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

online savings account

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

money market savings account

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

money and other valuables belonging to an individual or business

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

A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending

a certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest

A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending

the U.S. corporation insuring deposits in the U.S. against bank failure

certificates of deposit (CDs)

a certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest

A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending

A type of account in which you can use pre-tax dollars to pay for out-of-pocket health care expenses.

money and other valuables belonging to an individual or business

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

the U.S. corporation insuring deposits in the U.S. against bank failure

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

money set aside for emergency expenses

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

A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending

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

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

the U.S. corporation insuring deposits in the U.S. against bank failure

The result of making a withdrawal when there isn't enough money in your checking account to pay for it

A monthly record of your account transactions provided by your bank electronically or on paper

A written record that allows you to record checks you have written, ATM/debit card transactions, deposits, and withdrawals

Personal Identification Number (PIN)

Typically a 4-digit number required to use your debit card at a store or ATM

An online process that allows you to send money directly from your account to another person via email or app

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

A sum of money deposited into your account

The amount of money you have in your bank account

Method of banking using your smartphone to conduct transactions rather than using a computer or a physical bank branch

A sum of money deducted from your account

A written record that allows you to record checks you have written, ATM/debit card transactions, deposits, and withdrawals

Person-to-Person Payment

An online process that allows you to send money directly from your account to another person via email or app

A check you wrote and but that the bank has not yet paid

Money taken out of your account

A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners

Method of banking where all the transactions take place electronically via the internet rather than at a physical bank branch

A check you wrote and that the bank has already paid

Typically a 4-digit number required to use your debit card at a store or ATM

To "balance" your checking account with your monthly statement from the bank

An individual or household that does not utilize a checking or savings account and instead obtains financial services outside the traditional banking system

To "balance" your checking account with your monthly statement from the bank

The amount of money you have in your bank account

A plastic card that enables you to do ATM transactions and make purchases by deducting money electronically from your checking account

Money taken out of your account

A bank or credit union account that allows easy (and usually unlimited) access to your funds via check, ATM, or debit card

A check you wrote and that the bank has already paid

A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent

A non-bank business that charges a fee to cash physical checks and provide the check's owner with cash, on-the-spot

A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners

A bank or credit union account that allows easy (and usually unlimited) access to your funds via check, ATM, or debit card

Method of banking where all the transactions take place electronically via the internet rather than at a physical bank branch

A check you wrote and but that the bank has not yet paid

A sum of money deducted from your account

An online process that allows you to send money directly from your account to another person via email or app

An individual or household that does not utilize a checking or savings account and instead obtains financial services outside the traditional banking system

A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners

A check you wrote and that the bank has already paid

A bank or credit account that is shared between two or more individuals which allows everyone named on the account to access the funds

A written order to the bank that tells it to take a stated amount of money from your account and pay it to someone else

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

A non-bank business that charges a fee to cash physical checks and provide the check's owner with cash, on-the-spot

An individual or household that has a checking and/or savings account but also obtains financial services outside the traditional banking system

To "balance" your checking account with your monthly statement from the bank

A non-bank business that charges a fee to cash physical checks and provide the check's owner with cash, on-the-spot

Typically a 4-digit number required to use your debit card at a store or ATM

A bank or credit account that is shared between two or more individuals which allows everyone named on the account to access the funds

A physical portfolio that holds your check register, checks, and deposit slips

To "balance" your checking account with your monthly statement from the bank

Money taken out of your account

A bank or credit account that is shared between two or more individuals which allows everyone named on the account to access the funds

A monthly record of your account transactions provided by your bank electronically or on paper

A written order to the bank that tells it to take a stated amount of money from your account and pay it to someone else

A bank or credit union account that allows easy (and usually unlimited) access to your funds via check, ATM, or debit card

A machine that allows a customer to deposit checks or withdraw physical cash (bills) from their account