Table of Contents
Introduction
Understanding banking and money vocabulary is essential for managing your finances effectively. Here’s a comprehensive list of terms related to banking and money to help you navigate the world of finance with confidence.
Vocabulary: Banking and Money
As an English language learner, it is important to understand and use vocabulary associated with banking and money. Financial literacy is crucial in your daily life if you intend to be knowledgeable about the world of money and investment.
This comprehensive list of banking and money vocabulary should be a good start.
Banking and Money Vocabulary
This is a list of Banking and Money Vocabulary:
ATM
- (Automated Teller Machine) A machine, usually located outside a bank, from which you can withdraw money from your bank account using a special card.
Bank Balance
- The amount of money in a bank account.
- Example: I’d like to check my bank balance, please.
Bank Charges
- Fees paid by a customer for a bank’s services.
Bank Statement
- A printed record of the money deposited into and withdrawn from a bank account.
Bounce
- When a check cannot be processed by a bank due to insufficient funds in the account.
- Example: I had to pay a penalty fee when my check bounced.
Cash
- Money in the form of notes and coins, rather than checks or credit cards.
- Example: Do you have any cash on you?
Cash a Check/Cheque
- To exchange a check for cash.
- Example: Would you cash a check for me?
Checkbook (US) / Chequebook (UK)
- A book of checks with your name printed on them, issued by your bank for making payments.
Check (US) / Cheque (UK)
- A printed form used instead of money to make payments from your bank account.
- Example: I wrote him a check for $100.
Credit
- Money in your bank account.
- Example: I was relieved to see from my statement that my account was in credit.
- A method of paying for goods or services at a later time, usually with interest.
- Example: They decided to buy the car on credit.
Credit Card
- A small plastic card used as a method of payment, with the money being deducted from your account at a later time.
Checking Account (US) / Current Account (UK)
- A bank account from which you can withdraw money at any time, usually earning little or no interest.
Debit
- A record of money taken out of a bank account. Example: The account was in debit at the end of the month.
Debt
- Money owed to someone else, or the state of owing money. Example: He managed to pay off his debts in two years.
Deposit (US) / Pay In (UK)
- To put money into a bank account. Example: If you go to the bank, will you deposit these checks for me?
Direct Debit
- An arrangement where your bank transfers money from your account to another account at regular intervals.
- Example: I pay my electricity bill by direct debit.
Expense
- When you spend or use money.
- Example: Buying a bigger car has proved to be well worth the expense.
Insurance
- An agreement where you pay a company money, and they cover certain costs if you have an accident, injury, etc.
- Example: Life/health/car/travel insurance.
Interest
- Money charged by a bank or other financial organization for borrowing money.
- Example: I got a loan with an interest rate of 10%.
- Money earned from keeping money in a bank account.
- Example: You should put the money in a savings account where it will earn interest.
Loan
- A sum of money borrowed, often from a bank, to be paid back with interest.
- Example: She’s trying to get a $100,000 loan to start her own business.
NSF (Non-Sufficient Funds)
- When there is not enough money in an account to cover a transaction.
Overdraft
- The act of overdrawing a bank account, spending more money than is available.
Payee
A person to whom money is paid or should be paid.
Savings Account (US) / Deposit Account (UK)
- A bank account where money is usually left for a long time and earns interest.
Standing Order (UK)
- An instruction to a bank to pay a fixed amount of money at regular intervals from one bank account to another.
Tax
- Money paid to the government based on income or the cost of goods or services.
- Example: They’re putting up the tax on cigarettes.
Traveler’s Check
- A piece of paper bought from a bank or travel company, used as money or exchanged for local currency in another country.
Withdraw
- To take money out of a bank account.
List of Bank Vocabulary in English
Here is a list of banking English vocabulary:
| Term | Definition |
|---|---|
| Account | A record of financial transactions for an individual or organization. |
| ATM (Automated Teller Machine) | A machine that allows bank customers to conduct transactions, such as withdrawals and deposits, without the need for a human teller. |
| Balance | The amount of money in a bank account at a given time. |
| Bank Charges | Fees imposed by a bank for various services. |
| Bank Statement | A summary of financial transactions occurring over a given period on a bank account. |
| Bounced Check | A check that cannot be processed because the account holder has insufficient funds. |
| Branch | A local office or outlet of a bank. |
| Cash | Physical money in the form of coins and notes. |
| Checkbook (US) / Chequebook (UK) | A book of pre-printed checks issued to account holders. |
| Checking Account (US) / Current Account (UK) | A bank account from which money can be withdrawn at any time without notice. |
| Credit | An entry recording a sum received, listed on the right-hand side or column of an account. |
| Credit Card | A plastic card issued by a bank allowing the holder to purchase goods or services on credit. |
| Debit | An entry recording an amount owed, listed on the left-hand side or column of an account. |
| Debit Card | A plastic card issued by a bank allowing the holder to transfer money electronically when making a purchase. |
| Deposit | Money placed into a bank account. |
| Direct Debit | An arrangement allowing an organization to withdraw money from a bank account at regular intervals. |
| Interest | The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. |
| Loan | A sum of money that is borrowed and expected to be paid back with interest. |
| Mortgage | A loan taken out to buy property or land. |
| NSF (Non-Sufficient Funds) | A term used when an account does not have enough money to cover a transaction. |
| Online Banking | A service that allows account holders to conduct financial transactions via the internet. |
| Overdraft | An extension of credit from a bank when an account reaches zero. |
| Payee | The person or organization to whom a check, money, or other payment is to be made. |
| Payer | The person who makes a payment. |
| PIN (Personal Identification Number) | A numerical code used to authenticate a user accessing an account. |
| Savings Account | A bank account that earns interest. |
| Standing Order | An instruction a bank account holder gives to their bank to pay a set amount at regular intervals to another account. |
| Statement | A document issued by a bank showing the status of an account. |
| Transaction | An instance of buying or selling something; a business deal. |
| Traveler’s Check | A pre-printed, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else. |
| Withdrawal | The act of taking money out of a bank account. |
Banking Idiomatic Expressions
- Can I bank on your support?
- He lost all his money in gambling. A fool and his money are soon parted.
- A company or an activity which is a license to print money.
- The company has been coining it/money since the new manager took over.
- Since he’s in the money, he’s extremely generous to his friends.
- Ice cream sellers are minting money thanks to the heat.
- Most people think being a professional footballer is money for jam.
- That costs an arm and a leg.
- “How much did you buy it?” – “I got it for a song.”
- We have to finish the work. Time is money.
More Money Idioms with Explanations and Examples
Rich and Poor Adjectives
Describing a Rich Person:
- Stinking rich
- Flush
- Well-heeled
- Loaded
- Moneyed
- Well-to-do
- Filthy rich
- Rolling in it
- Wealthy
- Prosperous
- Affluent
- Well off
Describing a Poor Person:
- Dirt poor
- Hard up
- Needy
- Skint
- Broke
- Penniless
- Moneyless
- Poverty-stricken
- Empty-handed
- Deprived
- Unfortunate
- Underprivileged
- Meager
- Reduced
- Pitiable
- Humble
- Lowly
- Modest
- Destitute
Conclusion
By familiarizing yourself with these banking and money terms, you can better manage your finances, understand banking transactions, and communicate effectively with financial institutions.
Whether you’re opening a new account, applying for a loan, or simply handling everyday expenses, this vocabulary will serve as a valuable resource.
Related Pages: