Bank accounts
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Current account - This is the account for day to day spending. You can either pay in your money or have it paid straight into your account. You may be given a plastic card, such as a debit cash card to use in a cash point machine or to pay for things when you buy them. -
Savings account - This type of account gives you a small amount of money (this is called interest) for keeping your money in the account. -
Overdraft - You are overdrawn when you spend more money than is in your account. It is best to visit your bank or building society and arrange an overdraft (which means you are allowed to go overdrawn) for a certain amount. You may be charged extra money for this, but it will not be as expensive as if you go overdrawn without an agreed overdraft. -
Loans - A loan is an amount of money that you can get from a company eg bank, shop that you have to pay back over a set period of time. The company will charge you extra money for having the loan.
When you take out a loan you need to make sure you have enough money to pay it back.
Companies that lend you money will make sure they get their money back and they will take you to court if you do not pay it back.
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Making Money Easier
You can use the link below to download four booklets which are easy read. These booklets can help answer any questions you have about banking and your money.
Making Money Easier website
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Banking on change
You can use these links to give you more information on banking.
Family Advice and Information Resource website.
Moving on up! website.
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Go back to money.
