Before you get too far in to Savingsville, you'll want to familiarize yourself with a few terms:

Savings Account

A savings account is…an account for your savings. Easy enough. Basically, it's where you put money that you don't need immediate access to. A bank will pay a tiny percentage of whatever you put into your account—that's called interest—which means your money will grow without you much of anything.

Checking Account

A checking account is where you'll put any money that you want immediate access to. Debit cards (which you'll use at the ATM) are usually connected to checking accounts, and you can also use the money to write—wait for it—checks. Interest rates are basically nonexistent on these puppies, but it's really high on the convenience scale.

Balance

The balance is the amount of dolla dolla billz in your account. If you have $100 in your account, $100 is your balance.

Minimum Balance

Some banks don't want to do business with you if you're not rolling in the dough. If that's the case, they'll set up a minimum balance—the amount you have to have in your account at all times without being charged a fine.

Withdrawal

When you take money out of your account, you're withdrawing it. Not to be confused with a different kind of withdrawal, which involves more side effects than just having less money in your account.

Deposit

When you add money to your account, you're making a deposit. Simple as that.

ATM

Automatic Teller Machines (i.e., money robots) allow you to withdraw cash, deposit cash or checks, and sometimes do other fancy stuff. They're a dime a dozen, and you just need a bank card to work one. Stick in your card, type in your PIN, and tell the robot what to do.

Checks

Checks are almost a thing of the past, but here's the gist: they're pieces of paper that represent a promise of money transfer. If your granny writes you a check, she's promising you that when you bring it to the bank, they'll be able to take the money out of her account and put it into yours. There's some identifying information on the check that allows the bank to access your granny's account and pull money out of it. And to make it a little safer, the check can only be cashed or deposited by the person it's made out to—in this case, you. Signature required.

Monthly Fees

Some accounts require you to pay a monthly fee to keep them open—kinda like a credit card. If you shop around, you can find accounts that don't require it (especially for students), but you'll also end up with fewer perks.

Interest

When you put your money in the bank, you'll basically signing an agreement saying that they can loan your money out to other people. In return, they'll pay you a tiny bit each month—that's the interest. Interest rates can vary wildly (and sometimes they're totally nonexistent), but every bit helps, arewerite?

Overdraw

If you try to withdraw more money than you have in your account—whether it's via an ATM or an attempted purchase at a store—your bank won't be thrilled. Why not? Because you're trying to spend money you don't have. They'll charge you a nice, fat fee for it, so be careful.

Debit Card

This is the sucker you'll put in the ATM to get your money out. You can also use it at stores and online to make purchases—however much you spend (or withdraw) comes directly out of your account.