TODAY’S BANK SERVICES
For most people the first banking service they take up is a cheque account.
The cheque account provides:
• a safe place for money
• a quick and simple way to withdraw cash for your everyday needs
• a convenient way to make all the payments you need to other people or other organisations
With your cheque account comes your cheque book – and also (by arrangement) your cash dispenser card and your Cheque guarantee card.
“Plastic cards” available to bank customers include cheque guarantee card, credit cards and debit cards – all of which can help you pay for goods and services without carrying cash. This is an area which is rapidly developing and new products are always coming onto the market.
Savings for future
The banks offer a wide range of savings accounts. The interest paid varies according to the amount of savings in the account and the length of notice required for withdrawal. Generally, the more you save, the higher the interest rate is.
With some savings accounts you can combine the convenience of a cheque book, with interest, as long as you keep a certain balance in the account.
Used wisely, credit cards are a convenient way of making purchases at the point-of-sale, while paying for them later. They are not a recommended way of borrowing money since the interest charged is relatively high.
For large purchases, or for when you want to spread the cost over a long period of time, a personal loan could be more suitable. Sometimes you can arrange a shorter term overdraft with bank. Loans can also be arranged for specific needs – such as a home improvement loan. And of course the largest most important loan of all – for most of us – is the mortgage – a loan to buy a home over a period of perhaps 25 years.
Nowadays more and more people are going abroad – whether for business or
holiday. The banks provide a service here through supplying foreign currency,
travellers cheques and eurocheques, together with advice on your trip.