FinanceSource: Banking fundamentals
A withdrawal is money you take out of an account.
Example
Maya takes $10 from her saver to buy a train ticket. She has withdrawn $10.
How it fits in
A withdrawal reduces the account balance. An easy-access account allows one whenever money is available. A notice account makes you wait after requesting it. A fixed-term account usually makes you wait until its end date.
Where this is taught
Practise it on the platform
Related terms
Compound Interest
When the money you earn from saving starts earning its own money on top.
Simple Interest
Interest paid only on the original amount, never on the interest you have already earned.
Needs vs Wants
Needs are the things that keep you safe and well. Wants make life nicer. Mixing them up is what empties most budgets.