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Did you know there are multiple different types of accounts in banks. Like saving and checking accounts! But, what is the difference between the two? Well, checking accounts are usually for short term and the money you put in their is supposed to be spent soon and so the checking account is only to hold the money until you need it about a week or so later.
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But did you know there are also different types of cards for these bank institutes? Such as credit and debit cards! What is the difference between those cards though? Well, credit cards are similar to a loan. You use a credit card and borrow money and then you have to eventually pay it back. Giving you a credit card bill. But a Debit card is your own money and the money you spend with a Debit card comes directly from your bank account.
That's so cool!
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But here's the thing, when you take out a loan whether its credit card or not, there are different types of interest. When you take a loan you get interest paid. Which is when you have to pay more money over time the longer you have an unpaid loan. That's how banks make money is interest. But then there is earned interest. Earned interest is when you store money in a savings account or have an item that gains worth over time. Meaning you get more money. Sounds good huh?
I never knew!

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