Planning Personal Finance - Non-Marketable Savings 2

The original meaning of bank comes from the old high-German

word meaning “bench”, why?

• Early bankers in Europe used benches as makeshift counters for banking transactions.

• The word 'bank' originally referred to a type of furniture called a bench.
• The term 'bank' was derived from the German word for 'bench' because banks used to have benches for customers to sit on.
• Bankers used to sit on benches while conducting their business transactions.

What are current accounts used for?

• Saving money for the future
• Investing in stocks and bonds
• Day-to-day banking transactions
• Paying off loans and debts

What sets banks apart from other businesses?

• Banks are financial institutions that provide services such as accepting deposits, lending money, and facilitating financial transactions.
• Banks are non-profit organizations that provide free financial services
• Banks are government agencies that regulate financial transactions
• Banks are retail stores that sell products and services

The following are features of current accounts except

• chequebook facility
• overdraft facility
• high interest earning

• minimum balance requirement

What are notice accounts?

• Notice accounts are a type of bank account that allow you to withdraw money without any notice period.
• Notice accounts are a type of bank account that require a notice period before you can deposit money.
• Notice accounts are a type of bank account that offer higher interest rates than regular savings accounts.
• Notice accounts are a type of bank account that require a notice period before you can withdraw your money.

What are postal accounts?

• Accounts provided by postal services for financial transactions.
• Accounts provided by postal services for purchasing stamps.
• Accounts provided by postal services for tracking packages.
• Accounts provided by postal services for sending letters.

What are savings accounts?

• Bank accounts that allow individuals to deposit and save money while earning interest.
• Bank accounts that are used for business transactions.
• Bank accounts that offer loans to individuals.
• Bank accounts that allow individuals to withdraw money easily.

What are Cash ISAs?

• Cash ISAs are insurance policies.
• Cash ISAs are credit cards.
• Cash ISAs are investment accounts.
• Cash ISAs are tax-free savings accounts.

What are building societies?

• Building societies are financial institutions that provide banking and mortgage services to their members.
• Building societies are social clubs that organize events and activities for their members.
• Building societies are government agencies that regulate the construction industry.
• Building societies are organizations that provide construction services to their members.

Building societies are not allowed to raise more than _____ of their funds from the wholesale market.

• 60%
• 40%
• 30%
• 50%