Survival Banking

Sometimes you might hear words when they are talking about money or banking that you’re not sure what they mean. Here are some of those words – with meanings you can understand – so you’ll know what’s going on.

Understanding things that are at a bank or what is used to do banking is a very important part of learning how to be smart with your hard earned money. This section explains some of the words people use about banking.

A BANK is a place that looks after people’s money for them and keeps it safe. It also lends money to people to help them buy things like houses.

A BUDGET is a plan on how you will spend the money you earn. It includes how much money you earn (and from where you earn it) and details what you want to spend your money on and how much you will save.

SAVING means not spending your money straight away, but putting it away so you can spend it later. Usually people put their savings in a bank account, to keep the money safe until they have enough to buy what they want.

A BANK ACCOUNT is the record your bank keeps to know how much money you have given them to look after. It has your name on it so the bank knows it is your money. When you leave money in your account, the bank pays you interest. You get a bank account number for each account that you have with the bank.

A sort code or BSB number in Australia is the six-digit code that identifies what bank and branch your account is at. This is mainly used when you tell other people where your bank account is. You give them the BSB number and the account number, and they can use this information to process direct deposits and other automated transfers.

INTEREST is money the bank pays you for letting them look after your money. It’s kind of like a reward for you not spending your money. The more money you put in the bank and the longer you leave it there for, the more interest you’ll get.

A TRANSACTION is something you do that changes the balance of your account. This can be either a deposit or withdrawal from your account.

A DEPOSIT is when you put money into your bank account. When you make a deposit, your account balance goes up.

A WITHDRAWAL is when you take money from your bank account. When you make a withdrawal, your account balance goes down.

An ACCOUNT BALANCE is the amount of your money the bank is holding. If you have 100 in your account your balance is 100.

An ATM is a short way to say 'Automated Teller Machine'. It’s a special machine that has money inside it and lets the bank’s customers make cash withdrawals and check their account balances without the need to go in to the Bank.

An ATM CARD is a special plastic card that people use to withdraw money from their bank account using an ATM. The card has special numbers on it that tell the ATM (and the bank) what account to take the money from. People also have a PIN (or Personal Identification Number)

A PIN (or Personal Identification Number) is like a password (made up of numbers) that you input into an ATM machine to tell the bank that its OK to do the transaction you are asking for. It is very important that you don’t tell your PIN to other people. If you do, they can take your money.

That is all for this starter lesson on banks and banking. We hope you found it useful and if you did please let us know you like the posts so we know to make more. Pass this post on to your friends.

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