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Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
More Details
Personal banking refers to the financial services and products that are designed for individuals and households, rather than businesses. Personal banking services can include checking and savings accounts, credit cards, loans, and other financial products that are used for personal or household purposes. Personal banking is typically offered by banks, credit unions, and other financial institutions.
Example
Imagine that you are looking for a financial institution to handle your personal banking needs. You might consider opening a checking and savings account at a local bank or credit union. These accounts would allow you to deposit money, withdraw cash, and make payments using a debit card. Personal banking services can be a convenient way to manage your finances and can help you to save and borrow money for a variety of purposes.
Related Terms
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.
Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.