Full glossary
Banking
Bank Run
When many depositors withdraw at once fearing a bank's collapse — which can cause it.
BankingRelated terms
APY (Annual Percentage Yield)
The real rate of return on savings or deposits in one year, including the effect of compounding.
Auto-Debit
An arrangement where bills are paid automatically from your account on their due dates.
Bank Draft
A payment guaranteed by a bank, drawn on its own funds rather than yours directly.
Bank Rate
The rate at which a central bank lends to commercial banks, shaping all other interest rates.
Central Bank
A national institution, like the CBN or the Fed, that manages currency, interest rates, and bank regulation.
Certificate of Deposit (CD)
A savings product that locks your money for a fixed term in exchange for a guaranteed rate.