Banks pay more interest on chequing accounts than they do on savings account deposits.

Name: Banks pay more interest on chequing accounts than they do on savings account deposits.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is false. Generally, banks pay higher interest rates on savings account deposits in order to encourage customers to save their money. Chequing accounts typically have low or no interest rates, as they are intended for frequent transactions and not long-term saving.

Banks Pay More Interest on Chequing Accounts Than They Do