Wednesday, August 5, 2009

Banking Project Help? (Wachovia users please)?

I am a 7th grader doing a project in Math, and we%26#039;re doing a comparison of savings accounts from four banks of our choice. For Wachovia, what are the answers to the questions?(By the way, I couldn%26#039;t find all the info i needed on the site).



Name of Account-



Intereset Rate-



Minimum Balance to open-



Monthly Fee-



Perks-



Interest Rate Change based on the amount of money in account?-



Are monthly fees avoidable by having a certain amount, and what is this ammount?-



Formula used to find interest-



Interest earned for account that contains $500 for three years-



Ending balance for account without putting any other money in it for three years-



Banking Project Help? (Wachovia users please)?bad credit loan





Name of account: Premium Savings



Interest (tiered based on balance):



$0-$9999 = 0.20% Interest; 0.20% APY



$10k-$24999 = 0.50% Interest; 0.50% APY



$25000+ = 0.60% Interest; 0.60% APY



Minimum to open:



$100



Monthly Fee (varies on state, but primarily):



$5/month if below $300; otherwise there is none IF you%26#039;re a student (tied to a Free Student Checking) OR you are under 18 and this is a FIDUCIARY Savings.



Perks (almost the same as all other banks):



Can link to checking for Overdraft Protection



FDIC Insured



Free Online Banking



Interest Rate Change:



(see above)



Monthly fee avoidance:



(see above)



Formula to Find Interest Rate:



It%26#039;s compounded monthly (BB%26amp;T has a wonderful calculator on their website)



Interest earned for account that contains $500 for three years:



(try the calculator reference above)



Ending balance for account without putting any other money in it for three years:



(try the calculator referenced above)

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