What does it mean?
The amount of money held in your bank account at any moment.
Use it: "I checked my account balance at the atm"
To take money out of your Scoot's super saver.
Use it: "I’d like to withdraw $10 please"
To deposit money is to put money into your Scoot's super saver.
Use it: "Mum will deposit my pocket money each month"
A transaction is any action (withdrawal/deposit, account balance check) made on your Scoot's super saver.
Use it: "The transaction won’t take effect until tomorrow morning"
Interest is the name given to the fee or payment when bcu uses your money or you borrow bcu's money.
If you borrow money in a loan, interest is charged – you pay bcu interest because you borrowed its money. If you put money in your Scoots's super saver, you earn interest – bcu pays you money because you have left your savings to grow and while it does, bcu can lend it to other people.
That’s why it's a good idea to earn bonus interest on your Scoot's super saver – because the more you save, the more interest you will earn!
Use it: "How much interest will I earn on my savings?"
An invoice is a document that asks for payment for a product or service you have received. It usually includes details like your name and the date your payment is due, how much you owe the company and what you owe them for.
Use it: "If you forget to pay an invoice they will send you a reminder."
An investment is something you do with your money with the intention of making more money. For example: a bcu investment is a special product that pays you more than the usual amount of interest when you agree to not withdraw your money for a set period of time. The longer your money is invested for, the more interest you’ll earn.
Other investments may include buying shares in a company or gold, houses or investing in a business venture.
Use it: "I made $400 when my investment matured."
Income is the money you have coming in. This might include your pocket money, interest on your savings and your birthday money.
Adults might receive income from their job, Centrelink benefit, investments and interest on their savings.
Use it: "My income was less this month because I forgot to wash the car for dad.""
A currency is the system of money used in a particular country.
For example, Australia uses the Australian dollar, while Japan’s currency is the Japanese Yen and Thailand uses the Thai baht.
The value of money in each currency is different. The American dollar is not worth the same as the Australian dollar. Also, in the US (America) they use nickels, dimes and quarters while in Australia we use 5, 10, 20 & 50 cent coins, $1 & $2 coins and notes for $5, $10, $20, $50 & $100.
Use it: “When my family travelled to China we had to change our money to the Chinese currency .”
When you borrow something, and agree to give it back, it is called a loan.
In banking terms a loan is when people borrow money to buy things like boats, cars and houses. People borrow this money when they don’t have enough or they don’t want to use their own money to buy the item.
It costs you to borrow money. The lender will charge you interest (a fee for the convenience of borrowing the money). Sometimes there is also a fee to set up the loan, so you always need to check what you are getting into.
Loans for holidays and cars usually last for 2-5 or sometimes 10 years, but loans for houses can last 40 years! That’s a long time to be paying back a debt!
Use it: "Dad took out a loan for his jet ski.""
How does it work?
A credit card is like an ongoing loan you keep in your wallet. It is not your money and it is not free money! By using the card at shops you can use bcu’s money to buy the things you need up to a pre-agreed limit.
This is handy if you have a more important use for your own money, but beware – if you’re not careful you could build up a large debt.
Your financial institution will charge you interest on any amount you pay for with your credit card, so, that ipod worth $100 could end up costing you $500 or more if you buy it on a credit card and forget to make your repayments. Best leave the credit cards for adults.
Use it: "My credit card statement came in so I paid the outstanding interest."
There are a few ways to check your balance.
- Ask for an "account balance" at the atm using your card.
- Visit your nearest bcu and use your member number when asking over the counter
- Go online to bcu iBank. You need to be registered to use iBank. This was set up for you when you joined bcu, but if you have questions, you can call us on 1300 228 228.
- Check your Scoot's super saver statement. Scoot’s super savers receive a statement in the mail every three months.
Sometimes you may want to ‘move’ money from one account to another (either yours, or someone else’s) online. It’s not difficult, but it is best to get an adult to help you the first time.
Step 1 – log into bcu iBank using your bcu member number and the password you set up. (If you aren’t an iBank user, call 1300 228 228 to register)
Step 2 – go to the "Transaction" tab. Choose from “Credit External" (to an account outside of bcu) or “transfer” if you want the money to go to another bcu account.
You’ll need to have the number of the other account handy, as well as the account name and the bsb. Just key this information in the spaces provided and be sure to include how much you want to transfer in the "Amount" section.
You will be asked to leave a “reference”. This is a word or code that lets you identify the transfer when it appears on your statement (For example, if you a moving money from your account to your sister’s because you are going halves in a gift for mum, your reference might be “mumgift”
Always ask your parent or carer before you transfer money and remember, if you make a mistake with the account number the money might not end up where you want it!
Always be sure to log off iBank when you are finished using it or someone might come along onto the computer after you and access your savings.