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Chp 7 Saving and Investment - Coggle Diagram
Chp 7 Saving and Investment
define 'Savings'
Why/Reasons for saving
Factors to consider when saving
Liquidity
Taxation
Reward
Future Benefits
Risk
Terms and Conditions
Convenience
Where can I save?
Commercial Banks
AIIB,BOI,PTSB
Credit Unions
in Kilmallock
Building Society
EBS
An Post
Kilmallock
Types of Deposit/Saving Accounts
Term
Notice
Demand
Where to save
An Post
Prize bonds
government bonds
Commercial Banks
Demand, notice, term
Credit Union
Building Society
Interest on Savings
Simple Interest
P x Tx R
Compound Interest
Rate applied to principal and interest each year
DIRT - Tax on all interest
AER - Annual Equivalent Rate
Investing
higher risk
maybe locked away
e.g buying property, art etc