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16 Cards in this Set

  • Front
  • Back

Savings Account

demand deposit account designed for the accumulation of money in a safe place for the future use


sum of money set aside on which interest is paid

Simple interest

interest computed on principal once during a certain time period

Compound interest

interest earned on both principal and previously earned interest


fixed amount set aside on a regular basis over time

Rule of 72

quick formula for computing how long it will take to double money invested at a given interest rate

Money market account

type of savings account that earns the market rate of interest on the money deposited

Certificate of deposit (CD)

time deposits that pays a fixed rate of interest for a specified length of time

US savings bond

discount bond issued by the federal government that pays a guaranteed minimum rate of interest

Maturity value

bonds future value as stated on its face

Growing in your savings

You can do this by earning interest, when you earn interest, you are getting pain

Purpose of savings

Saving money is providing for future needs. Funds are not easily accessed with a checking account. You can withdraw money at any time with funds

Online only banks

Often pay higher rates of interest than traditinal banks

Brokerage firms

Pay highter interest rates on saving accounts but may not be insured by FDIC or any other insurer

Internatinal Banks

New possibilities for consumers around the world, you can hold accounts in other contries

Computing interest

Money deposited in a savings account will usually earn a set rate of interest. Interest earnings are taxable when they are earned