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Lesson Transcript

Hi, everybody and welcome back to Top Words. My name is Alisha, and today, we're going to talk about 10 money-related words. So, let's go.
"Save."
The first word is "save." "Save" means to keep your money, to maintain your money, to not spend your money. It means to collect money. Hopefully, lots of it, I think. But to save money. You want to collect it either in cash or in a bank account. So, "I am saving money for a trip to Europe," or, "I want to save money to buy a boat," or, "I don't need to save money." That's not true. Or, "Have you saved a lot of money in your life?" That's a very weird question. Okay. In this sentence, "I need to save some money."
"Deposit."
The next word is "deposit." So, "deposit" means to put money into a bank account. This is one action only, to put money into a bank account. We don't really use "deposit" for like a piggy bank, a small bank for cash, for coins at home. We only use it for a bank account. So, every month, you could say, I don't know, like, "My employer deposits money into my bank account every month," or, "Please deposit the money directly into my bank account," or, "Did you deposit my salary yet?" or, "I received a deposit from an unknown source, mysterious." That never happens. Wouldn't that be interesting and potentially very dangerous? Okay. In this sentence, "My workplace deposits my paycheck directly into my account."
"Withdraw."
The next word is "withdraw." So, "deposit" means to put money into an account. "To withdraw" means to take money out of the account, to take money, to remove money from an account, to remove money from a bank account is to withdraw money, to withdraw funds. You might also hear funds, F-U-N-D-S, funds, to refer to money, to withdraw money, to withdraw cash, to withdraw funds. You might hear all of these phrases. They mean the same thing. So, some example sentences like, "I need to make a withdrawal." By the way, that's the noun form, "withdrawal", a "withdrawal" is the noun form of the word "withdraw." "I need to make a withdrawal. I'm out of cash." Or, "I withdrew," past tense, "I withdrew way too much money and now I'm in trouble," or, "Why did I withdraw my whole life savings? That was a terrible choice." In this sentence, "How much did I withdraw yesterday?"
"Transfer."
The next word is "transfer." "Transfer" means to move money from one account to another account. This could mean moving money between two accounts that you own, or it could mean moving money from your account to a different account, somebody else's bank account. But to transfer money, to transfer funds means to move money from one place to another place, from one account to another account. So, some example sentences, "Please transfer me the money for my new donut shop," or, "Please don't forget to transfer the money for the new project," or, "Did you transfer me my salary for this month?" Or, "Please fill out a transfer slip at the bank." In this sentence, "I need to make an international bank transfer."
"Cash."
Okay. So, the next word is "cash." So, "cash" refers to physical money. So, physical money, meaning, coins or like bills, paper money. Physical money is referred to as cash. So, we usually keep our cash in a wallet. There's not a wallet in this room right now, but I'll pretend this is a wallet. But yeah, we usually keep cash in something, a physical cash holder. There's a wallet. Okay. That's a weird way to describe that word. Some example sentences with cash, "I don't have any cash," or, "Will you loan me some cash?" "What did I do with my cash? Or, "I spent all my cash," or "I don't know what I did with my cash." Or in this sentence, 0I've almost run out of cash. Those were all very desperate examples. I don't know why. Let's throw a positive one out there. "I have so much cash." That's a lie. That is not true.
"Donate."
The next word is "donate." "Donate" means to give money, usually to charity. It just means to give money without expecting to receive something. So, usually, we use the word "donate" for like charities or for, let's see, maybe people or organizations which need monetary, money, monetary support. So, "to donate" means to give money, to give money without expecting service or without expecting goods in exchange for the money. So, in sentence, "I think donating money is a nice idea," or, "We should donate lots of money to help people in need," or, "How much money did you donate last year?" Weird question. "Why don't you donate to my new project and we'll make something cool?" In this sentence, "Have you ever donated to a charity?"
"Credit card."
The next word is "credit card." "Credit card" is a specific kind. It's a very specific kind of card. With a credit card, you have a maximum amount you can spend with this credit card. And it's like taking a loan from a bank a little bit. So, for example, if I have a credit card with a limit, the maximum amount is $1,000, I can spend up to a maximum of $1,000. But then, I have to pay that amount back later, and usually with interest, meaning, extra money, a percentage back. So, anyway, a credit card is like is a small--you can think of it like a small loan in a way, but it's a plastic card you can keep in your wallet and make payments with it.
