Reference

Annual Percentage Yield is the amount of interest you earn on a savings account over a year, taking into account the effect of your interest earning more interest as it sits in the bank.

A method of saving money by setting up automatic transfers from a checking account to a savings account on a regular basis.

Certificate of Deposit is a type of savings account where you agree to leave your money untouched for a set period, like one year, in exchange for a higher interest rate than a standard savings account.

Coverdell Education Savings Account — A tax-advantaged custodial account used to pay for qualified education expenses for a designated beneficiary. It can cover costs for elementary, secondary, or higher education.

A specialized loan where the lender holds the borrowed funds in a savings account until the loan is fully repaid.

A dedicated savings account containing three to six months of living expenses to cover unexpected financial crises.

A Coverdell Education Savings Account is a special tax-free savings account designed to help you set aside money for a child's future education costs. It is like a piggy bank that the government helps grow by not taxing the interest you earn, provided you use the money for school expenses.

A type of savings account that typically pays a significantly higher interest rate than a standard savings account.

Health Savings Account is a personal bank account for people with high-deductible insurance plans that lets you set aside tax-free money to pay for medical expenses. It is like a dedicated piggy bank for your health costs that saves you money on taxes every time you put funds in or take them out for a doctor's visit.

High-Yield Savings Account is a bank savings account that pays a much higher interest rate than a standard account, helping your money grow faster. It works exactly like a regular savings account at your local bank, but the bank rewards you more generously for keeping your balance there.

Money Market Account: This is a type of savings account offered by banks that usually pays a higher interest rate than a standard savings account. It provides you with easy access to your money, often with limited check-writing or debit card features, making it a safe place to park cash while earning a little extra interest.

A type of savings account that usually earns higher interest and requires a higher minimum balance than regular savings.

Non-Qualified Deferred Compensation is a special arrangement where an employee chooses to get paid part of their salary in the future instead of today. It acts like a secret savings account for high earners that lets them delay taxes until they actually receive the money.

A bank that focuses on providing financial services, such as checking and savings accounts, directly to individual consumers.

A bank account where money is kept to earn interest and is generally not intended for daily spending.