SAVING ACCOUNTS
What is a saving account?
A savings account is an account that you deposit money into for the purpose of saving with a limit on monthly withdrawals
A checking account allows you to...
deposit money and that you can then withdraw to pay bills or make purchases
What is a loan?
Somthing that is borrowed especially a sum of money that is expected to be paid back with interest
commercial banks are?
Owned by stockholders and are used to run a profit
what are financial institutions?
Commercial banks'savings and loan associations'and credit unions
Why is a saving account important?
Savings accounts allow your money to work for you by earning interest over time
Why is a checking account important
beacuse checking accounts helps you organize your finances and pay bills on time
What else can a loan be paid back with?
Money,and interest
Savings and loan associations are?
Associations that typically focus on savings accounts and home loans
What do financial services consite of?
Savings accounts'checking accounts'and loans
How many amounts of interest does a savings amount pay?
A savings account pays various amounts of interest
How much money can you draw in a month?
A sum
Loans are?
Another service many people seek from financial institution
Credit unions are?
Non-profit financial institution
People want a checking account because
You can withdraw a sum of money and deposit it money whenever you want
Some accounts have restrictions regarding the...
Length of time money must stay on deposit
What is a checking account?
A borrowed sum of money is a?
Is a loan
What are commercial banks the opsite of
Credit unions
What kind of loans do people apply for?
Short- and long-term loans
What else do these amounts pay off?
A percentage of money added to the account by the financial institution
An account when you can make withdrawals and desposits
A checking account
People take out loans because?
To pay existing bills or make purchases, such as major appliances, cars,and houses.
Savings and loan associations typically focus on?
savings accounts and home loans