Bank Account
A place to store your money safely and access it when needed.
Checking Account
A bank account for everyday spending with a debit card and unlimited transactions.
Savings Account
An account that earns interest and is meant for storing money, not daily use.
A P Y
Annual Percentage Yield — the total interest you earn in a year.
F D I C
Federal Deposit Insurance Corporation — protects your money up to $250,000 at most banks.
Credit Union
A member-owned financial institution offering lower fees and good rates.
Routing Number
A 9-digit bank ID used for transfers and deposits within the U.S.
Account Number
Your unique bank account identifier used for deposits and withdrawals.
Overdraft
When you spend more money than you have, causing fees unless overdraft protection is enabled.
Direct Deposit
When your employer deposits money directly into your bank account.
Wire Transfer
A fast, secure way to send money directly between banks (usually with fees).
A C H Transfer
A slower, free transfer method used for payroll, bills, and most bank-to-bank moves.
Mobile Deposit
Depositing checks using your phone’s camera.
Debit Card
A card linked to your checking account used for purchases using your money.
Credit Card
A card that lets you borrow money up to a limit; must be repaid monthly.
Minimum Balance
The smallest amount you must keep in your account to avoid fees.
Bank Fees
Charges from banks for overdrafts, transfers, monthly maintenance, or ATM use.
High Yield Savings Account
A savings account that pays much higher interest than traditional banks.
Zelle
A bank-to-bank instant transfer service built into most U.S. banking apps.
Chase
One of the biggest U.S. banks. Great mobile app, strong credit cards, but some fees.
Wells Fargo
Large bank with lots of branches. Known for easy access but sometimes higher fees.
Bank Of America
Nationwide bank with widespread ATMs and reliable service.
Discover Bank
Online bank with no fees and a strong high-yield savings account.
Ally Bank
Online bank known for high savings rates, no fees, and great customer service.
Capital One
Bank offering 360 Checking and high-yield savings with strong mobile banking.
Local Credit Union
Community-based banking with low fees and personalized service.