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Savings

Key terms for savings

TermDefinition
Saving Putting away a part of your income for use at a later date
Financial institution A business who trades in (buys & sells) money e.g. Bank, Building Society, Credit Union, An Post
Current account A bank account used for day to day payments
Deposit account A bank account used for saving money and earning interest
Principal The amount invested in savings or the amount borrowed as a loan with a financial institution
Interest The amount earned for saving money or the fee paid for borrowing money with a financial institution
C.A.R. Compound Annual Rate. The rate used to calculate compound interest.
N.T.M.A National Treasury Management Agency.
A.T.M Automated Tellar Machine.
Created by: mdowneykk
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