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 the due date assigned, deliver your assignment to the Submissions Area.

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