These offer a full range of financial services including; checking, savings, and lending.
Commercial Banks
100
This type of account usually involves a low or no minimum balance and allows you to withdraw money as needed.
Regular Savings Account
100
This type of CD attracts savers with gifts or special rates.
Promational CD
100
This is the percentage of increase in the value of savings as a result of interest earned; also called Yield.
Rate of return
100
A computer terminal used to conduct banking transactions.
ATM
200
This type of financial institution traditionally specialized in savings accounts and mortagages.
Savings and Loan Associations (S&Ls)
200
A savings plan which requires that a certain amount be left on deposit for a stated time period to earn a specified interest rate.
Certificate of Deposit (CD)
200
This type of CD has a higher rate at various intervals, which may be in affect for only a couple months.
Rising-rate or bump-up CDs
200
A process that calculates interest based on previously earned interest.
Compounding
200
These "electronic wallets" have an embedded microchip that stores prepaid amounts, account balances, transaction records, etc.
Smart Cards
300
A financial institution that is owned by depositors and specializes in savings accounts and mortgage loans.
Mutual Savings Bank
300
A savings account that requires a minimum balance and has earnings based on the changing market level of interest rates.
Money Market Account
300
This type of CD has earnings based on the stock market with higher earnings in times of strong stock performances.
Stock Indexed CD
300
The rate of return you earn on your savings should be compared with this.
Inflation
300
This type of account charges a fee for each check written and sometimes a fee for each deposit in addition to a monthly service charge.
Activity Account
400
These are user-owned, nonprofit, cooperative financial institutions that are organized for the benefit of the members.
Credit Unions
400
This type of bond is a current income bond, which earns interest every six months.
HH Bonds
400
These CDs start with higher interest rates and long term maturities. The bank may "call" the account after 1 or 2 years if interest rates drop.
Callable CDs
400
This allows you to withdraw your money on short notice without a loss of value or fees.
Liquidity
400
A legal agreement that provides for the management and control of assets by one party for the benefit of another.
a Trust
500
These offer a money market fund which is a combination savings-investment plan.
Investment Companies (aka mutual funds)
500
This type of bond earns a combination rate consisting of a fixed rate for the life of the bond, and an inflation rate that changes twice a year.
I Bonds
500
name the 2 benefits and 2 drawbacks of CDs
Benefits-
-Guaranteed rate of return for time of CD
-Insured (when purchased from bank)
Drawbacks-
-Possible penalty for early withdrawal
-Minimum deposit
500
This reflects the amount of interest a saver should expect to earn.
Annual Percentage Yield (APY)
500
A corporation that administers the Bank Insurance Fund and the Savings Insurance Fund.