unit 3 LAB.2 Flashcards
pros of bank of england
responsible to protect financial stability of economy
lends to bank
dsadvantage of bank of england
not a bank for public people
can raise interest rate
advantage of bank
offers different account type
secure place to store money
disadvantage of bank
savings are only protected uo to the value of 75000
advantage of building society
offers account types
secure place to store money
pay interest on credit balances
disadvantages on building society
savings are only protected up to 75000
may lack the business drive of a commercial bank
advantage of credit union
offer different account type
secure place to store money
owned by members costs can be kept down for higher interest payment
advantage of national saving and investment
government backed
offer additionalservice and methods of saving
disadvantage of national saving and investment
no easy access
have to give notice when withdrawing
advantage on insurance company
protects goods
easy monthly payments
different levels of cover to suit the individuals
a disadvantage of insurance company
high premium
some insurance companies cover certain things
advantage on pension company
provides financial security after retirement
disadvantage on pension company
poor investment- disappointing return
advantage of pawnbroker
a quick way of getting cash for a small amount of time
no interest
the disadvantage of pawnbroker
an asset can be lower for the money you are borrowing
if money isn’t paid back in time it would be sold
