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: creditunion.coop/ratedex.php, research and fill in the Consumer Loan rates below:
|Type of Consumer Loan |Credit Union Average % |Bank Average % |
| | | |
|5 Year New Car Loan | | |
| | | |
|4 Year Used Car Loan | | |
| | | |
|4 Year Unsecured | | |
|Personal Loan | | |
|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 Comparison:
Using: creditunion.coop/ratedex.php 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 % |
| | | |
|Personal Savings | | |
| | | |
|Money Market | | |
|(Personal MMDA) | | |
|Promotional “Teaser” Rates |% APY |Qualifications |
|What is a “Teaser” Rate? | |
|SECU – School Employees Credit Union | | |
| | | |
|BECU – Boeing Employees Credit Union | | |
| | | |
Checking Account Comparison:
Using , research four different checking account offers (traditional vs. online, interest vs. non-interest accounts:
|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? | |
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