Bank Smarts
These banks are known for supporting small businesses and local communities.
what are community banks (or credit unions)
You want to pay bills and swipe a debit card daily—this account fits best.
what is a checking account?
This term describes earning interest on both your original deposit and past interest.
what is compound interest?
This fee happens when your account balance drops below zero.
what is an overdraft fee?
Not having a bank account can make it harder to do this financially.
what is building credit?
This strategy involves investing small amounts consistently.
what is micro-investing?
These banks often have branches across many states and offer widespread ATM access.
what are national banks
This account is best for storing money you don’t plan to spend right away.
What is a savings account
This is the original amount of money you invest or deposit.
what is the principal?
This fee can occur when using machines outside your bank’s network.
what is an ATM fee?
This type of card is commonly used by unbanked individuals but does not build credit.
what is a prepaid card?
This app feature rounds purchases up to the nearest dollar for investing.
what is round up?
This requirement refers to the amount of money you must keep in your account to avoid fees.
what is a minimum balance?
This financial product offers higher interest in exchange for locking your money away.
what is a certificate of deposit (CD)?
Starting earlier gives your money more of this valuable factor.
what is time
This type of fee is charged just for keeping your account open each month.
what is a monthly maintenance fee?
This payment method from employers can come with hidden fees.
what is a payroll card?
This system uses algorithms instead of humans to manage investments.
what is automated portfolio management?
This type of banking allows you to manage your account from your phone.
what is mobile banking?
The biggest disadvantage of a CD is this limitation.
what is restricted access to your money?
Choosing an account with a higher rate will increase this.
what are total earnings?
This is one way to avoid ATM fees besides staying in-network.
what is use your debit card?
Investing helps protect your money from this long-term economic effect.
what is inflation?
Spreading money across many companies is known as this.
what is diversification?
This is the most important question to ask if you want to avoid unexpected charges on your account.
What is "are there fees associated with this account"?
In banking, this is the 8th wonder of the world
what is compound interest?
To maximize long-term growth, financial experts recommend starting early and prioritizing accounts with this key feature.
what is a high interest rate?
Banks may waive fees if you link accounts or meet this condition.
what is maintaining a minimum balance?
Before investing, you should first eliminate one problem and build this safety net.
what is high-interest debt, and an emergency fund?
These funds track the overall market instead of picking individual stocks.
what are index funds?