Consumer Loan Comparison:



|Name: |

|APY |Annual Percentage Yield. The APY is a measure of the interest expressed as a yearly interest rate. Usually, the |

| |higher the APY, the more interest you will earn. |

|Minimum balance to open: |The lowest amount an institution requires when opening an account. |

|Minimum balance to avoid fees: |How much must be kept in the account based on agreement terms. If the account goes below this amount, a charge is |

| |levied. |

|Monthly fees: |Fee charged to customers under the terms of the account. |

|Nonsufficient funds (NSF) fees: |The amount of money charged to an account holder whose account did not have enough funds available to pay a check |

| |or debit expense. (The bank did not advance the funds to cover a check.) |

|Fees to use another bank’s ATM: |charge for using an ATM that is not owned by the account holder’s bank. |

|Online access: |Whether or not the bank allows you to access your account information online. |

Consumer Loan Comparison:

Using:

research and fill in the Consumer Loan rates below:

|Type of Consumer Loan |Credit Union Average % |Bank Average % |

| | | |

|48 Month New Car Loan | | |

| | | |

|36 Month Used Car Loan | | |

| | | |

|Credit Card Loans | | |

|Why do you think used car rates are higher? | |

|What is an unsecured loan? | |

|Which type of institution has the best rates? | |

|Why do you think that is? | |

Savings & Personal Loans:

Using: research savings rates comparing Bank versus Credit Union, and a “teaser” rate (only from the Credit Unions)

|Type of Savings Account |Credit Union Average % |Bank Average % |

| | | |

|5 year CD interest rates | | |

| | | |

|Personal Home Loans | | |

Research the following

| | | |

|What is a “Teaser” Rate? | |

| |Minimum balance needed to begin a |Perks of the account |

| |youth/student checking account? | |

|SECU – School Employees Credit Union | |1. |

| | |2. |

| | |3. |

| | |4. |

|Chase Bank | |1. |

| | |2. |

| | |3. |

| | |4. |

Checking Account Comparison:

Using , research four different checking account offers (traditional vs. online, interest vs. non-interest accounts:

Click on

1. What are you looking for? Savings/Checking

2. Select type- Checking account

3. Select product based on information below.

|Name of Institution |APY |

| |(Annual Percentage Yield) |

|What does interest checking | |

|require a minimum balance? | |

|Which of the above accounts would| |

|you choose and why? | |

|Describe 3 key things that you |1. |

|should look for when choosing a |2. |

|savings account |3. |

|List the 3 closest banking |1. |

|institutions near your home |2. |

| |3. |

|Research the 3 banks and chose | |

|the best savings account option. | |

|Why is it the preferred one? | |

|Give 3 reasons to support your | |

|answer. | |

|Research the 3 banks and chose | |

|the best Checking account option.| |

|Why is it the preferred one? | |

|Give 3 reasons to support your | |

|answer. | |

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