Annual return – the profit or loss on an investment over a one-year period.
APR (Annual Percentage Rate) – the cost of borrowing money on a yearly basis, expressed as a percentage rate.
Asset – an item with financial value, such as shares in a stock or real estate.
Bonds – insured loans to the government or a company that are paid back when the bond matures. The lender also receives fixed interest payments throughout the term.
Budget – a financial plan outlining expenses and income with set dollar amounts for every fixed and non-fixed expense.
Certificate of deposit (CD) – also called a share certificate at credit unions, a CD is a low-risk savings tool that requires the owner to keep their funds deposited until a maturity date (commonly referred to as a “term”).
Checking account – a financial account that allows the owner to make deposits and access their funds as needed via paper check, ATM, electronic transfer, withdrawal, or debit card transaction.
Compound interest – interest earned on both the investment principal and the interest it has earned since the initial deposit.
Credit – having the right to borrow money as needed, up to a determined maximum.
Credit score – a numerical measurement representing a person’s credit history and general financial responsibility.
Cryptocurrency – a form of virtual currency secured by a mathematical encryption process.
Debt – money that is owed to a person, lender, or institution.
Debt consolidation – combining multiple debts into a single debt, usually with a more favorable interest rate and/or lower, fixed payments. .
Direct deposit – a payment made directly to an employee’s account as a form of payroll distribution.
Dividend – a portion of a company’s profit paid to shareholders. Earnings paid to credit union account holders are issued as a dividend as opposed to “interest”.
Interest – When associated with loans, this is a fee charged by a lender for borrowing funds. When associated with savings accounts, it is the amount paid to the account owner. In both instances, it is determined by a rate applied to the loan balance in savings.
Mobile banking – banking via a mobile device.
Money market account – a financial account offering a higher rate of interest/dividends than a basic savings account. It allows for a limited number of monthly transactions and may require a minimum deposit and/or maintaining a minimum account balance.
Mortgage – a long-term loan used to buy a home, or to borrow money against the value of a home that’s already owned.
Mutual fund – a company that pools money from investors to purchase stocks, bonds, and other assets.
Overdraft – when there are not enough funds in a checking account to cover the full amount of the committed transactions.
Prepayment penalty – a fee lenders charge borrowers for paying off a loan earlier than the term.
Principal – the amount of money originally borrowed in a loan.
Rate of return – the profit or loss on an investment, expressed as a percentage.
Return – the profit or loss on an investment.
Savings – money that is set aside in a secure place to be used for a future expense.
Savings account – a financial account with limited access to funds. It pays interest/dividends in return for the deposited funds.
Secured loans – loans that are backed by collateral or a valuable asset.
Term – the period of time a financial product is intended to last, such as a loan, certificate of deposit, etc.
Unsecured loan-a loan that is not backed by any collateral.
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