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Chapter 6 - Savings

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