A savings account is a safe spot for your money, perfect for setting aside cash for future needs. Plus, it earns interest over time, offering a bit of extra cash as a reward for letting your money sit and grow.
Checking Account:This is your financial command center. It's designed for everyday transactions like paying bills or buying groceries. With a checking account, use your debit card, make online payments, or you can write checks.
Interest Rate:Think of interest rates as a way to grow your money. When you save, it's the percentage that Tyndall pays you as a reward. When you borrow, it's the cost you pay on top of the amount borrowed.
Certificate:A Certificate is like a time capsule for your money. You lock it away for a set period, and in return, you get a higher interest rate than a regular savings account. Just remember, patience is key—you can’t touch it until the time is up!
Credit Score:Your credit score is your financial report card. It tells lenders how trustworthy you are when it comes to borrowing and repaying money. A higher score can provide better loan offers and lower interest rates. Need to build or repair credit? Check out our Credit building options.
APR (Annual Percentage Rate):The APR gives you the full picture of what you'll pay when borrowing or earn when saving over a year, including both interest and any fees. For example, if you're borrowing, a loan might have a 3.5% interest rate, but with extra fees, the APR could be 4.2%, showing the true cost. Similarly, for savings, the APY shows what you earn annually after fees. This helps you easily compare different loan options or savings accounts to see the real financial impact.
Overdraft:Oops! That’s what happens when you spend more than you have in your checking account. But don't worry, overdraft protection is like a financial safety net, covering you when you slip up. What happens next? Tyndall offers fee-free Courtesy Pay.
Mobile Banking:Banking in your pocket! Mobile banking lets you manage your accounts, transfer money, and even deposit checks using your phone. It's like having a bank branch at your fingertips allowing you to bank anytime, anywhere.
Loan:Loans are like financial partners that help you tackle big expenses, such as buying a car, purchasing a home, or paying for college. They provide the funds you need upfront, which you then repay over time through scheduled payments. It's important to understand the loan terms, including the interest rate and repayment period, as these will affect your monthly budget and the total amount you repay. By carefully reviewing these details, you can avoid unexpected costs and ensure the loan fits your financial situation.
Credit Union:Credit unions offer a community-oriented alternative to traditional banks, operating as not-for-profit, member-owned institutions. This structure means you can enjoy competitive rates on loans and savings, along with lower fees. Being part of a credit union gives you a stake in a financial institution that genuinely focuses on serving its members' best interests.
We hope this guide has provided clarity on the complexities of financial language, empowering you in your financial journey.