That’s Life!Savings Assignment

Bank of America: checking account

Minimum balance: none Fees:

› $12 monthly maintenance fee› Maintenance fee is applicable unless a

direct deposit of $250+ is made each cycle or an average of $1500+ each cycle

› No quarterly fees› No minimum deposit

No interest

Bank of America: savings product

Minimum balance: $300 Fees:

› $25 minimum deposit › $5 monthly fee if not at a minimum

balance › 3 free withdrawals › After 3 free withdrawals, $3 per withdrawal

Interest: 0.01%

Comerica Bank: Checking Account

Minimum balance: $750 Fees:

› $10 monthly for online payment (if not at minimum balance of $750)

› $10 quarterly fee› $50 opening fee› Interest: none

Comerica Bank: savings product

Minimum balance: $400 Fees: Interest: 0.01%

› $5.50 monthly fee (if not at minimum balance of $400)

› $3.00 withdrawal fee after 6 withdrawals› $50 opening fee

TCF Bank: checking account

Minimum balance: none Interest: none Fees:

› No monthly maintenance fee› $25 opening deposit› No quarterly fee

TCF Bank: Savings Products:

Minimum balance: $100 Interest: 0.05% Fees:

› $4 monthly fee if not at minimum balance of $100

› $25 opening deposit

My Bank Ratings

#1 – TCF Bank› Lowest fees, highest interest rates

#2 – Bank of America › Lower fees than Comerica Bank› Higher fees than TCF› Lower interest rate than TCF

#3 – Comerica Bank› Highest fees› Same interest rate as Bank of America

(lower interest rate than TCF)

My Savings Plan

Right now, I keep my money in our safe at home. I put every paycheck I get into the safe and I have access to the safe so I’m able to take money as I need it.

In five years, I’ll be done with the 4 year accelerated nursing program that I am going into at UDM. At this point I will have a savings account. I will then be graduated as a nurse. That will either be the end of my schooling, or I will go further to be a nurse practitioner or a nurse anesthesiologist. I most likely will not have time for a job, therefore I will not be able to save much. I will be using my savings from previous years and cut back from excessive spending on thins I do not really need. When I graduate, I will (hopefully) have a full time job and will continue adding money to my savings account.

In 10 years I hope to be married. At this point I will still be saving money for retirement, emergencies, kids, necessities, etc. I will be paying off student loans.