Post by Rodney H. Devine on Apr 17, 2009 10:27:20 GMT -5
Okay...
INTRO
You would like to buy a house in the near future but realise that you need to save up a deposit for the loan.
To do this you are considering investing a small amount of money each month into a financial institution (bank). You already have $2000 saved to invest and will be making deposits of $400 per month in addition to this.
TASK ONE
Research 3 different products offered by financial institutions eg savings accounts, term deposits, cheque accounts, cash management acounts
You will need to consider such things as:
Interest Rates
Fees and charges
Access/availability to your money
Conditions (minimum monthly balances)
TASK TWO
Use a spreadsheet facility to show how your money would grow over a 5 year period for each of the 3 chosen products
CONCLUSION
Which products would be most suitable to your needs? Are there other alterntives not discussed here that may be a better option to use for saving the money needed for the deposit?
INTRO
You would like to buy a house in the near future but realise that you need to save up a deposit for the loan.
To do this you are considering investing a small amount of money each month into a financial institution (bank). You already have $2000 saved to invest and will be making deposits of $400 per month in addition to this.
TASK ONE
Research 3 different products offered by financial institutions eg savings accounts, term deposits, cheque accounts, cash management acounts
You will need to consider such things as:
Interest Rates
Fees and charges
Access/availability to your money
Conditions (minimum monthly balances)
TASK TWO
Use a spreadsheet facility to show how your money would grow over a 5 year period for each of the 3 chosen products
CONCLUSION
Which products would be most suitable to your needs? Are there other alterntives not discussed here that may be a better option to use for saving the money needed for the deposit?
;D
