1.5 Bank account balances Flashcards
1
Q
savings account
A
offers returns on the money stored there in the form of interest (long term)
2
Q
current account
A
-deposit money
-make payments by withdrawing cash / issuing instructions to the provider.
-store money for further use (short term)
3
Q
how can issuing instructions to a provider be done?
A
cheques
standing orders
payment card transferers
4
Q
what do account statements lists?
A
incoming transactions
outgoing transactions
balance at the end of the accounting period
5
Q
overdrafts
A
allow people to borrow from the provider by paying out more money than they have stored in the account (short term)
