Savings Account for Occ Math

Front

What does APY stand for in financial terms?

Back

Annual Percentage Yield

Front

What does the term 'balance' refer to in banking?

Back

The total amount of money in your bank account

Front

How is interest typically handled in a money market account?

Back

It is compounded and added to the account

Front

What is a money market account?

Back

A type of savings account where you earn interest on your deposits

Front

Which account type is specifically mentioned as earning interest?

Back

Money market account

Front

What is the difference between APY and APR?

Back

APY includes compound interest, while APR does not.

Front

What is compound interest?

Back

Interest calculated on the initial principal and also on the accumulated interest from previous periods.

Front

What is a checking account?

Back

A bank account that allows for numerous withdrawals and deposits, typically without interest.

Front

What is the purpose of a savings account?

Back

To save money while earning interest over time.

Front

What is the significance of interest rates?

Back

Interest rates determine how much money you earn on savings or pay on loans.