Choosing to Save Flashcards
1
Q
Methods of saving
A
banks building socities Internet only banks e.g. egg Post Office Card account National savings and Investments
2
Q
ISA
A
Individual savings account – tax free savings
3
Q
Types of savings accounts
A
ISA
Fixed term accounts
Share based savings – Unit Trusts
Government Bonds – issued by Post office National Savings scheme
4
Q
Interest rates
A
an annual rate which is charged to borrowers or paid to savers
5
Q
AER
A
Annual Equivalent rate – a figure quoted in savings advertisements to help customers compare savings products with one another
