Question 1

What is principal and interest on a mortgage?

Accepted Answer

Principal is the amount you borrowed for your home, while interest is the cost of borrowing that money. Your monthly mortgage payment typically includes both. Early in the loan, most of your payment goes toward interest. Over time, more goes toward principal. This is called amortization. Property taxes and insurance may also be included in your payment.

Question 2

What is a high-yield savings account?

Accepted Answer

A high-yield savings account offers significantly higher interest rates (often 10-20x higher) than traditional savings accounts. They're typically offered by online banks with lower overhead costs, allowing better rates.

Question 3

What is a business bank account?

Accepted Answer

A business bank account separates personal and business finances, required for LLCs and corporations. It provides merchant services, higher transaction limits, business debit cards, and helps with accounting and tax preparation.

Question 4

Are all banks FDIC insured?

Accepted Answer

Most U.S. banks are FDIC insured, but credit unions have similar NCUA insurance. Always verify a bank's FDIC membership at fdic.gov. Investment products like stocks and mutual funds are not FDIC insured.

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Frequently Asked Questions

What is principal and interest on a mortgage?

What is a high-yield savings account?

What is a business bank account?

Are all banks FDIC insured?

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