Banking is a part of everyday life, and knowing the right words helps you talk about money confidently. In this guide, you’ll learn the most important banking vocabulary in English, including common terms, useful phrases, and real examples. These words are helpful when opening a bank account, using an ATM, sending money, or talking to bank staff. Ideal for English learners who want to improve their financial vocabulary and understand how to use banking English in real life.
Banking Vocabulary with Definitions and Examples
This section introduces essential banking vocabulary, along with simple definitions and everyday example sentences. These words are commonly used at the bank, in mobile apps, and in daily conversations about personal finance.
Basic Banking Terms
Bank account – A place where your money is stored.
I opened a bank account at a local branch.
Account number – A unique number to identify your account.
Please enter your account number on the form.
Branch – A physical office of the bank.
I went to the bank branch to ask a question.
Bank teller – A person who helps customers at the counter.
The teller helped me deposit my check.
ATM (cash machine) – A machine for withdrawing/depositing cash.
I withdrew $100 from the ATM.
PIN (Personal Identification Number) – A secret number for card access.
Never share your PIN with anyone.
Balance – The amount of money in your account.
I checked my balance using my banking app.
Cards and Payments
Debit card – A card that takes money directly from your account.
I used my debit card to pay for lunch.
Credit card – A card that lets you borrow money up to a limit.
I prefer using my credit card for online shopping.
Prepaid card – A card you load with money in advance.
I bought a prepaid card as a gift.
Contactless payment – Tap-and-go payment using a card or phone.
I made a contactless payment at the store.
CVV / Security code – A 3-digit number on the back of your card.
Enter the CVV to complete your purchase.
Deposits, Withdrawals and Transfers
Deposit – To put money into your account.
I deposited my salary yesterday.
Withdrawal – Taking money out of your account.
You can make a withdrawal at the ATM.
Transfer – Moving money from one account to another.
I transferred funds to my savings account.
Direct deposit – A payment (like salary) sent directly to your account.
My paycheck goes into my account via direct deposit.
Wire transfer – A fast electronic money transfer between banks.
I made a wire transfer to my friend abroad.
Standing order – A fixed regular payment set up in advance.
I set a standing order for my rent.
Recurring payment – An automatic payment that repeats regularly (monthly, etc.).
My gym uses recurring payments.
Types of Bank Accounts
Savings account – For saving money and earning interest.
I use my savings account to save for travel.
Checking account (US) / Current account (UK) – For daily use like salary and bills.
My checking account is linked to my debit card.
Joint account – A shared account between two people.
We opened a joint account for household expenses.
Student account – A special account with benefits for students.
My bank offers free student accounts with no monthly fee.
Business account – For companies and freelancers.
I opened a business account for my online store.
Online and Mobile Banking
Online banking – Using the internet to access your account.
I pay my bills through online banking.
Mobile banking – Managing money through a phone app.
I use mobile banking to check my balance.
Banking app – The app you download from your bank.
The banking app lets me freeze my card if it’s lost.
Login details / credentials – Your username and password.
Keep your login details private.
Two-factor authentication – Extra step to confirm your identity.
My bank uses two-factor authentication for security.
Loans, Credit and Interest
Loan – Money you borrow from the bank and repay later.
I took a loan to buy a car.
Mortgage – A loan to buy a house or apartment.
They are paying off their mortgage over 20 years.
Interest – Extra money you pay or earn on a loan or savings.
This savings account gives 1.5% interest.
Installment – A regular part of a payment.
I pay for my laptop in monthly installments.
Debt – Money you owe.
She’s trying to pay off her credit card debt.
Credit limit – The maximum you can borrow on a credit card.
I reached my credit limit this month.
Credit score – A number showing how well you manage credit.
A high credit score helps you get better loans.
Bank Documents and Services
Bank statement – A monthly summary of your account activity.
I downloaded last month’s bank statement.
Cheque / Check – A written order to pay money from your account.
I paid the contractor by check.
Overdraft – When you spend more than your available balance.
I was charged for going into overdraft.
Minimum balance – The least amount required to keep an account open.
This account requires a $100 minimum balance.
Transaction history – A list of all money going in and out.
You can view your transaction history online.
Fee / charge – Extra money the bank takes for a service.
There’s a $5 monthly fee for this account.
Everyday Banking Phrases and Expressions
These are useful expressions and collocations that native speakers use when talking about money and banking. Perfect for everyday English and real conversations.
-
Open a bank account
I’d like to open a checking account, please. -
Close an account
She closed her savings account before moving abroad. -
Check your balance
You can check your balance using the app. -
Transfer funds
I transferred funds from my main account to savings. -
Make a payment
I made a payment for my internet bill. -
Apply for a loan / credit card / mortgage
They applied for a home loan last week. -
Pay in installments
You can pay for the phone in 12 installments. -
Go into overdraft
I went into overdraft after forgetting a payment. -
Set up a standing order
I set up a standing order for my insurance. -
Download a statement
You can download your monthly statement from the app. -
Report a lost card
I had to report my debit card lost and request a new one. -
Freeze / block your card
You can freeze your card instantly with mobile banking. -
Update your account details
I updated my address and contact info with the bank. -
Set up online banking
You can set up online banking from your phone. - Withdraw cash / Deposit money
I withdrew some cash before my trip.
Quiz: Banking Vocabulary in English
1. I used my ____ to withdraw cash from the ATM.
a) credit card
b) debit card
c) gift card
2. You need to enter your ____ before using the ATM.
a) CVV
b) branch number
c) PIN
3. I checked my ____ to see how much money I had left.
a) receipt
b) balance
c) deposit
4. The bank charges a small ____ for international transfers.
a) statement
b) fee
c) credit
5. I set up a ____ to pay my rent automatically every month.
a) standing order
b) wire transfer
c) deposit
6. I made a ____ to move money from checking to savings.
a) transaction
b) withdrawal
c) transfer
7. She ____ her card after losing it on the bus.
a) deposited
b) blocked
c) cashed
8. We applied for a ____ to buy a house.
a) mortgage
b) debit card
c) statement
9. If you spend more than what’s in your account, you go into ____.
a) credit
b) overdraft
c) interest
10. His ____ shows all the transactions from last month.
a) app
b) bank statement
c) login
Quiz Answers
1) debit card
2) PIN
3) balance
4) fee
5) standing order
6) transfer
7) blocked
8) mortgage
9) overdraft
10) bank statement
