TYPES OF BANK ACCOUNTS
This type of bank account typically offers a low interest rate but allows easy access to your money with checks and debit cards.
What is a checking account?
This term refers to the amount of money left over after subtracting expenses from income.
What is savings?
This service allows you to borrow money from the bank and repay it over time with interest.
What is a loan?
This term describes the increase in the price of goods and services over time, resulting in the decrease in purchasing power of money.
What is inflation?
This traditional method of payment involves writing a document instructing a bank to pay a specific amount of money from your account to the person or organization named on the document.
What is a check?
This type of account usually offers the highest interest rates but limits your access to your money.
What is a certificate of deposit (CD)?
This basic financial concept involves spending less money than you earn.
What is budgeting?
This service allows you to deposit money into an account and earn interest over time.
What is a savings account?
This term refers to the process of borrowing money to buy something now and paying it back later, usually with interest.
What is credit?
This digital payment service allows users to pay for goods and services online or transfer money to other users using a mobile app.
What is PayPal?
This account usually offers higher interest rates than a regular savings account but may require a higher minimum balance.
What is a money market account?
This term refers to money owed to lenders, such as credit card balances or student loans.
What is debt?
This service allows you to withdraw cash from your bank account using a plastic card at ATMs.
What is an ATM withdrawal?
This term describes the process of converting assets into cash without causing a significant decrease in their value.
What is liquidity?
This peer-to-peer payment app allows users to send money to friends and family using their mobile phone number or email address.
What is Venmo?
This account is specifically for students and often comes with features like no monthly fees and overdraft protection.
What is a student checking account?
This term describes the overall financial position of an individual, including assets, liabilities, and net worth.
What is financial health?
This service allows you to deposit checks into your bank account using your smartphone.
What is mobile check deposit?
This term refers to the percentage rate charged on a loan or earned on an investment, usually expressed annually.
What is interest rate?
This popular electronic payment method allows you to transfer money from your bank account to another party using their email address or phone number.
What is email money transfer (e-transfer)?