Edy has $450 in her savings account. She deposits $40 each month. Juan has $975 in his checking account. He writes a check for for each month for his cell phone bill. He also writes a check for $19.55 each month for his water bill. After how many months will Edy and Juan have the same amount of money in their accounts?

Although there is no cap on the amount you can retain in a savings account, you should be aware of the regulations governing sizable deposits. $10,000 is the magic amount when it comes to bank account deposits.

Although the procedures vary between financial institutions, you can usually contact, go in person, or request to start a savings account online. If a minimum deposit is necessary, you must deposit that sum or more.

An online savings account's minimum balance requirement often takes one of three forms: There is no required minimum balance, which is common for internet banks.

A required minimum amount, which could range from $1 to many thousand dollars, is required to keep the account open.

Therefore, Edy and Juan have the same 45.45 amount of money in their accounts

Learn more about accounts here:

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