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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Parking


Synonyms:cash, invest, saving
Acronyms &
abbreviations:
prk
Filed Under: abbreviation, financial-banking, investments
Tags: banking, classifieds, investment, property listing, rental property
 

Definition of parking (prk)

parking (prk)
1. A term that refers to depositing, or "parking" cash in a high-yield money market account until you need to move it to a chequing account to pay bills.

Related Terms and Acronyms:

  • bill presentment   An online system that allows customers to receive and view the bill on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred from the account.
  • current yield   The annual increase in the value of an investment, usually expressed as a percentage.
  • escrow account (EA)   An account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
  • interest (IN, int)   Money paid for the use of borrowed funds, usually expressed as an annual percentage.
      ➥  Bank account transaction code.
  • investment   Something you put your money into in order to make money.
  • liquid assets   Cash and other property that can be converted quickly and easily into cash.
  • money market account (MMA)   A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.
  • money market fund (MMF)   Mutual funds that invest in short-term debts or securities.
  • money market mutual fund (MMMF)   A mutual fund that invests in short-term debt instruments such as Treasury bills, commercial paper, and large CDs. Also referred to as money market fund (MMF).
  • mutual fund   A type of investment scheme that pools funds from multiple backers and invests them in securities such as stock or bonds.

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