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Individual retirement account

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An Individual Retirement Account is a form of "individual retirement plan", provided by many financial institutions, that provides tax advantages for retirement savings in the United States. An individual retirement account is a type of "individual retirement arrangement" as described in IRS Publication 590, Individual Retirement Arrangements (IRAs). The term IRA, used to describe both individual retirement accounts and the broader category of individual retirement arrangements, encompasses an individual retirement account; a trust or custodial account set up for the exclusive benefit of taxpayers or their beneficiaries; and an individual retirement annuity, by which the taxpayers purchase an annuity contract or an endowment contract from a life insurance company.

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Savings account

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A passbook, the traditional record of savings account transactionsSaving accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and in some jurisdictions, does not incur a reserve requirement, freeing up cash from the bank's vault to be lent out with interest.

The other major types of deposit account are transactional account (checking account or current account by country), money market account, and time deposit.

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ATM card

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A sample picture of a fictional ATM card.An ATM card (also known as a bank card, client card, key card, or cash card) is any payment card issued by a financial institution to its customers which enables a customer to access an automated teller machine (ATM) for transactions such as deposits, cash withdrawals, obtaining account information, and other types of banking transactions. The payment card may be any card which has that feature enabled, and may be a debit, credit, a limited-use ATM or other card. Interbank networks allow the use of ATM cards at ATMs of financial institutions other than those of the issuing institution.

ATM cards can also be used on improvised ATMs, such as merchants' card terminals that deliver ATM features without any cash drawer (commonly referred to as mini ATMs). These terminals can also be used as Cashless scrip ATMs by cashing the fund transfer receipt at the merchant's Cashier.

The first ATM cards were issued by Barclays in London, in 1967, and by Chemical Bank in Long Island, New York, in 1969.

 

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Money market account

From Wikipedia, the free encyclopedia

A money market account (MMA) or money market deposit account (MMDA) is a financial account that pays interest based on current interest rates in the money markets.

Money market accounts typically have a relatively high rate of interest and require a higher minimum balance (anywhere from $1,000 to $10,000 to $25,000) to earn interest or avoid monthly fees. The resulting investment strategy is therefore similar to, and meant to compete with, a money market fund offered by a brokerage. The two account types are otherwise unrelated.

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