Glossary - SAVING TIPS
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SAVING TIPS: Glossary
Annual Percentage Yield The amount of interest you will earn on a deposit on a yearly basis expressed as a percentage. Compounding Interest The frequency that earned interest is added to the principal so that you begin to earn interest on that amount as well as on the principal. Often referred to as interest on interest. The more often interest is compounded, the greater the annual percentage yield. Crediting Interest When you have access to the interest. Usually, posting the interest you have earned to your account. Grace Period The period after an automatically renewing time deposit, such as a certificate of deposit, matures. During this time you may withdraw funds without being charged a penalty. Interest Money an institution pays you for its use of your funds. Interest Rate The rate of interest, expressed as a percentage, that an account will earn if funds are kept on deposit for a full year. It does not reflect the effect of compounding interest. Tiered Rates An interest-rate structure by which the rate paid on an account is tied to a specified balance level. Time Deposit An account, such as a certificate of deposit, with a maturity of at least seven days, from which you are not generally allowed to withdraw funds unless you pay a penalty.
ADDITIONAL SAVING TIPS RELATED FACTS
Would Refinancing Be Worth It?Refinancing Your Present LoanBank CheckingBasic Or No Frill Banking Accounts? Managing Dual Income HouseholdsBuying Your New Car
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