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 Form 4 Business Studies Online Lessons: Money and Banking

Features of Savings account

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Answer Text:
Features of Savings account
-there is usually a minimum amount required to open the account
- the account balance must be maintained above the specified minimum balance
-interest is earned from the account balance
-withdrawal from the account is controlled in terms of frequency and amount
-deposits of any amount can be made any time.
-a commission may be charged on amounts withdrawn in excess of maximum allowable


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