General banking

General banking

Banking related terms and phrases in general.

Industry: Banking

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General banking

home equity line of credit (HELOC)

Banking; General banking

A line of credit secured by the equity in a consumer's home. It can be used for home improvements, debt consolidation, and other major purchases. Interest paid on the loan is generally tax deductible ...

home equity loan

Banking; General banking

A home equity loan allows you to tap into your home's built-up equity, which is the difference between the amount that your home could be sold for and the amount that you still owe. Homeowners ...

inactive account

Banking; General banking

An account that has little or no activity; neither deposits nor withdrawals having been posted to the account for a significant period of time.

index-linked certificate of deposit

Banking; General banking

An index-linked CD is a deposit obligation of the issuing bank and is often sold through bank branches and affiliated and unaffiliated brokers. Index-linked CDs provide the investor the ability to ...

individual account

Banking; General banking

An account in the name of one individual.

individual retirement account (IRA)

Banking; General banking

A retirement savings program for individuals to which yearly tax-deductible contributions up to a specified limit can be made. The amount contributed is not taxed until withdrawn. Withdrawal is not ...