Bank
A bank is a type of financial institution that gives loans and accepts deposits.
Banks also issue checks, debit cards and credit cards, and give mortgages & other types of loans.
For more information, check out: What is a Bank? A Simple Explanation for Kids, Teens and Beginners
Bank Account
When you want to keep your money in a bank, you open an account in your name with the bank. This way, the bank can tell that the money belongs to you.
For more information, check out: What is a Bank Account? A Super Simple Explanation for Kids, Teens and Students
Checking Account
A checking account is an account at a bank where you can make day to day transactions.
It keeps your money safe and accessible.
For more information, check out: What is a Checking Account? A Simple Explanation for Kids, Teens and Beginners
Savings Account
A savings account is an account for storing money while you earn some interest from it.
Your money stays absolutely safe in an FDIC-insured savings account, and it can be stored for short to medium term goals, like a down payment for a house or a car, or used for an emergency fund.
For more information, check out: What is a Savings Account? A Simple Explanation for Kids, Teens and Beginners
Mobile Banking
Mobile banking refers to all financial transactions made with a smartphone, tablet, or other mobile device using a specially designed app.
For more information, check out: What is Mobile Banking? A Simple Explanation for Kids, Teens and Beginners
ATM
ATM stands for Automated Teller Machine. It is used mainly for taking cash out of your bank account.
But you can also deposit cash and do some other basic things like print an account statement.
For more information, check out: What is ATM or Automated Teller Machine? A Simple Explanation for Kids and Teens
Debit Card
A debit card is a plastic card like a Credit Card which is linked to your bank account.
You can use it to make purchases and ATM withdrawals.
For more information, check out: What is a Debit Card? A Simple Explanation for Kids, Teens and Beginners
PIN
PIN stands for Personal Identification Number.
It is usually a 4-digit code that you need to enter when you take money out of an ATM using a debit card.
Check
A check is a special kind of paper that you can use to pay money to someone else from your bank account.
For more information, check out: What is a Check (or Cheque)? A Simple Explanation for Kids, Teens and Beginners
Bankers Check
A Bankers Check is a check that’s written by a bank instead of you writing it from your own account, and it’s also signed by a cashier or teller of the bank.
The bank guarantees the payment of the banker’s check. It is also called a Cashiers Check.
For more information, check out: What is Cashier’s Check or Banker’s Check? A Simple Explanation for Kids & Beginners