Jargon Buster

ATM - Automated Teller Machine (also known as the ‘cashpoint’ or hole in the wall) that lets you take money out, check your balance or order a statement.

PIN: Personal Identification Number – the special code number that you use to get money from the cash machine. Soon you'll have to use it when you pay for things in shops too, instead of signing. Never let anyone know this number!

Credit - The term banks use for money going into your account.

Debit - The term banks use for money going out of your account.

Credit Card - plastic card you can get from the age of 18 and use to pay for purchases on the high street, over the phone or the Internet. You are sent a bill at the end of the month which can either be paid in full, or a minimum payment made, with interest being charged on any amount you don’t pay back.

Debit Card - plastic card like Solo that you can use on the high street, over the phone or online. The amount has to be in your bank account before you pay and the money will come out of your account a day or two after the sale.

Interest - EITHER a positive amount of money a bank may pay you for keeping your account with them OR the amount of money you are charged on money you owe the bank.

Cashback - A service offered by some shops (usually supermarkets) where they will give you cash at the till if you make a purchase in store using your debit card.