Saving - Middle School
Terms in this set (21)
Putting aside money for future use.
Things you have to have; these are essential.
Things you would like to have; they are not absolutely necessary, but they would be nice to have.
Pay Yourself First
A saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck, rather than waiting until the end of the month to save what's left.
An amount of money given by a parent or guardian at regular intervals to their child.
A breakdown of your income and expenses for a set period of time.
A type of bank account that allows you to put aside money for future use and earn interest.
The amount of money you earn on your savings account balance.
Federal Deposit Insurance Corporation (FDIC)
The U.S. corporation that insures the money in your bank account up to $250,000 in the case the bank or credit union fails.
Online Saving Accounts
A savings account that is managed entirely online with no physical bank branch; usually offers higher interest rates.
Teen Savings Account
A type of savings account offered to to young adults and students that may have additional benefits including no monthly fees and no minimum balance requirement.
A bank account held by more than one person; each individual has the right to deposit and withdraw funds.
Savings Account Statement
The monthly record of your account transactions sent to you by your bank.
Interest earned on both the principal amount and any interest already earned.
A financial 'safety net' for unexpected expenses.
Minimum Balance Requirement
The minimum dollar amount that a customer must have in their account to receive some benefit (such as keeping the account open or receiving interest).
Initial or Minimum Deposit
The minimum amount of money required to open an account with a bank (this amount may change between banks and account types).
Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.
An amount of money you add to a bank account.
An amount of money you take out of a bank account.
The money you earn on your savings account balance over a period of time.
This set is often in folders with...
Consumer Skills - Middle School
Money in Our Lives - Middle School
Budgeting - Middle School
Credit - Middle School
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