest and grow over time. This means that you will need to visit your bank, set up a transfer online, or make an ATM withdrawal to access your money.
Keeping some of your money in a savings account is a great way to set it aside for emergencies or large purchases – its limited access will keep you from spending it on day-to-day necessities. There are also dedicated savings accounts for kids, though a parent or guardian is usually required as a joint owner.
(Adapted from:
https://www.santanderbank.com/personal/resources/checking-savings/difference-between-checking-savings#:~:text=The%20main%20difference%20between%20checking,and%20where%20you%20need%20it)
According to the text, checking accounts are considered ‘transactional’. This feature points to the specific ways in which this type of account is meant to be used by clients. In practice, what does the term ‘transactional’ mean in this context?
It means that transactions are operations which can only be done once users reach the age of 18 or older and become financially responsible adults, otherwise checking accounts will remain age restricted, without exceptions.
It means that there are very little restrictions on the number of transactions a user can make, though banks still recommend users to use debit cards and checks instead of digital payment options for safety.
It means that users are allowed to make transactions whenever and wherever they need, while also being provided with other means of accessing their money such as debit cards, checks and digital payment options.
It means that once users sign a formal agreement stating that they won’t use the account for their daily cash needs, banks will provide them with additional options to access their money and easily make transactions.
It means that transactions will only be allowed if a parent or legal guardian is present as a co-owner when users are under the age of 18, and in these cases additional payment options won’t be provided.
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