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What is a piggy bank
small container to save coins at home
What is a savings account?
A savings account is a place at a bank where you keep your money safe, and the bank pays you extra money (called interest) for keeping your money there.
What is a checking account
Answer: A checking account is a type of bank account that you use for everyday spending, like paying bills or buying things.
What is a loan?
A loan is money you borrow from the bank, and you promise to pay it back later, usually with some extra money (interest).
What is a bank
A bank is a business where people store their money, borrow money, and do other financial activities.
What is a fee
A fee is a small charge that a bank might take from your account for services, like ATM use or account maintenance
What is a credit card
A credit card is a card that lets you borrow money to buy things now, and pay it back later, with interest.
What is a balance
The balance is the amount of money you have in your bank account at any time.
What is an interest
Interest is the extra money the bank gives you when you keep your money in a savings account.
What is a high-interest savings account?
A high-interest savings account is an account that pays you more interest than a regular savings account
Why is it important to save money?
Saving money helps you prepare for the future, pay for emergencies, and reach your financial goals.
What is a bank’s role in saving?
A bank provides a safe place to keep your money and can help you earn interest over time
What is the difference between a savings account and a money market account?
A savings account is a basic account that earns interest on your balance, while a money market account is a type of savings account that usually offers a higher interest rate but may require a larger minimum balance and limit the number of withdrawals you can make.
What is compound interest?
Compound interest means you earn interest on both your original deposit and the interest the bank has already given you.
Why is saving regularly important?
Saving regularly helps you build up money over time, so you can reach your goals and prepare for emergencies.