Savings Tools
Secure accounts used to store money that is being saved
What is a savings tool?
The recommended amount of money to save
What is 20%?
How quickly and easily an asset can be converted into cash
What is liquidity?
Were money can be sent to another person through an app
What is P2P?
Fee that has to be paid to keep your account open
What is a maintenance fee?
An account at a depository institution that provides an easy method for withdrawing or depositing money
What is a checking account?
Monthly outline of where you want to spend your money
What is a budget?
Percentage rate used to calculate interest
What is interest rate?
Most common fee a bank will charge
What is an overdraft fee?
Fee you have to pay to get your statement online
An account at a depository institution that is designed to hold money not spent on current consumption
What is a savings account?
Cash set aside to cover the cost of unwanted events
What is an emergency fund?
Interest earned on interest
What is compound interest?
An act of taking money out of an account
What is withdrawal?
Fee you have to pay when you use an ATM that is no affiliated with your bank
What is an ATM Fee?
Is used for a fixed period of time and allows restricted access to the funds deposited
What is a certificate of deposit?
Original amount of money saved or invested
What is principal?
A portion of money not spent of goods and services
What is savings?
A sum of money placed into a bank account
What is a deposit?
Fee you have to pay for a low balance
What is a minimum balance fee?
Usually has minimum balance requirements and tiered interest rates
What is a money market deposit account?
Recommended amount to put into an emergency fund
What is 3-6 months worth of expenses?
The purchase pf goods and services
What is consumption?
A service that automatically transfers funds from one bank account to another to avoid overdraft fees
What is overdraft protection?
Fee paid when you close your account
What is an account closing fee?