One financial institution is offering a 3% interest rate on savings accounts while another institution is offering a 2% interest rate on savings accounts. out of the two financial institutions, which offer would the credit union probably be offering?
3% interest rate
2% interest rate
which financial institution would you typically use if you moved around a lot?
brick and mortar bank
internet bank
which bank typically provides 24/7 access to your finances?
brick and mortar bank
internet bank
which financial institution usually offers the higher interest rate on savings accounts?
national or regional bank
credit union

Explanation:

(1 and 4) The traditional teaching is that Credit Unions, being not-for-profit institutions, can offer higher interest rates and better customer service than Banks. Hence, you'd expect that the Credit Union would be offering the higher interest rate.

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(2 and 3) Internet banking offers 24-hour access to your account from anywhere, so can be more convenient if you move around.

Comment on this question and answers

In recent years, traditional banks have felt considerable competition from Credit Unions and other financial institutions, so have begun to offer fairly high interest rates. CitiBank now advertises interest rates above 2%, whereas my Credit Union offers rates in the neighborhood of 0.5%. That is to say that what you're learning in school about these institutions needs to be tempered by real-world research.

Most banks and credit unions these days offer internet access to your accounts, so it is rarely necessary to appear in person.* Accounts can be opened and closed, money can be transferred, checks can be written all on-line. In that way, there is little distinction anymore between "brick and mortar" banks and "internet" banks.

* A "brick and mortar" bank may ask you to appear in person to sign a signature card when you open a checking account.

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