Interest - Savings vs interest!

When saving money, do you want a high or low interest rate?

• High

• Low

When borrowing money, do you want a high or low interest rate?

• High

• Low

How does interest work when you are saving money?

• Its additional money you gain based upon how much you have spent

• Its additional money you gain based upon how much you have saved

• Its additional money you pay based upon how much you have borrowed

• Its additional money you gain based upon how much you have borrowed

How does interest work when you are borrowing money?

• Its additional money you gain based upon how much you have spent

• Its additional money you gain based upon how much you have saved

• Its additional money you pay based upon how much you have borrowed

• Its additional money you gain based upon how much you have borrowed

If Justin Bieber wanted to save £1000 a month, which product would be best?

• 1% Interest a year

• 3% Interest a year

• 5% Interest a year

• 10% Interest a year

If Justin Bieber got into some financial trouble and needed to borrow £1000 which loan would be best?

• 10%

• 5%

• 3%

• 1%

which of the following is a type of savings account?

• payday loan

• Cash ISA

• mortgage

• personal loan

What is the difference between a secured and unsecured loan?

• a secured loan has no restrictions on what it can be spent on, a unsecured loan has restrictions.

• there is no difference

• a secured loan has restrictions on what it can be spent on, a unsecured loan can be spent on anything.

which of the following is a type of loan?

• fixed rate account

• Cash ISA

• mortgage

• easy access account

self assess: How confident do you feel with interest on savings and loans?

• Red

• Amber

• Green