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What is banking?

Keyword/concepts for banking basics

QuestionAnswer
Wages Payment received by workers in exchange for the work they have carried out.
Loan A sum of money given from one party to another for use over a period of time. The money is paid back according to terms agreed upon by both parties, including the specified interest rates and the timeframe over which the loan will be repaid.
Debit Card A plastic card which allows you to pay for goods or services. If you are in a shop, the cashier will insert your card into a machine and you will usually have to type in your PIN. The money is usually taken almost immediately from your account.
Statements Show you the amount of money that has been paid in or taken out of your bank account, transfers between accounts, interest paid or received and any bank charges.
Basic Account Allows you to receive money, and access it using a cash card. You can pay bills by direct debit. You generally can't take out more money than you have in your account you do not get a cheque book with this type of account.
Current Account An account with a bank or building society from which you can withdraw money without giving notice. It can also be used to set up standing orders or direct debits or use a cheque book.
Savings Account An account with a bank or building society in which you save money. Your money will often earn more interest in this type of account than a current account.
Investments Product that generally involves some risk of losing your original money but give you the opportunity of better returns than you would get from savings only.
Interest An amount paid by a bank to the customer on savings placed with and the amount paid to a bank from a customer on money borrowed from it.
Income The amount of money you earn. This can be through a job or through investments or other means.
Bankrupt This is a court order given when someone cannot pay their debts. An official receiver takes control of your money and property and deals with your creditors.
Financial Institutions An institution that provides financial services for its clients or members eg. Bank, building society, credit union.
Credit Card A plastic card which allows you to buy goods immediately and pay for them later. You will have an agreed limit on the amount you can borrow, and the time within which the money should be repaid (the due date).
Fixed Rate The interest rate doesn’t change for an agreed period of time – regardless of what happens in the economy, so your payments are always the same. In savings, the interest rate you receive on your savings doesn't change for the agreed fixed rate period.
Property Something that is owned, such as personal possessions or a house.
Risk Risk is the potential of loss.
Insurance Protection for something that has worth to you which is at risk of damage and loss in value. The insured person pays an amount each month or year (called a premium) to the insurance provider.
Mortgage A loan to help you buy property on condition that the company giving you the loan has certain rights, including the right to sell the property if you don’t pay back the loan.
Created by: moneysense