Consumer Loan Comparison: - Steilacoom
|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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