Savings Vocab

The amount money you have in a bank account. For example, if you start with $10 in your account and then deposit $5, your balance is $15.

• Compound

• Principal

• Balance

• Interest

This is a specific type of bank account in which you agree to keep the money for a certain amount of time. The time period can be anywhere from a few months to several years.

• loan

• Certificate of Deposits (CDs )

• withdraw

• Debt

Money owed to a bank or individual usually from borrowing money.

• Debt

• Balance

• Principal

This refers to when you put money into a bank account. When you make a deposit, your account balance goes up because you are adding more money to the account.

• Loan

• Deposit

• Balance

This is the money the bank pays someone for allowing a person to hold on to their money. 

It also refers to the money that the bank charges someone to borrow money from the bank. For example, you earn interest from a bank if you have a savings account, and you pay interest to the bank if you take out a loan.

• interest

• CDs

• Savings account

This is the money borrowed from a bank or individual.

• Savings Account

• Withdraw

• Loan

The amount of money which is being borrowed or loaned.

• Simple Interest

• Debt

• Principal

It’s a type of service that a bank gives to customers in which they hold on to the money of a customer. The bank allows the person to deposit and withdraw money while also earning interest on the amount of money in the account.

• Loan

• Balance

• Savings Account

This is the interest that is calculated only on the amount of money that was originally deposited

• Balance

• Simple Interest

• Debt