Financial Institutions
Financial institutions in Ireland?
Credit Union
Post Office
Bank
Building Society
What does ATM stand for?
Automated Teller Machine
Short term finance is usually repaid back in...
1 year
Where can you convert money in Ireland?
Bank, post office, currency exchange shop and airport.
Reasons for saving
For future planned expenditure, emergencies, retirement and to improve credit rating.
Example of a commercial bank?
AIB
PTSB
BOI
A direct debit is....
an agreement between the bank and account holder that allows a variable amount to be taken from an account to pay a bill.
Example of medium-term finance
Hire purchase, leasing and medium-term loan.
How do we calculate changing euro into a foreign currency?
To change euro into a foreign currency, multiply the euro amount by the ‘we sell’ rate.
Risk, reward, convenience and terms and conditions.
What is a commercial bank?
A commercial bank is a bank that offers financial services to the general public and to businesses.
A standing order is...
A standing order is an instruction to the bank to pay a fixed amount from an account at regular intervals.
•A mortgage is...
A mortgage is a loan that is secured against property, such as a house or apartment.
Calculate interest: €1,000 at 6% APR?
€60
Investing?
Putting money aside in order to get a better return on it in the future.
Benefits of online banking
24/7 access, convenience and higher interest on savings.
A credit card....
A credit card gives the holder the option to borrow funds to pay for goods and services up to a limit set by the bank.
An estimate of a person’s ability to pay off a loan, based on their saving and borrowing history with financial institutions?
Creditworthiness
How do we calculate changing foreign currency into euro?
To change a foreign currency into euro, divide the foreign currency by the ‘we buy’ rate.
Deposit Interest Retention Tax
Disadvantages of online banking
Security and lack of access to wifi.
A bank overdraft is...
An overdraft is permission to withdraw more money from a current account than is in the account. A person can overdraw their current account up to an agreed limit (e.g. €500).
What is collateral?
security for repayment of a loan. It can be sold by lender and used to cover unpaid debt.
Calculate DIRT: 30% of €1,000?
300
1 type of saving account?
Demand deposit, term deposit and notice deposit.