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For this assignment, you will take on the role of a personal financial advisor and create a personal financial portfolio.
Step 1: Using the large National Bank (Wells Fargo), the Regional/Local Bank, and the Credit Union you identified in the Module 1 Assignment 2, compare and contrast each institution by completing the Module 3 Assignment 2 template.
National Bank- Wells Fargo, offers accounts for personal, small business, and commercial banking. Offers loans and credits, insurance, investments, and even retirement and much more. For savings the interest rate is 0.01% APY. Www.wellsfargo.com
For my regional bank- Metro Bank-Southside, offers personal and business checking, and investment accounts, programs for mortgage loans with fixed rates, equity lines of credit, and savings with a rate of 0.25% APY 0.25% www.metrobankpc.com
Credit union- Family Savings Credit Union, offers a variety of different insurances, banking, keeping up with finances simpler, have multiple member services, and member discounts. www.familysavingscu.com
Step 2: Once you have completed the Module 3 Assignment 2 template, create a financial portfolio. This financial portfolio is a professional one. Please follow the following instructions when preparing it:
- Identify, describe, and explain the financial institution that would be the best fit for you. Be sure to justify your selection by referencing the information collected in your completed template.
- Identify, describe, and explain which type of saving account would best fit your current financial position. Be sure to justify your selection by referencing the information collected in your completed template.
- Analyze the following situation and answer the questions below:
After choosing a savings account with a 3% interest rate, you decide to invest $5,000 into the savings account.
- Using the future value calculation, determine at an interest rate of 3%, what would be your total balance available at the end of five years if you leave the $5,000 untouched. Show your calculations, as well as, your answer in your portfolio.
- How will this interest earned be reported on your federal income tax returns?
- Be sure to include the following in your financial portfolio:
- Contact information for the financial institutions
- Show all steps of your future value calculations in Excel or Word format.
- Support your statements with examples and at least three scholarly references.
Your financial portfolio should be presented as a 3–4-page paper in Word format. Be sure to also include the template you completed for step 1 of the assignment..
| Assignment 2 Grading Criteria |
Maximum Points
|
|
| Completed template, comparing and contrasting the various checking and saving options available and the benefits of each for each institution, including details such as loans, automated teller machine (ATM) access, credit card rates, banking fees, and minimum balance requirements. |
36
|
|
| Identified, described, and explained which financial institution would be the best fit. Justified selection by referencing the information provided in completed template. Provided contact information for the financial institutions. |
36
|
|
|
24
|
|
| Calculated FV of $5000 at the rate of 3% for 5 years. |
24
|
|
| Discussed how income earned from savings option is reported on a federal tax return. |
36
|
|
| Writing Criteria: Organization (12) Style (4) Usage and Mechanics (12) APA Elements (16) |
44
|
|
| Total: |
200
|
Finding your best bank was first posted on August 2, 2020 at 7:01 pm.
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Finding your best bank was first posted on August 2, 2020 at 7:35 pm.
©2020 "homeworkcrew". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at homeworkcrew.com@gmail.com
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