banking Flashcards
Traditional Savings Account
Walk into a bank, deposit money, withdraw money anytime from a bank or ATM.
Online Banking Account
Same as traditional banking, yet able to use mobile banking.
Money Market Account
Basically an online savings account. Transfer money from your bank to an online MMA, transfer money back whenever you want, pays higher interest
CD (Certificate of Deposit)
a short term loan to your bank you cannot access until the term is over or pay a penalty
Savings Account
bank account that allows you to store cash securely with returns (interest) on the balance.
Checking Account
a transactional account at a bank from which money can be withdrawn and deposited
- Purpose: Money held in a checking account is very “liquid”, and can be withdrawn using checks, ATMs, and debit
-Best Used: For paying recurring and nonrecurring expenses and organizing a record of payments
Debit cards
are linked to your bank account.
- Makes it a check/cash alternative.
- Funds are directly withdrawn when used.