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Save/Borrowing Ch678
Saving, Borrowing, Financial Providers
| Term | Definition |
|---|---|
| Examples of financial providers are | Banks, credit unions, and an Post |
| Debit card | Allows account holders to withdraw cash from an ATM or to transfer money electronically from their accoutn |
| Current account | Non interest bank account that allows account holders to withdraw money, typically for their day to day spending. |
| Deposit account | This bank account earns interest on your savings. The more money you save, the more interest earned. |
| Standing order | An instruction to the bank to pay a fixed amount from your account at regular times/intervals. |
| Credit card | This is a card that allows you to borrow money which you will be paying a high amount of interest on. |
| Direct Debit | Instruction to the bank to pay a variable amount from your bank account. This is used to pay bills that are irregular. E.g. light and heat |
| Fixed interest | This means the rate of interest is agreed for a period in advance and even if the normal interest rates that most banks are giving goes up or down, the interest rate this saver gets are fixed. |
| Variable interest | This is interest rates that change. The interest rate can go up or down. |
| DIRT | This is the tax collected by the government on interest earned on money invested in financial institutions. It is collected by the financial institution so the saver never gets it. |
| Credit Union | This is a not for profit financial provider. It is owned by it's members |
| Central Bank | This regulates the financial providers. They also are responsible for looking after the financial industry and the interests of financial consumers. |
| Online Banking | Looking after your finances online |
| Bank Overdraft | This is a short term loan. Permission from the bank to withdraw more money from your bank account than you have in it. |
| Savings | This is the part of your income that you do not spend |
| Interest | This is the percentage rate that is either a reward for saving money or the cost for borrowing money. |
| Borrowing | This is getting a sum of money from a financial institution which must be paid back PLUS interest. |
| Guarantor | This is a person (parent or guardian) who agrees to pay the loan if the applicant is unable to pay |
| APR | Annual percentage rate |
| Hire purchase | This allows a person to use the goods while paying for it in instalments. They do not own the item until the last instalment is paid. |
Created by:
mcurran
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