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A
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Current
accounts
A current account is an account which allows customers to take out or
withdraw money, with no restrictions. Money in the account does not usually
earn a high rate of interest: the bank does not pay much for ‘borrowing’
your money. However, many people also have a
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B
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Banking products and services
Commercial
banks offer loans – fixed sums of money that are lent for a fixed period
(e.g. two years). They also offer overdrafts, which allow customers to
overdraw an account – they can have a debt, up to an agreed limit, on which
interest is calculated daily. This is
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C
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E-banking
In the 1990s, many commercial
banks though the future would be in telephone banking and internet
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EXERCISES
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19.1
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Complete the advertisement with words from the box. Look at A and B
opposite to help you.
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Calling
all students!
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ABC Bank now offers 1% interest on (1) ___________ and 2.5% on (2)
___________. We will give you a chequebook and plastic: a free
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19.2
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Find words in B opposite with the
following meanings.
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1
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What you
can earn when you leave your money in the bank.
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2
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An amount
of money borrowed from a bank for a certain length of time, usually for a
specific purpose.
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19.3
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Are
the following statements true or false? Find reasons for your answers in A,
B and C opposite.
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1
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Current
accounts pay more interest than savings accounts.
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2
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There is
less risk for a bank with a mortgage than with unsecured loans without
collateral.
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