Topic 5 Types of savings account and loans

If you are a saver you are looking for high or low interest rates?

• High

• Low

If you are a borrower you are looking for high or low interest rates?

• Low

• High

Organisations to help you save money are 3 of the following:

• National Savings and Investments, for example, Premium Bonds

• National Lottery

• Banks and building societies

• Company shares

• Loan sharks

Peter wants to access his money quickly, which sort of savings account should he set up?

• Instant access

• Notice account

• Cash ISA

Mary is a tax payer, she wants to access her money quickly but benefit from not paying tax on the interest, which is the best account for her?

• Cash ISA

• Notice Account

• Instant Access Account

John wants to save up for a car to buy next year. Which type of account should he choose?

• Notice account

• Cash ISA

• Instant Access

Which three of the following are good reasons to save up?

• Holiday overseas

• Face lift surgery

• Car MOT

• House deposit

• Suit for an interview

What type of loan do you need to buy a property?

• Mortgage

• Personal loan

• Student loan

• Home improvement loan

Which interest rate is typical of a mortgage?

• 1.5% to 5%

• 1000%

• 25%

If you are going to University, which sort of loan is best for you?

• A student loan from the Student Loan Company

• A mortgage

• A personal loan

• A home improvement loan