Economic-A savings deposit is a type of??thank you?

Question

A savings deposit is a type of ??

time deposit that is payable on demand.

time deposit that earns interest and allows the depositor to write checks payable to other persons.

time deposit that does not earn interest but does offer limited check-writing services.

interest-earning account at a bank or thrift institution in which funds can be withdrawn at any time without a penalty payment.

checkable deposit that also pays interest.

Answer 1

D. interest-earning account at a bank or thrift institution in which funds can be withdrawn at any time without a penalty payment.

Savings accounts are usually distinguished from checking accounts by the fact that you can't write checks from them.  Savings accounts are further distinguished from time deposits in that you can access the money at any time without paying a penalty (time deposits are only penalty-free after a certain amount of time, say a year, has elapsed).  Think of the savings account at your local bank.