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Terms in this set (20)
certificates of deposit (CDs)
a certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest
interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan
money set aside for emergency expenses
Federal Deposit Insurance Corporation (FDIC)
the U.S. corporation insuring deposits in the U.S. against bank failure
National Credit Union Administration (NCUA)
The U.S. administration insuring deposits in the U.S. against Credit Union faliure
the rate charged for borrowing money usually expressed as a percent of the amount borrowed
pay yourself first
strategy for saving for the future by putting money aside before paying regular monthly bills
original amount of money saved or invested, separate from interest or earnings
interest paid on the principal alone
money market savings account
An account similar to a traditional savings account but that typically pays higher interest. It requires a higher minimum balance, and may allow check writing from the account.
An automatic deposit of net pay to an employee's designated bank account.
A series of deposits in which a customer splits his/her deposit into smaller deposits. For instance, one could deposit one portion of their paycheck into a checking account and deposit another portion directly into their savings account.
Desiring something and getting it right away to satisfy that desire instantly
Resisting a temptation for an immediate reward and waiting for a later reward
The worth of someone's overall assets (Assets - Debt) or (How much a person own's - How much a person owes)
A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending.
The Rule of 72
A popular trick to find out how long it will take your money to double depending on what interest rate you are receiving.
Health Savings Account (HSA)
A type of account in which you can use pre-tax dollars to pay for out-of-pocket health care expenses.
The rate at which the prices for goods increases and consumers' purchasing power decreases.
online savings account
A type of savings account that is managed online - there is no physical branch at which you can manage your savings. These accounts typically offer higher interest rates and lower or minimal fees.
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Banking Terms (30)
LAP-Economic Goods and Services
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