Raymond, from Hong Kong, is working in Canada and decides to open a savings account. Listen to a bank clerk explain various savings accounts.Choose the account Raymond takes.
(Raymond = Chinese; bank clerk =Canadian)
Raymond: I'd like to open a savings account,please.
Bank clerk: Certainly. Which type of savingsaccount do you want?
Raymond: Er, what do you have?
Bank clerk: Well, if you have a lump sumto invest, I'd recommend our First Reserveaccount That has an interest rate of 3.50 percent, paidannually, but you must have at least $5,000.
Raymond: No, I was thinking of saving around$100 a month, actually.
Bank clerk: OK, so our Bonus Saver accountmight be better. That has an interest rate of30 percent. Interest is paid every three months.
Raymond: Can I take the money out if I need it?
Bank clerk: Yes, but you must give 30 days'notice before you can make a withdrawal.
Raymond: Oh, I see. Actually, I want anaccount where I can get at the moneyimmediately.
Bank clerk: Then you should have our RegularSaver account. It's instant access. The rate is2.30 percent. Interest is paid monthly, but there's apenalty if you take money out.Raymond: What do you mean by 'penalty'?
Bank clerk: Well, if you withdraw money, thenyou won't get any interest for that month.
Raymond: Oh, I see. Do you have an internetsavings account?
Bank clerk: Yes, we do. That's our e-Savingsaccount. The interest rate is 4.1 percent. It's paidevery month. You have to save at least$75 every month. Our e-Savings account isinstant access, too.
Raymond: Does that mean I can get at themoney immediately?
Bank clerk: Yes, and there's no penalty.
Raymond: Maybe I'll have that one, then.
Bank clerk: You have to apply online for that.We can't do it here in the branch.
Raymond: OK. Well, thank you very much foryour help.