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Published byScott Wilkinson Modified over 8 years ago
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BY: HALEY GOLD Savings Assignment
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Charter One Checking Account (Personal Checking With Interest) Minimum Balance Required: $50.00 Fees Charged: $11.99 per month This fee can be waived for people maintaining an average daily balance of $2,500 Interest Earned: 0.01% Savings Account (Green Savings) Minimum Balance Required: $1.00 Fees Charged: $4.99 per month This monthly fee can be waived if there is a $300.00 minimum daily balance or an automatic savings plan with at least a $25.00 deposit each month Interest Earned: 0.01%
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Bank of America Checking Account (MyAccess Checking) Minimum Balance Required: No minimum balance required Fees Charged: $12.00 per month This fee can be waived if there is one qualifying direct deposit of $250.00 or more monthly. A second way to waive this fee is by maintaining an average daily balance of $1,500 or more. Interest Earned: No interest is earned Savings Account (Personal Money Market Savings Account) Minimum Balance Required: $25.00 Fees Charged: $12.00 per month This fee can be waived if you can maintain a $2,500 minimum daily balance. Interest Earned: 0.03% to 0.07%
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Comerica Checking Account (Premier Checking) Minimum Balance Required: $50.00 Fees Charged: $20.00 per month Interest Earned: 0.01%- 0.05% Savings Account (Money Market Investment Account) Minimum Balance Required: $50.00 Fees Charged: $12.00 per month Interest Earned: 0.03% to 0.05%
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Ratings 1: Bank of America I would rate Bank of America as the best bank because it has no minimum balance for a checking account. It’s monthly fees can reasonably be waived, and it offers the most interest for savings accounts. 2: Charter One I would rate Charter One as the second best bank because it has the lowest monthly fees. The minimum balance required for a savings account is very low and both savings and checking accounts make interest. 3: Comerica I would rate Comerica as my last place bank. This is because it has the highest minimum balance required for both checking and savings accounts. The monthly fee charged for a checking account is the most expensive. These fees are more difficult to waive.
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