A pension that you organize for yourself with an insurance company, rather than one that is organized by your employer
A private pension
An account in a bank or similar financial organization that earns interest
Savings account / Deposit account
An amount of money that a customer with a bank account is temporarily allowed to owe to the bank, or the agreement that allows this
Overdraft
Insurance that pays out a sum of money either on the death of the insured person or after a set period.
Life insurance
Spending more money than you earn
In the red
A credit facility that allows you to withdraw funds from your current or savings account even if your bank balance is zero
An overdraft facility
The act of leaving your job and stopping working, usually because you are old
Retirement
One of the offices or groups that form part of a large business organization
Branch
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Interest
You have spent more money than you have in your account, and so you are in debt to the bank
To go overdrawn
To pay back money that you owe
To pay off
An account that is shared by two or more people
Joint account
An amount of money that you win or receive from someone unexpectedly
A windfall
Earning more money than you spend
In the black
If a financial organization does this, it becomes a company with shares owned by shareholders, and is no longer owned by the people who have money in it:
To demutualize
A sudden sharp reduction in the availability of money or credit from banks and other lenders
A credit crunch
A price asked for goods or services
Charges
A situation in which the value of a house has become less than the amount of money its owner borrowed in order to buy it
Negative equity
A bank account that you can take money from at any time and that usually earns little or no interest
A current account
Money that you borrow from a bank or other financial organization for your personal, rather than business, use
A personal loan
A business that lends you money if you want to buy a house, or pays you interest on money you invest there
A building society
Shares in investment companies that put money from small investors into a range of companies
Unit trusts
An agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself
Mortgage
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