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15 Cards in this Set
- Front
- Back
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A demand deposit account designed for accumulation of money in a safe place for future purposes |
Savings Account |
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Money for extra purposes, in which interest is paid |
Principal |
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When interest is computed on the principal once during a certain period in time |
Simple Interest |
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alternate option to calculate interest |
Compound Interest |
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an account to hold income on a regualer basis over time |
Annuity |
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Quick formula to see how long it will take to double money invested at a given interest rate |
Rule of 72 |
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Pays the market rate of interest on the money deposited |
Money Market account |
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time deposit that pays a fixed rate of interest for a certain amount of time |
Certificate of Deposit (CD) |
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Guaranteed minimal rate of interest from the federal government |
U.S. savings bond |
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Bonds future value, as stated on the face |
Maturity value |
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As an U.S. citizen, you are eligible to open accounts in other countries, even if you never visit the location. You still end up getting the bank statements as well. |
International Banking |
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Generally pays higher interest rates on savings accounts. The only negative is that you may not be able to insure the account. |
Brokerage Firms |
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If it also has an traditional, physical bank, then it is a very good chance they are dependable |
Online-Only Banks |
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Can be compounded on a single account that has not been used in a while. Also, can be made on several deposits over time |
Future Value |
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What can be used to hold money temporarily while you are trying to open another account? |
Savings Account |
