What is the maximum amount of money I can make in interest over 5 years with a $5,000 dollar investment? By Lauren Andrew.

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Presentation transcript:

What is the maximum amount of money I can make in interest over 5 years with a $5,000 dollar investment? By Lauren Andrew

 Checking Account: A checking account allows you to frequently access your funds. Often has a low interest rate because of accessibility.  Savings Account: A savings account may require a low daily minimum balance. This kind of account is ideal if you would like to set away money for an extended period of time.  Certificate of Deposit (CD):A CD requires that you put away a certain amount of money for a specific amount of time. Once the money is in, you cannot access it until the time period has ended.  Money Market Account: This account requires a larger minimum opening and daily balance. This is good if you need to set aside a larger amount of money, but would still like to retain access to the account without fees.

 Big Bank: These banks often have locations is many spots across the country and provide for easy access to accounts.  Credit Union: A credit union is a cooperative financial institution that is privately owned and controlled by it’s members.  Online Bank: Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union, or building society.

 Average rates Online Banking Rates  5 Year CD 2.86% APR 2.50% APR 2.78% APR  E*trade Financial  Minimum deposit of $1.00 .60% Interest rate  $ made after 5 years  Huntington  $2, to $9,  0.05%

 Greater Nevada Credit Union  Deposit: $.01-$50,000  2.00% APR  Royal Banks of Missouri  4.30% APY when conditions are met  Minimum of 10 debit card purchases (ATM usage does not count toward the 10 purchases)  1 Automatic Payment or Direct Deposit transfer  Receive your monthly account statement electronically  Does not seem secure enough to trust…  Possible hidden fees

 Wells Fargo- CD  27 months (Renews for 24 month term)  1.90% APR  Minimum Deposit $5000  After 5 years $475 would be made  Bank of America-CD  5 years- 2.75% APR  Minimum Deposit is $1000  After 5 years $687.5 would be made  Citibank-CD  5 years-3.50% APR  Minimum Deposit is $1000  After 5 years $875 would be made

 If I invest my money into a CD with Citibank, I will make $ in interest over 5 years vs. the $ Uncle Al would make through his bank.  Because it is a CD, I would be allowed to deal with the money after each year, so that if I was allowed to access it for college, I would have this option.  Therefore, I should be allowed to invest Aunt Edith’s $5,000 dollars into Citibank so that I will make $ more dollars over five years.