MyTruv categorizes your connected accounts into different types to help you understand your financial picture.
Account categories
Depository
Accounts where you hold cash deposits:
- Checking accounts - For everyday spending
- Savings accounts - For storing money and earning interest
- Money market accounts - Higher-interest savings accounts
- Certificates of deposit (CDs) - Fixed-term savings with set interest rates
- Prepaid accounts - Prepaid debit cards and accounts
Credit
Accounts representing borrowed money:
- Credit cards - Revolving credit lines
- Lines of credit - Flexible borrowing accounts
- Checking lines of credit - Overdraft protection credit lines
Investment
Accounts where your money is invested:
- Brokerage accounts - For buying stocks, bonds, and funds
- 401(k) - Employer-sponsored retirement accounts
- IRA - Individual retirement accounts (Traditional and Roth)
Loan
Accounts representing money you owe:
- Mortgages - Home loans
- Auto loans - Car financing
- Student loans - Education debt
- Personal loans - Unsecured borrowing
How account types affect your net worth
- Depository and Investment accounts are counted as assets (they add to your net worth)
- Credit and Loan accounts are counted as liabilities (they reduce your net worth)
Review your accounts regularly to make sure each one is categorized correctly for accurate net worth tracking.
