Question

Research a bank and find out what types of services they offer. Find out about the interest rates on its checking accounts and savings accounts. Also find out about what types of credit cards they offer and what interest rate they charge to the card holders.

Answer 1

The Bank of America is one of the largest banks in the world, and offers a wide range of services. Among those we have:

• Auto loans
• Checking and savings accounts
• Corporate banking
• Credit cards
• Mortgage loans
• Medical banking
• Online banking
• Small business banking

The annual percentage yield (APY) on both checking and savings accounts at the Bank of America is 0.01%. This is due to the low interest rates that the Fed has been implementing since the financial crisis of 2008-2009.

Three credit card options that the Bank of America offers:

• Cash rewards credit card: with a variable annual percentage rate (APR) that ranges from 13.99% to 23.99%.
• Travel rewards credit card: with an APR that ranges from 14.99% to 22.99%
• Premium rewards credit card: with an APR that ranges from 15.99% to 22.99%