Savings
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8 Terms
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Savings
The part of your income you don’t spend. Put money aside for a later date.
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Interest
A reward given by a financial institution for saving money with them. Extra money on top of the money you’ve saved.
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Deposit Interest Retention Tax
A tax on interest earned on savings.
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Dividend
A share of profits that’s paid to members of the credit union.
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Simple interest
Interest is calculated on the original sum saved. Formula - P x R x T
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Compound interest
Calculated as a % of the amount in the account at the end of each year.
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Fixed interest rate
Stays the same for a set time.
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Annual Equivalent Rate
The full rate of interest if the money is left in a savings account for a full year.
Note 
Flashcards (20)