Banking and Finance Terms

A written document that serves as evidence of insurance coverage.

• Policy

• Certificate

• Agreement

• Contract

The original sum of money borrowed or invested.

• Principal

• Interest

• Dividend

• Capital

A bank account that is held by more than one person.

• Joint Account

• Single Account

• Savings Account

• Checking Account

Money that you take out of your bank account.

• Deposit

• Withdrawal

• Transfer

• Balance

Money paid in addition to the amount borrowed or the money earned in a savings account.

• Principal

• Interest

• Dividend

• Fee

An interest rate that remains the same while the loan is being repaid.

• Variable Rate

• Fixed Rate

• Adjustable Rate

• Floating Rate

The amount of money that you have in your bank account.

• Balance

• Deposit

• Withdrawal

• Interest

Putting money aside for future use.

• Investing

• Spending

• Saving

• Borrowing

A card that can be used to make purchases. Purchases made are paid for over time.

• Debit Card

• Credit Card

• Prepaid Card

• Gift Card

Interest calculated on the principal amount and interest.

• Simple Interest

• Compound Interest

• Fixed Interest

• Variable Interest