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Talk Banks, Talk Maths Why do you keep money in a bank? How many of you have a bank account? How did you choose which bank and which account? Can you name some of the main high street banks? Do all banks offer the same interest rates on savings accounts?

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Talk Banks, Talk Maths Money invested at start of year. InterestMoney at end of year Charlie£100£6£106 Fiona£200£10£210 Katy£300£12£312 Who is getting the best deal?

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Michelles Savings Michelle puts £60 savings into a bank account at the start of the year. The interest rate on the account is 10% p.a. How much interest does she earn in a year? How much money will she have in her account at the end of the year?

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Talk Banks, Talk Maths Do you think that getting 5% p.a. interest on your savings is a good deal? Where else can you put your savings? If you borrow money from a bank what will they charge? What information does a banks APR give? How else can you borrow money?

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Talk Banks, Talk Maths What other services do banks provide? Is borrowing from the bank a good idea? How does the duration of a loan affect the amount of interest charged? In what other ways can you buy goods now and pay for them later?

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Vocabulary Corner Savings Interest Mortgages Loans Foreign exchange Insurance

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8.1 Simple Interest. Key Terms Principal: A sum of money that is borrowed or invested. Principal: A sum of money that is borrowed or invested. Simple.

8.1 Simple Interest. Key Terms Principal: A sum of money that is borrowed or invested. Principal: A sum of money that is borrowed or invested. Simple.

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