Direct Deposit
An automatic deposit of net pay to an employee's designated bank account.
Automated teller machine (ATM)
A cash machine, or a computer terminal that allows a withdrawal of cash from an account.
Debit Card
A cash card that allows you to withdraw money or pay for purchase from your checking or savings account.
Commercial Bank
is a for-profit institution that offers a full range of financial services, including checking, savings, and lending.
Money Market Account
A Money Market Account is a savings account that requires a minimum balance and earns interest that changes with the market.
Rate of Return
A Rate of Return is the percentage of increase in the value of your savings from earned interest.
Compounding
Compounding is where interest is earned on the principal and previously earned interest.
Annual Percentage Yield
APY is the amount of interest that a $100 deposit would earn, after compounding, for one year.
Rate of Return
A Rate of Return is the percentage of increase in the value of your savings from earned interest.
Certificate of Deposit (CD)
A CD is a way to save money buy putting it in a bank for a period of time (one month to five years) and not being able to withdraw without large fees. CD's have higher interest rates than savings accounts.
Credit Union
a nonprofit financial institution that is owned by its members and organized for their bennefit