Banking

A bank statement is a monthly record of all the money that has gone in and out of your account.

A debit card lets you spend money directly from your checking account.

Borrowing is risky because if you can’t repay, you may owe extra fees, lose property, or damage your credit score.

A bank is a financial institution that stores money, offers savings accounts, provides loans, and helps people manage their finances.

A loan is money that a bank lends to a person, which must be repaid over time with interest.

Saving is storing money safely, while investing is putting money into assets that may grow but come with more risk.

A checking account is a bank account used for everyday spending, such as paying bills or making purchases.

Compound interest is interest earned on both the original amount and the interest added over time.

Online banking allows customers to manage their bank accounts using the internet.

Banks earn money by charging interest on loans and fees for services.

A savings account is a bank account where you can safely store money and earn interest over time.

An ATM (automated teller machine) lets you deposit or withdraw money from your account without visiting a bank teller.

A credit score is a number that shows how responsible someone is at paying back borrowed money.

A credit card allows you to borrow money for purchases, which you must repay later with interest if not paid on time.

Interest is the money paid to you by the bank for keeping your money in a savings account, or the extra money you pay when borrowing.

Borrowing means receiving money from a bank or lender with the promise to pay it back, usually with interest.

Collateral is property (like a car or house) that a borrower offers as security for a loan.

A budget is a plan that shows how you will spend and save your money.

Saving helps people prepare for emergencies, reach goals, and avoid debt.