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Savings accounts are a popular type of bank account that allows you to save money while earning interest on your balance. However, there are some misconceptions about savings accounts that you should be aware of. Here are some of the most common myths about savings accounts:
1. Savings accounts are best used to store money for long-term goals.
2. Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
3. Savings accounts pay interest on the money you deposit.
4. Savings accounts allow an unlimited amount of withdrawals each month.
The false statement among these is that Savings accounts allow an unlimited amount of withdrawals each month. This is not true as most savings accounts limit the number of withdrawals that can be made each month.
If you’re interested in learning more about savings accounts, here are some websites that discuss the topic: