Unit One, Topic 5 Flashcards
1
Q
What does NS&I stand for?
A
National Savings and Investments.
2
Q
What is a flexible savings account?
A
An account that grants instant access to savings if needed.
3
Q
Do notice accounts have higher or lower interests?
A
Higher interests.
4
Q
When did the National Savings Movement begin?
A
1861.
5
Q
What do savings stamp schemes and saving clubs allow you to do?
A
Save small quantities of money each month in preparation for a shopping spree nearer to christmas.
6
Q
What is an example of the collapse of a christmas club?
A
The collapse of Farepak in 2006, with a collective loss of £37 million for 114,000 savers.
