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Your money is safe in the bank even if the bank fails if...

Back

the bank account is FDIC insured

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EPF.MCM.2.1

Front

inflation

Back

The rate at which the prices for goods increases and consumers' purchasing power decreases.

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EPF.MCM.2.1

Front

savings

Back

income not spent on consumption, for more short-term goals

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EPF.MCM.2.1

Front

compound interest

Back

interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan

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EPF.MCM.2.1

Front

minimum deposit

Back

The least amount of money a bank requires when opening an account.

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EPF.MCM.2.1

Front

online savings account

Back

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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EPF.MCM.2.1

Front

money market savings account

Back

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.

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EPF.MCM.2.1

Front

direct deposit

Back

An automatic deposit of net pay to an employee's designated bank account

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EPF.MCM.2.1

Front

simple interest

Back

interest paid on the principal alone

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EPF.MCM.2.1

Front

principal

Back

original amount of money saved or invested, separate from interest or earnings

Tags

EPF.MCM.2.1