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Savings
Key words & concepts for savings
| Term | Definition |
|---|---|
| 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
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