MANAGING MONEY EVERYDAY - Banking

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Edit   Delete - Last Modified By: DIR at 14/04/2016 11:27:44 AM

Introduction:

Why do we have banks? Why don’t people just keep their money hidden in a mattress at home?

Research the best bank account for you.

What do the following terms mean?

  1. Per annum
  2. Interest rate
  3. Bank statement
  4. Debit and credit on the bank statement
  5. Make a list of 6 different banks that you could have an account with
  1. What is the difference between an internet account (such as a cyber saver) and a debit account (such as an everyday withdrawal)?
  2. What do you need from your bank account? EG, access at an ATM, internet banking, savings incentives, links to your parents account?

Next Step:

  1. What is the interest rate that you earn per annum on your account? (if you do not have a bank account currently choose one from any bank)
  2. Calculate the interest that you would earn per month if you had the following bank balances
    1. $500
    2. $1000
    3. $5000
  3. Are there any fees charged by your bank to manage your account?
  4. Compare your account with at least 3 others of the same (or similar) type and justify which account you should be using.
  5. Do you link your account with an internet (cyber) account? If so, what is the benefit for you in doing so? If not, should you think about doing so? Justify your response