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Banking Part2

Ch 1. 9-10

TermDefinition
Savings are that part of our income that we do not spend.
Investing using your savings to produce a better return than you would get in interest from an ordinary deposit acc with a financial institution.
Building Society a financial institution which provides a wide range of banking facilities to their customers but which specialises in lending money to help customers to buy their own home.
Credit Union an organisation where a group of people save regularly and lend to each other at very reasonable rates of interest.
A postal money order is an order from one post office to another to pay a stated sum of money to the person named on the order.
Simple Interest is where the interest is calculated as a percentage of the amount of money you have put into the account.
Compound Interest is where the interest is calculated as a percentage of the amount in the account at the end of each year.
Compound Annual Rate (CAR) true rate of interest you're receiving on your savings or investment from a financial institution.
DIRT Deposit Interest Retention Tax
Overdraft is when bank customer gives permission to overdraw their current account up to a certain limit,should be fully repaid within a year.
Term Loan available from banks and building societies and are given for a stated period of time usually between 2 and 5 years.Loan and interest are repaid on a regular basis.When applying you must provide statement of income and expenditure.
Long Term Loan
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