Daniel wants to keep his savings safe and also be able to borrow money when needed. He is looking for a for-profit financial institution that is federally licensed to receive deposits and issue loans. What type of institution should Daniel consider?

Money in coins or notes.

Grace goes to a store to buy a snack. She pays using money in coins or notes.

how likely you are to pay a loan back on time

A written, dated, and signed draft that directs a bank to pay a specific sum of money to a person or company.

The smallest amount of money that must be kept in a bank account to avoid fees or to keep the account open

Nora opens a new bank account and learns that she must always keep a certain amount of money in her account to avoid extra fees or to keep the account active. What is this required amount called?

An account at a financial institution into which money is deposited and from which checks can be written for purchases or services; may be used to receive wages and pay bills

The amount of money you have in your bank account at any given time.

Mia checks her online banking app to see how much money she currently has available. What is this amount called?

A summary of all transactions in your bank account over a specific period, usually sent monthly by your bank.

The money a bank pays you for keeping your money in a savings or from investments, or the

Olivia deposits her money into a savings account at the bank. The bank gives her extra money over time for keeping her money there. What is this extra money called?

extra money you pay when borrowing calculated as a percentage

Lily borrows money from a bank. The bank tells her she will have to pay back the amount she borrowed plus some extra money, which is calculated as a percentage of the amount borrowed. What is this extra money called?

An interest-bearing account used to hold money for short- or long-term goals or emergencies. Individuals can add to this account at any time, but certain types of withdrawals may be limited.

A type of savings account that pays higher-than-average interest rates on deposits.

Aria wants to save money and is looking for an account that pays higher-than-average interest rates on deposits. Which type of account should she consider?

Debit Card

Grace goes to a store and uses her debit card to pay for groceries. What does this mean?

Credit Union

Any time money goes in or out of your bank account.

Luna checks her bank account and notices that any time money goes in or out, it is recorded as a specific type of transaction.