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Chapter 6 - Savings
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Name one way financial services are changing in the future.
Digital banks, mobile payments, cryptocurrency, new technology (any one).
Give one role of the Central Bank.
Protect consumers / regulate financial institutions / promote stability (any one).
Who regulates financial institutions in Ireland?
The Central Bank of Ireland.
To change euro into another currency, do you multiply or divide?
Multiply.
What is foreign currency exchange?
Changing one currency into another
What does a building society mainly provide?
Mortgages and savings services.
Name one financial service provided by An Post.
Savings / loans / current accounts / foreign currency (any one).
Is a credit union for profit?
No, it is not-for-profit.
Who owns a credit union?
Its members.
What financial service allows customers to check balances and pay bills online?
Online banking.
What is interest?
The cost of borrowing money.
What is a mortgage?
A loan used to buy property such as a house.
What is an overdraft?
Permission to withdraw more money than is in your account.
What is a direct debit?
A variable payment taken from an account to pay a bill.
Is a standing order a fixed or variable payment?
Fixed payment.
What is a cheque?
A written instruction to the bank to pay money to someone.
What card allows you to withdraw money from an ATM?
Debit card.
What type of account is used for everyday spending?
Current account.
Name one commercial bank in Ireland.
AIB / Bank of Ireland / Permanent TSB / Ulster Bank (any one)
What is a financial institution?
An organisation that provides financial services.