Need help with bank information homework help
I need help with my economics homework
Picture here for the information: http://tinypic.com/view.php?pic=1zqx9jc&s=8#.VAuxTvldU8Q
So basically I need to find :
- interest rates
- fees imposed
- minimum balances
- ATM card condition
- and any special information for people my age (age 16)
I would do this (and im trying my very hardest) to do this but im so confused and stressed out. I'm googling "interest rates on chase" but im still confused because of mortgages.
My banks that I would like to choose are:
1. Chase
2. Citibank
anyways, it doesnt matter what bank tbh as long as you guys can help me find information. I really don't get it because I'm not learning about future stuff right now. I'm sorry to be bugging you guys to be honest. It would be best if you could provide links of the %s. thanks so much basil sorry ..
EDIT: ugh.. the pic is messed up im sorry idk how to fix i tried reuploading
1 Comment • Newest first
This will be dependent on your location...
Interest rates: the return p.a you get on your savings. In Australia, the expected amount is 2.5% for standard savings accounts because the Reserve Bank of Australia has set the monetary rate at 2.5% and inflation is also tipping around 2.4%.
There are accounts that yield bonus interest if some conditions are met: ie: no withdrawals, required deposit amount per month etc
You need an account that yields ABOVE the rate of inflation.
Fees imposed: this should not be applicable as you are still young and most banks (In AUSTRALIA) do not charge monthly fees for under 21s or students.
Minimum Balances: have a look at the conditions for you to apply for that savings account. Some will require at least $10,000 for you to gain interest.
ATM: most online savings do not let you withdraw from an ATM. You need to have an everyday account as your day to day money source: ATMS, debit cards etc