Question

1. Complete the text with the words from the box. There are 2 extra words.

transaction checking balance
deposit ATM bills
impose fees excess
debit validate hold
rate interest checks
receipts withdrawals suspended

A savings account is a 1)_____________account that can be used to 2)________ money you don’t plan to spend right away. Most savings accounts pay 3)_________on deposits, though the interest 4)_______ and annual percentage yield (APY) can vary significantly from bank to bank.

Like 5)___________ accounts, savings accounts may have minimum 6)____________requirements and monthly maintenance 7)________. But they typically don’t come with a 8)_________card or 9)_________card and you usually can’t write 10)_________from them.

That’s because savings accounts aren’t designed for everyday spending or paying 11)________. Ordinarily, federal Regulation D limits you to six 12)______________from a savings account per month. These limits have been 13)_____________ indefinitely to make savings more accessible for people who may be struggling financially as a result of the coronavirus pandemic.

You should know, however, that your bank can still 14)___________a fee for exceeding six withdrawals from savings per month. This is called an 15)___________withdrawal fee and banks can apply it to each 16)_______________over the six-per-month limit.

Answer 1

1 deposit

store

interest

rate

checking

balance

fees

debit

ATM

checks

bills

withdrawals

suspended

impose

excess

16.transaction