Banks Flashcards
1
Q
what is the bank of England?
A
maintains a healthy economy and sets the interest rates
2
Q
Bank of England advantages
A
sets interest rates
protecting the financial stability of the economy
3
Q
Bank of England disadvantages
A
not a bank to general public
can raise interest rates
4
Q
what is a bank?
A
stores money on behalf of their customers
5
Q
a bank advantage
A
range of services and account types
secure place to store money
pay interest
6
Q
a bank disadvantage
A
only protected up to £85,000
profit making organisation
7
Q
what is a building society?
A
owned by its members
8
Q
Building society advantages
A
owned by members and therefore costs can be kept down
9
Q
Building society disadvantages
A
lack business drive due to members owning it
