What Differentiates a Savings Deposit from a Small-Denomination Certificate of Deposit

question 99

Multiple Choice

What differentiates a savings deposit from a small-denomination certificate of deposit (CD) ?

• A) A CD has a fixed maturity date; a savings deposit can be withdrawn at any time.
• B) A savings deposit cannot be withdrawn before its maturity date without incurring a penalty; funds in a CD are available at any time with no interest penalty.
• C) Only a savings deposit is a time deposit.
• D) All depository institutions accept savings deposits, whereas only a thrift institution can issue a CD.

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