So, in a sentence, "Using credit cards can get you into trouble if you're not careful," or, "How many credit cards do you have?" or, "Maybe I should apply for a credit card," or, "What did I do with my credit card?" or, "What's the maximum on credit card?" or, "I don't need any more credit cards." These are all very bad, aren't they? This all sound like I don't know how to manage my money, but I'm fine. "I've paid off my credit card last month," or, "I have so many points on my credit card." That's not that true. I have some. "I have some points on my credit card. I have to decide what to do with those." That's a good sentence. That is true. "I have to decide what to do with the points on my credit card. Maybe I'll take a trip somewhere." In this sentence, "I'd like to pay for this with a credit card."
"Debit card."
The next expression is "debit card." Okay. So, "debit card" and "credit card" are two different beasts. They are two different things. A "credit card" is like a small loan. A "debit card", however, is very useful because the "debit card" connects directly to your bank account. So, it's a card, yes, but it means if you use your card, the amount deducts, the amount is withdrawn, which we talked about earlier, the amount is withdrawn from your bank account directly and you don't have to carry cash around. Just use a debit card to make a direct transaction with your bank. So, a "debit card" is considered very, very useful in some cases. So, please be careful. "Debit card", direct withdrawal from your account. "Credit card" is like taking a loan, a small loan for payments. So, these are two different strategies for making payments.
In sentences, let's see. "I don't have a debit card." "I had a debit card before. Now I don't." That's true. "Debit cards can be useful and convenient ways to pay for things," or, "This shop doesn't take debit cards for some strange reason," or "Do you have a debit card?" Or, "Where did you get your debit card?" Or, "What did I do with my debit card?" Why do I always lose things? My examples are ... I don't know. In this sentence, "Debit cards are really convenient."
"Account."
Alright, the next word is "account." So, I've used the word "account" in some example sentences already, but an "account" is an agreement with a bank that the bank will keep your money for you. So, in general, perhaps there are two very common types of accounts, a checking account and a savings account, we can think about. A savings account is typically an account you only deposit money into. You put money into the account to save that money. Meaning, you don't withdraw from the account really. Then a checking account, at least in American banking system, a checking account is where you do many different transactions. So, if you use a debit card, for example, your debit card is often connected to your checking account. So, your checking account is your day-to-day transaction account, and your savings account is the money you don't touch.
So, of course, there are other different types of accounts depending on what you would like to do with your money. But an "account" is your agreement with your bank to keep your money, to maintain your money. And in some cases, get more money if you have a good interest rate on your account. Oh, finance. Okay. Let's see, sentences, "What is the best bank for setting up an account in America?" Or, "How long did it take you to set up an account?" Or, "Was it easy to set up an account?" Or, "I think I should set up a bank account." In this sentence, "I have a checking account and a savings account."
"Interest."
Alright, okay. I've hinted at the last word a few time. The next word is "interest." So, "interest" is a percentage. "Interest" is a certain percentage of money that you can receive in a savings account, or it's a certain amount of extra money you must pay in the case of loans and credit cards, for example. So, "interest" is extra money that you either save or have to pay. So, in savings accounts, the amount of interest is often determined by the amount of money in your account. So, for example, if you have $100 in a bank account and you have a 1% interest rate, it means you get $1 of interest on that $100. If you have compound interest, hooray for you. That means that that 1% of interest carries on each year. So, every year, you get a little bit more in that savings account. So, compound interest means it adds up, it continues to grow.
So, "interest" means extra money saved with savings accounts. However, with credit cards and loans and things like that, an interest rate means that's the amount you have to pay for the convenience of getting the loan. So, if you have, let's see, like a 1% interest rate on a $100 bill on your credit card, it means you have to pay an extra dollar there. You have to pay an extra dollar for the convenience of using that credit card for keeping a balance for paying, for making payments on that credit card. So, depending on the type of account or the type of card you use, "interest" can be slightly different. Getting more money or paying more money. In sentences, let's see, "Bank accounts with high-interest rates are typically good for saving money," or, "It's good to have a credit card with a low-interest rate," or, "I really want to find a savings account with a high-interest rate." In this sentence, "High-interest accounts are good choices for long-term savings." Whoa, we're getting financial up in here.
Alright, so those are 10 money-related words. I hope that those were useful for you and maybe you can use them as you talk about money in cash and your everyday spending habits. If you have any questions or comments, please let us know in the comment section below this video. Thanks very much for watching this week and we will see you again soon. Bye.
Money, money, money. Money. Alright.
Female: We need more money.
Alisha: Need more money. Help us, YouTube.

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