The three main types of banks (Traditional, Credit Union, Online or Online-Only) have many tradeoffs with respect to technology, convenience, personal experience, fees and savings rates. For this question, put aside all of the trade-offs and look only at savings rate offered on savings accounts. Rank the following from highest to lowest on the interest rates they offer to consumers on savings accounts

So from a little research, I've found what I'm almost certain should be the answer you're looking for.

This is the order I came up with (from highest to lowest interest rates):

1.) Traditional Banks

2.) Online Banks

3.) Credit Unions

Although traditional banks sometimes carry a higher interest rate, online banks can me managed more freely with less hassle.

Hope this helps!

Answer Link

jamuuj jamuuj · Answer 2 · 2018-07-27T16:00:05+02:00

Answer

The ranking from highest to lowest on the interest rates they offer to consumers on savings accounts ,Online Bank, Credit Union, Traditional Bank

Explanation

i)Online Bank-This is a banking platform where transactions are made or conducted electronically.They are well created financial website with a user-friendly interface which allows the customer or the client to be able to transact conveniently from the comfort of his/her place. The interest rates they offer to consumers on savings accounts are high compared to Credit Union, Traditional Bank

ii)Credit Union- These are financial organisations that are owned by members and with their main goal or aim is to make sure that their members receives convenient and competitive services. They are non profit making institutions owned by members. The interest rates they offer to consumers on savings accounts are lower compared to online bank but higher compared to Traditional Bank

iii)Traditional bank - These were the original banking institutions which included checking and savings accounts .They were mostly meant for deposits and loans and their main driver is profit. The interest rates they offer to consumers on savings accounts are the lowest compared to online bank and Credit Bank