A checking account is a type of bank account that makes it really easy to access your money.
As long as you have money in your checking account, you can get cash from an ATM, use your debit card to buy stuff, or write checks. Even though a checking account is the easiest way to take out money, the downside is that a checking account usually has a lower interest rate than a savings account or other places you can store your cash.
In Europe’s tight quarters, borrowing from your neighbor across the border could lead you down a bumpy road.
“Hungary is close to its non-performing loan peak.” – Sandor Csanyi, Chief Executive, OTP
Fixed interest is a classification that refers to any financial instrument in which the interest rate does not fluctuate or is not variable. For example, a bond’s price may change but the interest rate remains the same throughout the life of the bond.
An interest rate is what a lender charges a borrower to use their money. It varies based on the length of the loan, the type of asset you are buying, and your credit worthiness. For example, the average interest rate for a 30 year mortgage is 5.4% and the average interest rate for a 4-year car loan is 7.5%.