Comparing Bank Savings Accounts: Fees, Interest Rates, and Benefits

1. Savings Assignment Jamie Jeffries Mrs. Richter Econ- 1st 11 April 2013

2. Comerica Bank • Access Checking Account • 0% interest • Minimum balance: $750.00 • Monthly Maintenance Fee: $10.00 (with eStatements) or $12.00 (with paper statements) • Monthly fee is waived if minimum balance of $750.00 is maintained • Quarterly Activity Fee:  $10.00 • Activity fee waived if at least one transaction is made in the last three statement cycles. • Minimum Opening Deposit:  $50

3. Comerica Bank • Statement Savings Account • Interest Rate: 0.01% • Minimum balance: $400.00 • Monthly Maintenance Fee: $5.50 • Withdrawal Fee:  $3.00 per withdrawal (6 free withdrawals per month) • $1.00 per phone-assisted transaction (4 free transactions per month) • If minimal balance of $400.00 is maintained, then all fees are waived. • Minimum Opening Deposit:  $50

4. Dearborn Federal Credit Union • Checking Account • Minimum balance: $20 • No fees • 0.0% interest

5. Dearborn Federal Credit Union • Savings Account • Minimum required to open account: $5.00 • Interest Rate: 0.05% • Minimum balance: $200.00 • Savings Fall Below Fee: $7.00 (waived if $200.00 minimum is maintained)

6. Bank of America • MyAccess Checking Account • Minimum balance: $1,500 • Maintenance fee: $12.00 • Maintenance fee waived if minimum balance of $1,500 is maintained or $250.00 is deposited each statement cycle • Interest rate: 0.0%

7. Bank of America • Savings Account • Interest Rate: 0.01% • Minimum opening deposit: $25.00 • Withdrawal Fee: $3.00 (3 free withdrawals per month) • Fee avoided when minimum balance of $2,500.00 is maintained. • Monthly Fee: $5.00 • Fee waived when minimum balance of $300.00 is maintained

8. Rankings