Talk Banks Talk Maths Why do you

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Talk Banks, Talk Maths • Why do you keep money in a bank? • How many of you have a bank account? • How did you choose which bank and which account? • Can you name some of the main high street banks? • Do all banks offer the same interest rates on savings accounts?

Talk Banks, Talk Maths Money invested Interest at start of year. Money at end of year Charlie £ 100 £ 6 £ 106 Fiona £ 200 £ 10 £ 210 Katy £ 300 £ 12 £ 312 Who is getting the best deal?

Michelle’s Savings • Michelle puts £ 60 savings into a bank account at the start of the year. • The interest rate on the account is 10% p. a. • How much interest does she earn in a year? • How much money will she have in her account at the end of the year?

Talk Banks, Talk Maths • Do you think that getting 5% p. a. interest on your savings is a good deal? • Where else can you put your savings? • If you borrow money from a bank what will they charge? • What information does a bank’s APR give? • How else can you borrow money?

Talk Banks, Talk Maths • What other services do banks provide? • Is borrowing from the bank a good idea? • How does the duration of a loan affect the amount of interest charged? • In what other ways can you buy goods now and pay for them later?

Vocabulary Corner • • • Savings Interest Mortgages Loans Foreign exchange Insurance

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