Types of Banks
This is a place where people can keep their money safe, borrow money, and get other financial services.
What is a bank?
This type of bank account helps you save money and usually earns a little bit of interest over time.
What is a savings account?
You should do this to make sure you have enough money for future needs or emergencies.
Why should you save money?
This is money you borrow from a bank or someone else, with a promise to pay it back
What is a loan?
This machine lets you take out or deposit money without having to talk to a bank teller.
What is an ATM (Automated Teller Machine)?
This is a type of bank where members own the bank, and it usually has better rates for its customers.
What is a credit union?
This account lets you easily deposit and withdraw money for everyday purchases.
What is a checking account?
This traditional money-saving tool is often shaped like a small animal and used by kids to store their coins.
What is a piggy bank?
This plastic card lets you borrow money up to a certain limit to make purchases but requires you to pay it back with interest if not paid on time.
What is a credit card?
This allows you to manage your bank accounts on your computer or smartphone without visiting a physical bank.
What is online banking?
This organization insures your money in a bank account up to a certain amount.
What is FDIC (Federal Deposit Insurance Corporation)?
This is the extra money you can earn from the bank by leaving your money in your account
What is interest?
This is a plan to help you manage your money by deciding how much you can spend and save
What is budgeting?
This type of loan helps people buy homes and is usually paid back over many years.
What is a mortgage?
This card is linked to your checking account and can be used to make purchases without borrowing money.
What is a debit card?
This type of bank helps companies and people invest money in businesses or stocks.
What is an investment bank?
This is the smallest amount of money that must stay in your bank account to avoid fees.
What is a minimum balance?
This is the process where your savings earn interest, and then that interest earns more interest.
What is compound interest?
This is the amount of money you owe to a bank or lender when you borrow money.
What is debt?
This service lets you check your accounts and make transactions using your mobile phone.
What is mobile banking?
This is the central bank of the United States, responsible for managing inflation, maximizing employment, and more.
What is the Federal Reserve System?
This is a special type of savings account where you agree to leave your money in the bank for a set period in exchange for higher interest.
What is a certificate of deposit (CD)?
This is a special amount of money set aside for unexpected expenses like car repairs or medical bills.
What is an emergency fund?
This is the extra money you must pay back to the bank in addition to the original amount of a loan.
What is interest on a loan?
This document shows you all the transactions made in your bank account over a certain period.
What is a bank statement?