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Saving and Borrowing (Why do people save and invest? (To have money aside…
Saving and Borrowing
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Key terms
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DIRT
This is a type of interest earned on a deposit account. It stands for Deposit Interest Retention Tax
Collateral
something of value that is put up against a loan. if the loan fails to be repaid the collateral can be seized by the lender
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Deposit Accounts
types of deposit account
Term/Time Deposit Accounts = Money can only be withdrawn within a given notice period. For example 7 days
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Definition
Form of savings account, money can only be withdrawn at an ATM or in a bank. There are no cheques
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