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chapter five saving and borrowing money (reasons for saving (to pay for an…
chapter five saving and borrowing money
an post
types of savings
deposit account
fixed - term savings
prize bonds
smart current account
commercial banks
a commercial bank is a business that provides financial services to personal and business customers
ways of saving
notice deposit account
fixed term deposit account
demand deposit account
credit unions
a credit union is a cooperative organisation where a group of can save and lend together at a reasonable rate of interest
the type of account available in a credit union is a credit union savings / share account
savings are reffered to the income we do not use
reasons for saving
to pay for an event in the future such as a family wedding
to provide an income for ourselves when we retire
to have money available for unexpected bills such as repairing the washing machine
because our income is more than enough to meet our current needs and wants
to purchase something in the future such as a deposit for a new house , a holiday or a new car