Which Of The Following Statements About Savings Accounts Is False?

It takes very few days to set up a savings account and that too without too much paperwork. Then, you may transfer as well as withdraw money from your account whenever you want.

You get to earn interest when you put money in your savings account. So, the more money you put in, the more it becomes over time.

Finally, savings accounts are federally insured. This means that even if there is a case where the bank goes bankrupt, you will get some portion of the money back.