Question

understanding banking comparing banking services
sunshine regional bank
monthly maintenance fee: $10, waived with a minimum daily balance of $1,000
atm fee: $2 for out - of - network atms; no fee for in - network atms
overdraft fee: $30 per occurrence
minimum balance fee: $0
wire transfer fee: $20 for domestic, $30 for international
savings account interest rate: 0.5% annual percentage yield (apy)
special feature: offers a free safe deposit box for accounts with balances over $2,000
pioneer digital bank
monthly maintenance fee: $0
atm fee: $0 for in - network atms; $1 for out - of - network atms
overdraft fee: $20 per occurrence, with optional overdraft protection
minimum balance fee: $0
wire transfer fee: $10 for domestic, $20 for international
savings account interest rate: 1.2% annual percentage yield (apy)
which bank is most likely the best option for a person who wants to maximize their earnings on money kept in a savings account?
sunshine regional bank
global exchange bank
pioneer digital bank
community trust bank

Explanation:

Step1: Identify relevant information

We focus on savings - account interest rates. Pioneer Digital Bank has 0.5% APY, Sunshine Regional Bank has 1.2% APY. Other banks' APY is not given.

Step2: Compare interest rates

Higher APY means more earnings on the same amount of money kept in the account. 1.2% > 0.5%.

Answer:

Sunshine Regional Bank