Savings Assignment Jamie JeffriesMrs. Richter

Econ- 1st 11 April 2013

Comerica Bank

• Access Checking Account– 0% interest– Minimum balance: $750.00– Monthly Maintenance Fee: $10.00 (with eStatements)

or $12.00 (with paper statements)• Monthly fee is waived if minimum balance of $750.00 is

maintained

– Quarterly Activity Fee: $10.00• Activity fee waived if at least one transaction is made in the

last three statement cycles.

– Minimum Opening Deposit: $50

Comerica Bank

• Statement Savings Account– Interest Rate: 0.01%– Minimum balance: $400.00– Monthly Maintenance Fee: $5.50– Withdrawal Fee: $3.00 per withdrawal (6 free

withdrawals per month)– $1.00 per phone-assisted transaction (4 free

transactions per month)• If minimal balance of $400.00 is maintained, then all fees are

waived.

– Minimum Opening Deposit: $50

Dearborn Federal Credit Union

• Checking Account–Minimum balance: $20–No fees–0.0% interest

Dearborn Federal Credit Union

• Savings Account– Minimum required to open account: $5.00 – Interest Rate: 0.05% – Minimum balance: $200.00– Savings Fall Below Fee: $7.00 (waived if $200.00

minimum is maintained)

Bank of America• MyAccess Checking Account– Minimum balance: $1,500– Maintenance fee: $12.00• Maintenance fee waived if minimum balance of

$1,500 is maintained or $250.00 is deposited each statement cycle

– Interest rate: 0.0%

Bank of America

• Savings Account– Interest Rate: 0.01%– Minimum opening deposit: $25.00– Withdrawal Fee: $3.00 (3 free withdrawals per

month)• Fee avoided when minimum balance of $2,500.00 is

maintained.

– Monthly Fee: $5.00• Fee waived when minimum balance of $300.00 is

maintained

RankingsFinancial Institution Ranking Reason

Comerica Bank 2 -Lower minimum balance required to waive fees-Low interest rate for savings account

DFCU 1 -Lowest fees-Highest interest rate for savings account

Bank of America 3 -Low interest rate for savings account-Highest minimum balance necessary to avoid fees