SAVINGS ASSIGNMENT

Rachel Esper Mrs. Richter Ecomomics-3rd hour Personal Finance Project: Savings Assignment

BANK OF AMERICA: PERSONAL CHECKING ACCOUNT

No monthly maintenance fee when you have at least one qualifying direct deposit of $250 or more monthly or maintain an average daily balance of $1,500 or more each statement cycle. $12 monthly maintenance fee if you dont meet the requrements No interest earned

BANK OF AMERICA: REGULAR SAVINGS

Low minimum opening deposit of $25 Interest rates: 0.01% for all balances $5 monthly fee. No monthly fee when you meet one of the following requirements each statement cycle: Make combined monthly automatic transfers of $25 or more from you Bank of America checking account Learn how to set up a monthly automatic transfer Maintain a $300 minimum daily balance Link to your Bank of America Interest Checking Account (waiver applies to first 4 savings accounts) Withdrawals: The first 3 withdrawals each monthly statement cycle is at no fee. For each additional withdrawal a $3 Excess Withdrawal fee applies. Avoid the Excess Withdrawal fee by maintaining a minimum daily balance of $2,500.

COMERICA BANK: ACCESS CHECKING ACCOUNT

With direct deposit there is no monthly fee for Comerica Web Bill Pay Comerica Check Card or ATM Card and 24-hour access to Comerica ATMs Statement Savings Account available with no monthly maintenance fee and check Safekeeping Interest earned: no interest earned Comerica Bank is a Member FDIC, accounts insured up to the maximum amount allowed by law. Minimum Balance: $750.00 minimum Ledger) each day in this account in order to have the monthly maintenance fee waived Monthly Maintenance Fee: $13.00 Quarterly Activity Fee: $10.00 Minimum Opening Deposit: $50

COMERICA BANK: BASIC SAVINGS ACCOUNT Minimum daily balance to obtain APY: $1 and over Interest rate: 0.01 You must have a minimum opening deposit of $50. Minimum Balance: $400.00 minimum Ledger Balance each day in this account in order to have the monthly maintenance fee waived Monthly Maintenance Fee: $5.50 Withdrawal Fee: $5.00 per withdrawal (after 6 free per month) Comerica ATM Card and 24-hour access to Comerica ATMs Automatic transfers from your Comerica checking account direct deposit options Comerica Bank is a Member FDIC. Accounts insured up to maximum amount allowed by law.

FLAGSTAR BANK: BASIC CHECKING ACCOUNT

No interest earned Minimum deposit to open: $50 No monthly service fee No per-check fee Free FinanceWorks Free annual investment review Free annual mortgage review

FLAGSTAR BANK: SIMPLY SAVINGS

$3 monthly service fee Waive $3 monthly service fee if opened with a checking account If you don't have a checking account, you can get the $3 monthly service fee waived simply by maintaining an average daily balance of $300 In-branch and ATM transactions are unlimited; however, you are limited to 6 transfers to other accounts per statement cycle FDIC-insured account Interest rate and annual percentage yield may change. Interest will be compounded every month. Interest will be credited to the account every month. Minimum Balance: $300

RATINGS

Bank of America: 2
Reason: This is the second lowest monthly maintenance fee and the second lowest daily minimum balance to have the fees waved. There is only a $25 minimum opening depsit.

Comerica Bank: 3
Reason: This bank has the most fees per month and highest fees and the highest minimum balance. In the savings account the withdrawal Fee is $5.00 per withdrawal after 6 free per month.

Flagstar Bank: 1
Reason: This bank has the lowest fees that can be waived by only having $300 as a minimum balance and the savings account has unlimited inbranch and ATM transactions.

WORKS CITED

"Bank of America Banking, Credit Cards, Mortgages and Investing." Bank of America Banking, Credit Cards, Mortgages and Investing. N.p., n.d. Web. 19 Mar. 2014. <https://www.bankofamerica.com/>. "Banks in Michigan, Personal Banking, Business Banking." Banks in Michigan, Personal Banking, Business Banking. N.p., n.d. Web. 19 Mar. 2014. <https://www.flagstar.com/>. "Personal Finance and Business Banking | Comerica." Personal Finance and Business Banking | Comerica. N.p., n.d. Web. 19 Mar. 2014. <https://www.comerica.com/Pages/default.aspx>.