These three words describe what you do with a bank account. Notice the opposite pair: you withdraw to take money out, and you deposit to put money in.
At the bank
bank account /bæŋk əˈkaʊnt/ — Amina opened a bank account when she started her new job.
withdraw /wɪðˈdrɔ/ — Mei withdrew cash from the ATM near Mosh Market.
deposit /dɪˈpɑzɪt/ — Sofia deposited her paycheck on Monday.
Not ""I need to withdraw money into my account."" — say ""I need to deposit money into my account."". You deposit money in and withdraw money out. They are opposites, so watch which one the sentence needs.
Try it: Diego had no cash for the bus, so he stopped at the ATM to ___ twenty dollars. (withdraw / deposit / open) Answer: withdraw — He needs cash in his hand, so he takes money out, which is withdraw. Deposit is the opposite (putting money in), and you open a bank account, not an amount of cash.
Keeping and growing money
Save means keep money for later instead of spending it. Invest goes a step further: you put money into something because you expect a future benefit. The noun for that money is an investment, and the money you gain in return, especially after costs, is your profit.
save /seɪv/ — Lani is saving for a new laptop.
invest /ɪnˈvest/ — Camila invested in better recording equipment.
investment /ɪnˈvestmənt/ — Education can be a valuable investment in the future.
profit /ˈprɑfɪt/ — The cafe made a small profit in its first month.
Not ""Camila saved in better equipment."" — say ""Camila invested in better equipment."". You save money on its own, but you invest in something. The verb invest usually takes 'in'.
Try it: The community expects the new trail to bring visitors for years, so they call it a smart ___ in the town's future. (investment / debt / deposit) Answer: investment — Money put in now for a future benefit is an investment. A debt is money you owe, and a deposit is money simply placed in a bank. Neither one carries the idea of a future return.
The bigger picture
The economy (noun) is the whole system of money, jobs, and trade in a place. Economic is the adjective form, so it describes things like growth or pressure. Debt is money that someone owes and must pay back.
economy /ɪˈkɑnəmi/ — The local economy improved after new businesses opened.
economic /ˌɛkəˈnɑmɪk/ — The article discussed economic growth in Haffenville.
debt /det/ — Maya wants to pay off her student debt.
Not ""High rent creates economy pressure for families."" — say ""High rent creates economic pressure for families."". Use the adjective economic to describe another noun; the economy is the system itself.
Try it: The report warned that rising prices had put families under real ___ pressure this year. (economic / economy / debt) Answer: economic — 'Pressure' is a noun, so it needs the adjective economic to describe it. Economy is the noun for the whole system, and debt means money owed. Neither one works as a describing word here.
Costs and planning
A bank pays you interest on money you leave in your account, and charges a fee for certain services. A budget is your own plan for what you will spend.
interest /ˈɪntrəst/ — The account pays two percent interest.
fee /fiː/ — There is a small fee for transfers abroad.
budget /ˈbʌdʒɪt/ — Sofia keeps to a monthly budget.
Try it: Mei writes down what she can spend each month so that she does not run out before payday. She is working to a ___. (budget / fee / profit) Answer: budget — A budget is a plan for spending. A fee is one charge you pay for a service, and a profit is money you gain, so neither one is a spending plan.