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Savings Plan
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Ch.5 Savings

TermDefinition
Savings Plan A strategy for using money to reach important goals and to advance your financial security.
Emergency Fund An account of money you can easily access in case of a job layoff, illness, or unexpected expense
SMART goal Something you want to achieve stated in terms that are specific, measurable, achievable, realistic, and time related
Savings account An account designed for accumulating money for future use
Annual percentage yield (APY The rat e of yearly earnings from an account, including compound interest
Interest-bearing savings account A type of demand deposit account that pays interest and allows for regular deposits and withdrawals; no set maturity date( do not have to wait until the end of a certain period of time to have access to your money
High-yield savings account An account that pays a higher interest rate than passbook and statement savings account
Certificate of Deposit (CD A savings account that requires a deposit of a fixed amount of money for a fixed period of time or term
Simple Interest Interest earned only on the principal, which is the amount of money originally deposited
Compound Interest An amount calculated using the principal (money deposited) plus the interest it earns
Rule of 72 An equation that estimates how long it will take to double an investment with a fixed interest rate
Tax exempt Means free of certain taxes. Certain savings accounts for educating expenses are tax exempt
Tax deferred Means that taxes on the principal and/or earnings are delayed until the funds are withdrawn. Retirement savings accounts are a common example; taxes are deferred until withdrawals begin at retirement
Online-only bank (Interest-only bank) A financial institution that conducts customer transactions via the Internet
Share account Savings accounts at credit unions
Brokerage Firm A place where you can purchase a variety of investment products as well as open savings accounts; usually pay higher interest rates than traditional banks and credit unions
Money Market Account A type of savings account that typically pays higher interest rate than regualr savings accounts
Created by: Jakea Harris
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