Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:cash, invest, saving
Acronyms &
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.

Search the Glossary

Try Our Mortgage Calculator Now
Did you know that you can save more than $20,000 in interest and cut almost three years off a $400,000 mortgage by switching to an accelerated payment schedule? Try our mortgage calculator and see how accelerated payments can affect your mortgage!
Calculator Buttons
Great Mortgage Rates
You looking to find a low mortgage rate? Most of the time, getting the best rate for your mortgage is about who you go to more than your credit history. Shop the market using a mortgage broker and you won't be left paying high interest rates.
Best Mortgage Rates
Starts with a Pre-approval
Unsure how to begin the home buying process? Get started with a mortgage pre-approval. There is no obligation to buy, it's free, and it will help you find out exactly how much you can afford. With a pre-approval, you are guaranteed the best rate available from within a 120 day span, so when you find your home, you will have the most options available.
Home Mortgage Pre-approval