Accounts
A bank account you use to store money and pay for things with a debit card, checks, or online payments.
What is a Checking Account?
Money you put into your account
What is a Deposit?
To sign the back of a check made out to you so it can be cashed or deposited
What is to Endorse?
Interest paid on the principal alone
What is Simple Interest?
A certain amount of money that must be kept in an account as required by that particular financial institution
What is a Minimum Balance?
Money set aside for unanticipated expenses or loss of income
What is an Emergency Fund?
A monthly document prepared by your financial institution which shows all of the transactions related to your account
What is a Statement?
A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases
What is Pay Yourself First?
A bank account that earns interest on the money you keep in it, helping your savings grow over time
What is a Savings Account?
An automatic electronic deposit of net pay to an employee's designated bank account
What is Direct Deposit?
A sum of money that is taken out of your bank account, either in cash or through an electronic transfer
What is a Withdrawal?
Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest
What is Compound Interest?