Glossary Terms:

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Glossary terms from:


A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.


The industry involved with conducting financial transactions. Also, conducting business with a bank, e.g., maintaining a checking or savings account or obtaining a loan.


Decision made or course of action taken when faced with a set of alternatives.


Money put into a financial account. Also, to place money in a financial account.


Tangible objects that satisfy economic wants.


Money paid regularly, at a particular rate, for the use of borrowed money.


Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.


To keep money for future use; to divert money from current spending to a savings account or another form of investment.


Disposable income (income after taxes) minus consumption spending.


Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts and certificates of deposit (CDs).

Savings Account

An interest-bearing account (passbook or statement) at a financial institution.


Activities performed by people, firms or government agencies to satisfy economic wants.


The removal of money by a depositor from a financial account.


Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.