What’s the difference between these banking options?
Question by JudasHero: What’s the difference between these banking options?
What’s the difference between a CD, a money market account and a FOREX account? I know what they all are individually, but they all just seem like different forms of savings accounts to me. Are there any distinct differences between them?
Answer by jeff410
A CD is a time deposit. You have to leave it in the bank for a certain amount of time or pay a penalty.. A money market account is a demand deposit. You take it out any time you want without penalty. The interest rate is generally higher on a CD because of the time you have to leave it there. FOREX is exchange of the currency of one country for the currency of another country. Its a service banks offer.
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