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Savings

Key words & concepts for savings

TermDefinition
Bank A financial institution that allows its customers to save and borrow money
Building Society A financial institution that specializes in providing mortgages to its customers
Credit Union This is a cooperative owned by a group of savers and borrowers who have something in common, such as living in the same area or working in the same industry.
Savings Not spending some of your money
Regular Savings a/c You pay a regular monthly amount into your account
Instant Access Savings a/c More flexible as a regular savings account as you have instant access to your funds, but the rate of interest would be lower
Lump Sum Savings a/c You invest a lump sum of money for a set period of time. The rate of interest is higher the larger the lump sum you invest.
Interest The money you earn on your savings
DIRT Deposit interest retention tax. This is a tax on the interest earned on savings.
Investment Putting your money in a financial institution where it can earn interest
Stocks & shares A stock is a stake in a company with the hope of earning a dividend/ return from your investment.
Dividends Return on an investment
Bonds This is when companies and the government need to raise money for specific projects. If you buy a bond you are loaning your money to a company or the government.
Tracker Bond Tracker bonds are fixed-term investments where typically the bulk of your money is invested in a deposit based account and the rest is invested in the stock market
Stock Market The market in which shares of publicly held companies are issued and traded.
Deposit Based Account A type of savings account where the account holder receives interest on the money they have in their account.
Property Buying your own house to live in or rent. A piece of real estate.
Depressed Economy An economy that has experienced a long term downturn in economic activity
Negative Equity where your property is worth less than the mortgage you owe on it
Pension This is a way to save money for when you retire.
Retirement When you finish up working at a certain age
Created by: moneysense