UNIT 4 Banking, Saving and Borrowing


Guarantee Interest Instalment Investment Liquidity Loan


Lodgement Mortgage


Overdraft Paypath Pension Risk danger


Saving Shares


Standing order Variable rate Withdrawal


A promise. Financial institutions guarantee to protect customers’ savings.


Income on savings or the cost of borrowing.


When you borrow you usually pay back a little each month. This is a fixed sum of money due spread over an agreed period of time.


Putting your money/savings into a product or scheme that should make a profit (income).


How quickly you can get your money back when you want it. Some savings are more liquid than others.


A fixed amount of money that you borrow and agree to repay with interest.


Money put into an account.


Long-term loan used to buy a house. Mortgages are typically for 20 to 30 years. They are provided by financial institutions.


Allows you to withdraw more money (up to a set limit) than you have in your current account.


Wages paid directly into the employee’s account from the employer’s account.


When you are working, you pay into a fund (similar to a savings account) to provide for your retirement (when you will receive an income known as a pension).


When you invest money, there is a risk that you could lose your money.


Keeping your money, i.e. not spending it.


Money invested in a company, for which you receive a dividend out of the company’s profits.


An instruction by the account holder to a financial institution to pay a fixed amount to an organisation on a regular date.


Variable means that the rate of interest goes up or down depending on ECB regulation and the decisions taken by financial institutions.


Taking a sum of money out of an account.


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