What is Checking Account?

A transactional deposit account held at a financial institution that allows for withdrawals and deposits. Money held in a checking account is very liquid, and can be withdrawn using checks, automated cash machines and electronic debits, among other methods.

What is Saving Account?

A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. Depending on the specific type of savings account, the account holder may not be able to write checks from the account. Savings account funds are considered one of the most liquid investments outside of checking accounts and cash. Savings accounts are generally for money that you don't intend to use for daily expenses.

What is Certificate of Deposit (CD)?

A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. CDs are generally issued by commercial banks and are insured by the FDIC. The term of a CD generally ranges from one month to five years.

What is Home Mortgage?

A loan given by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the payment has been made and other terms of the mortgage have been met. 

A home mortgage will have either a fixed or floating interest rate, which is paid monthly along with a contribution to the principal loan amount. As the homeowner pays down the principal over time, the interest is calculated on a smaller base so that future mortgage payments apply more towards principal reduction as opposed to just paying the interest charges.

Content Provide by Ken Lu, VP of Event Operation SUNBC

DISCLAIMER: For legal purposes, the information and content provided on this website are to be consider "for general information purposes only" SUNBC makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event, SUNBC will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from the use of this website The organizations, businesses and agencies listed on this website are provided for information only. SUNBC is not affiliated with these third parties and are not responsible for the services rendered by these organizations, business and agencies. Information provided on this website does not constitute an endorsement of the services provided by an third party listed on this website.