Your Money, Your Goals - A financial empowerment toolkit for social services programs.

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Depository products or services


Savings account Deposit money in and withdraw
money from an account; earn interest
(currently interest rates are low). Not
intended for frequent transacting.
Certificate of deposit Deposit a fixed amount of money for
a specific amount of time. Funds are
generally inaccessible during the CD
term unless you forfeit interest as a
penalty. The size of the penalty
varies, and could amount to more
than the interest you have earned if
you withdraw the money before the
maturity date. Generally earns more
interest than savings.

Credit products or services


Credit card Borrow money up to an approved
credit limit. Make purchases using
the card or the number and card
security code. A minimum monthly
payment is required. Will be charged
interest on unpaid amounts; can be
charged other fees based on terms of
contract.
Line of credit Borrow money up to an approved
credit limit. Getting approved for a
line of credit is different from a credit
card. It may be secured with
collateral (such as a home), or be
unsecured. Can be used for overdraft
protection in a checking account.
Car loan Borrow money to buy a used or new
car. This will be an installment loan.
The car will generally be pledged
against the loan (collateral).
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