Finding your best bank | Business & Finance homework help

 LASA: Finding Your Best Bank

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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, 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.

 

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. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M3_A2.doc.

 

By Wednesday, May 28, 2014, deliver your assignment to the M3: Assignment 2 Dropbox.

 

Grading Criteria and Rubric

 

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

Identified, described, and explained which type of saving account would be the best fit for current financial position. Justified selection by referencing the information provided in completed template.

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

Click here to view the rubric for this assignment.

 

Note: This assignment is worth 200 points and will be graded using a rubric. Download and read the rubric to understand the expectations.

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