Banking Terms / Vocabulary

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Transaction

A business deal or action; exchange of money, goods, or services

Compounded Interest

Interest earned not only on the initial amount of money but also on the interest already earned.,

Withdrawal Limit

Limit to the number of times you can withdraw money from your account

Fixed Rate

an interest rate that does not change over time

Variable Rate

interest rate a lender can change at any time without notice

Transaction Fee

money charged to deposit, withdraw, or transfer money from your bank account

Minimum Deposit

the least amount of money required to open a bank account.


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