Savings accounts Ms Dooley What is a savings

Savings accounts Ms Dooley

What is a savings account? http: //www. youtube. com/watch? v=v. Kg. Q 4 p. KVk. Go

Definition A savings account is different to a current account when you put money into a savings account, the intention is to leave it there until you need it for something specific i. e. holiday, car, house, wedding, rainy day etc.

Different Types of Savings Accounts • Online Products • Demand/ Regular Saver • Fixed Term/Notice • Junior / Student Saver

Online Products Online saver Online Notice Deposit Online Fixed Term Deposit

Demand/Regular Saver AIB Saver Demand Deposit Direct Deposit Access

Fixed Term/Notice Select Fixed Term Deposit Notice Deposit Direct Deposit Term

Junior/Student saver Junior Saver Student Saver

What is interest?

Interest As a reward for saving your money in the bank, the bank will add a small amount of money into your account each year. This amount is called 'interest', it is calculated as a percentage of the amount you have saved.

Exam Question List four different types of financial institutions where a person can save money.

Cheques http: //www. youtube. com/watch? v=u 8 r. VXZ 1 XARE

What is a Cheque?

Definition A Cheque is a written instruction by a current account holder to their bank to pay the stated sum of money to a named person or business.

Parties of a Cheque • Drawer- Person who writes out the cheque & signs it • Drawee- The bank the cheque was drawn on • Payee- The person or business the cheque is payable to

Items on a cheque