Subject 5 of 15
Banking
How banks work, which account is right for what, and how money gets from one place to another.
How do bank accounts and transfers actually work?
5 modules, from the first step to the finishing touches. Each one is a few short lessons you can do in one sitting.
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1
Lending to people you know
Lending to friends and family, cosigning a loan, and what it can really cost you.
6 lessons -
2
What a bank actually does
What a bank does with your money, how it makes a living, and how to choose between a bank, a credit union and an online bank.
5 lessons -
3
Where the money sits
Checking, savings, fixed-term deposits and more: what each account pays, how easy it is to reach, and when switching is worth it.
8 lessons -
4
What borrowing costs
What a loan is made of, what the yearly rate means, and why paying only the minimum costs so much.
5 lessons -
5
Moving money in and out
Getting paid, using ATMs, overdrafts, and the real difference between debit and credit cards.
7 lessons
Questions about banking
What does a bank do with my money?
It lends most of it to other people and earns interest on those loans, while your money stays yours and ready when you need it. Lever explains how that works and how to pick the right kind of bank.
What’s the difference between a debit card and a credit card?
A debit card spends money you already have. A credit card borrows money you pay back later, sometimes with interest. They look alike, so Lever shows you exactly when each one helps and when it costs you.
Should I lend money to friends or family?
You can, but go in with your eyes open. Informal loans can cost more than money, so decide what you can afford to never see again. One module covers lending to people you love, and what it means to cosign for someone.
Ready to start banking?
It’s free, and your first lesson takes about two minutes.