Dream Vacation
Autor: Sharon • March 31, 2018 • 1,126 Words (5 Pages) • 492 Views
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Dominion Young Saver Account
Interest Rate: 0.05 Pros: Interest rate of 0.05% which is average. Relatively low minimum balance requirement of $250
Month
Amount of $ the account will start each month
Monthly Addition to the account
How much you make from Interest (%)
Total $ at the end of each month
1
0
1500
0.75
1500.75
2
1500.75
2500
2.01
4002.75
3
4002.75
2500
3.25
6506
4
6506
2500
4.5
9010.503
My Goal will be accomplished in about 4 months with this savings account
RBC Personal Savings Account
Interest rate of 0.05% which is average, Minimum balance of 300 which is average
Interest Rate: 0.05
Month
Amount of $ the account will start each month
Monthly Addition to the account
How much you make from Interest (%)
Total $ at the end of each month
1
0
1500
0.75
1500.75
2
1500.75
2500
2.01
4002.75
3
4002.75
2500
3.25
6506
4
6506
2500
4.5
9010.50
The RBC personal savings account is the exact same as TD’s saver account. Both Calculations mean that i would reach my goal in 4 months
Tangerine Special Offer
Interest rate: 2.4% For 6 months when you become a new tangerine client
Month
Amount of $ the account will start each month
Monthly Addition to the account
How much you make from Interest (%)
Total $ at the end of each month
1
0
1500
36
1536
2
1536
2500
96.8
4097.23
3
4097.23
2500
158.33
6755.56
4
6755.56
2500
222.13
9477.79
Based on my Calculations and the graph below , ive decided to go with tangerine because i make more that what i expected in fact i made a whopping $1877.79, thats almost 2 grand. Because of the high interest rate I was able to do this , with HBC, TD, and RBC the interest were too low. The other Banks did however reached my goal just a month or so longer but i still made profit with Tangerine for basically doing nothing but investing money into the account and letting it sit.
GRAPH: Money Vs. Time
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