NGPF Banking

The best place to earn the highest interest rate possible as long as you don't need access to your money for a number of years.

• Certificate of Deposit
• Regular Savings Account
• Money Market Account
• Checking Account

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

• if the bank account is FDIC insured
• is in any bank
• is in a large national bank (local banks are not safe)
• never

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inflation

• The rate at which the prices for goods increases and consumers' purchasing power decreases.
• income not spent on consumption, for more short-term goals
• interest paid on the principal alone
• the rate charged for borrowing money usually expressed as a percent of the amount borrowed

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Many banks pay interest on

• the money you deposit into your savings account
• the money you deposit into your checking account
• the money you put in the stock market
• banks don't pay interest

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savings

• income not spent on consumption, for more short-term goals
• interest paid on the principal alone
• a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.
• The worth of someone's overall assets (Assets - Debt) or (How much a person own's - How much a person owes)

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Investing

• The process of setting money aside to increase wealth over time for long-term financial goals such as retirement
• the rate charged for borrowing money usually expressed as a percent of the amount borrowed
• interest paid on the principal alone
• An automatic deposit of net pay to an employee's designated bank account

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compound interest

• interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan
• strategy for saving for the future by putting money aside before paying regular monthly bills
• An automatic deposit of net pay to an employee's designated bank account
• The rate at which the prices for goods increases and consumers' purchasing power decreases.

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minimum deposit

• The least amount of money a bank requires when opening an account.
• a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.
• The rate at which the prices for goods increases and consumers' purchasing power decreases.
• the rate charged for borrowing money usually expressed as a percent of the amount borrowed

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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 owed
• income not spent on consumption, for more short-term goals
• strategy for saving for the future by putting money aside before paying regular monthly bills

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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
• a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.
• 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

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