A legal agreement in which you borrow money from a bank in order to buy a house or flat.
Mortgage
An instruction to your bank to regularly pay a fixed amount of money to a person or organization (e.g. £1,000 on the first day of each month)
Standing order
An instruction to your bank to regularly pay money from your account to a person or organization (the amount can change and is decided by the person who you are paying)
Direct debit
Money that you keep in your bank account so that you can use it later.
Savings
A bank office where customers can go to talk face-to-face with bank workers.
Branch
Money (cash) from your bank account that you can get from a shop when you pay for things with a debit card.
Cashback
To take money from a bank account.
Withdraw
A financial organization in the UK which is similar to a bank but its ‘owners’ are its customers – many people join this organization to borrow money to buy a house.
Building Society
Money that you pay to a bank for its service
Fee
Money that you receive from an institution such as a bank when you keep money in an account there.
Interest
Money used in a way that may earn you more money (e.g. using it to buy property which you hope will increase in value)
Investment
An agreement with your bank that allows you to spend money when you have no money left in your account
Overdraft
