Savings Account Flashcards
Bank of America Advantage Savings
Easy access to funds
Automatic savings transfers
FDIC insurance to protect deposits
Tiered Savings: account balance grows interest rate potentially grows
Preferred Rewards: interest rate boosters and waived fees
Keep the Change: round up debit card purchases and round up to the nearest dollar
Cash back deals: earn up to 10% cash back at stores, restaurants, and more when using a BofA debit card
Certificated Deposits
Offers guarantee rates of return and you can plan for the time you want to access money
Example: setting aside money to buy a vacation home
Higher rate of return than a savings account
FDIC insured and set at a fixed rate
No monthly maintenance fee or custodial fees
The Bank of America Advantage Savings account is designed for clients with which type of needs or preferences?
Saving money for emergencies, funds and purchases
Something money will not be tied up in
What are some ways a client can avoid the monthly maintenance fee on a Bank of America Advantage Savings account?
Minimum balance of $500 daily preferred rewards
- Advantage Relationship student under 25 years old linked
What is the monthly maintenance fee on the Bank of America Advantage Savings account?
$8
Preferred Rewards members are eligible to receive an interest rate booster on Bank of America Advantage Savings Account?
True
Where can you locate the deposit account interest rate sheet?
FCO - Tools and Resources - Rates
How do you properly quote interest rates (for the Bank Of America Advantage Savings Accountwith a $1000 balance)
Always quote with two numbers after decimal point
“Annual percentage yield for today is…”
APY - interest earned
APR- Interest needing paid
Short Term Savings calculator. How will this help your client?
Budgeting- how much they need to save to get where they want to be
