Learning Aim A Deck 3

Question 1

Current Account

Answer 1

An account for Frequent Use

Question 2

Standard Account

Answer 2

Regular account for making and receiving Payments

Question 3

Premium Account

Answer 3

Offers extra Benefits for an extra cost. Car/phone insurance

Question 4

Basic Account

Answer 4

An account for users with poor credit

Question 5

Student Account

Answer 5

For individuals with a higher education, discounts and benefits

Question 6

Overdraft

Answer 6

withdrawing money that you do not have

Question 7

Personal Loan

Answer 7

Borrow a set amount that is paid back with interest

Question 8

Hire Purchase

Answer 8

Has use of the product whilst paying for it in installments - e.g: van

Question 9

Mortgage

Answer 9

Long Term Loan to fund an asset

Question 10

Credit Cards

Answer 10

Short term loan of finance to manage expenditure

Question 11

Payday Loans

Answer 11

Emergency cash, short term finance

Question 12

ISA - Individual Savings Account

Answer 12

Tax free savings account , limited to amount allowed to put in each year