A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Monthly Maintenance FeeA recurring charge some banks apply to keep an account open, often waived if you meet a balance or direct deposit requirement.
- Checking AccountA bank account built for everyday spending, letting you deposit money and pay for things with a debit card, checks, or transfers.
- Savings AccountA bank account meant for storing money you don't need right away, usually paying a small amount of interest on the balance.
- Money Market AccountA deposit account that blends savings and checking features, often paying higher interest while allowing a limited number of checks or transfers.
- Available BalanceThe money in your account you can actually spend right now, after subtracting holds and pending transactions from the total balance.
- Minimum Opening DepositThe smallest amount of money a bank requires you to put in when you first open a new account.
More in Banking
Account NumberAccount ReconciliationACH TransferAPR (Annual Percentage Rate)APY (Annual Percentage Yield)ATM (Automated Teller Machine)
Plain-English education — not personalized legal, tax, or investment advice.