Summary: Wells Fargo

The three banks I have chosen for this activity are Wells Fargo, Bank of America, and Citi-- all three branch-type banks to make it an even match. I will be focusing on the next factors when deciding which bank I am most comfortable with : Saving accounts, CD rates, and top rate credit cards.

1) Saving Accounts

Wells Fargo

Wells Fargo’s top savings account (Way2Save Savings) has an APY of 0.01%, a monthly $5 fee, and a minimum balance to open at $25. Indeed, by investigating more I was able to disclose that the minimum amount required in a savings account to evade monthly fees is $300. Furthermore, the APY falls behind the national average of 0.13%.

Bank of America

Bank of America’s top saving account (Regular Savings) is equivalent to

Although Wells Fargo and Bank of America both offer a lower amount of cash to evade monthly fees and open a savings account, Citi’s deal is better in the longer. Besides, most americans should be able to invest $100 dollars at the beginning and later invest an extra $400. That is to say, most American employees should be able to keep at least $500 in a savings account. However, if one doesn’t reach the $500 by the end of the month, he or she will be paying a smaller fee ($4.5<$5) until he or she reaches the objective.

2) CD Rates

Wells Fargo

Wells Fargo’s most popular CD rates require a minimal deposit of $1,000. Wells Fargo’s CD rates range from a 3 month 0.01% APY to a 6 month 0.01% APY to a 1 year 0.05% APY. In addition, the APY in 60 months is .35%.

Bank of America

Bank of America’s most popular CD rates require a minimal deposit of $10,000. Bank of America’s rates range from a 3 month 0.01% APY to a 6 month 0.03% APY to a 1 year 0.05% APY. However, Bank of America’s APY caps at 48 months, with a maximum APY of 0.15%.

Citi

Citi’s most popular CD rates require a minimal deposit of $500. Citi’s rates range from a 3 month 0.05% APY to a 6 month 0.07% APY to a 1 year 0.15% APY. Moreover, Citi’s 48 month APY is 0.35% and its 60 month APY is

Upon investigating some more, I discovered that the credit card has 0% APR the first 15 months and is a point rewards card. The APR falls in the national average and the exclusive $0 annual fee is way below the $37 average. However, this credit card has a 3% on foreign transactions and limited rewards.

Bank of America

Bank of America’s top tier credit card (BankAmericard Travel Rewards) has no annual fee and a minimum purchases APR of 14.99%-22.9%. The APR falls in the average and the $0 annual fee is way below average. In comparison to Wells Fargo’s credit card, Bank of America’s credit card has no foreign transaction fees and the points earned do not expire. However, Bank of America’s credit card lacks entertainment rewards and has a 29.99% penalty interest rate.

Citi

Citi’s top tier card (Citi Hilton HHonors Reserve) has an annual fee of $95 and a minimum purchase APR of 15.24%. The APR beats the national average, however, the annual fee is more expensive than the average annual fee ($37). Yet, Citi’s card offers no foreign transaction fees. The card does require that the use has excellent credit