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Savings

Savings 1st year Business

TermDefinition
Building Societies Financial institutions owned by their members, established to provide mortgages.
Credit Unions A cooperative owned by a group of savers and borrowers who have something in common, such as living in the same area.loans are affordable and every member has equal say.
Saving Not spending some of your income.
Investing Spending on capital goods e.g. machines.
Demand Deposit Accounts Saving accounts where money can be withdrawn at any time.
Time Deposit Accounts Saving accounts when money can be withdrawn only by giving a minimum amount of notice.
DIRT A tax on the interest on your savings.
Savings Certificates Provided by the post office. People save a lump sum of money for five and a half years tax free. The money is state guranteed and they receive 7% interest
Saving Bonds Provided by the post office.People save a lump sum of money for three years tax free. The money is state guranteed and they receive 2.5% interest
Instalment Savings Agreement People save a regular amount for at least 12 months this money is then left on deposit for five years and earns 7% interest.
Shares Buying a part ownership of a business.
Dividend A payment to a shareholder based on the amount of profit earned by the business.
Simple Interest Interest is paid each year only on the amount saved in that year
Compound Interest Interest is paid each year on the total saved i.e. you earn interest on the interest received last year.
Mortgage A long term loan, usually for the purchase of a house.
Bank Overdraft The bank allows you to spend more than is in your account. You will have an agreed limit and pay interest.
Collateral something of value that the bank can take if you do not pay back your loan.
Term Loan Consumer borrows for a fixed period of time and repays in installments. They own the product.
Hire Purchase A third party buys the product for you, and you pay them back, in installments, with interest. You own the good when the last payment is made.
Leasing Renting on a contractual basis. You never own the good, you pay for the use of the good.
Money Lender A person with a license to lend money. They will typically charge a high rate of interest.
Created by: jennymarshall
 

 



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