Manuel J. Bendana
Savings- Savings accounts are accounts maintained by retail financial institutions that pay interest but can‘t be used directly as money.
Bank- a depository financial institution: a financial institution that accepts deposits and channels the money into lending activities.
What is a savings account? A bank account designed for a client's savings, which compared to a current account typically entails withdrawal restrictions but yields a better interest
How do you make money through a bank? Deposit money into a savings account and leaving it there for awhile.
Define interest? a fixed charge for borrowing money; usually a percentage of the amount borrowed
What two types of interest are named? Simple Interest and Compound Interest.
When does interest work in your favor? When you deposit money into a savings account.
Banks pay interest in two ways. What are they? Simple and Compound.
