Money Matters: Bank Accounts Explained

Which of these is not one of the three main types of bank accounts that we looked at today?

• Savings Account

• Basic Account

• Access Account

• Current Account

Which of these bank account features is unique to a current account?

• Access to an overdraft

• Access to direct debits

• Receiving wages from an employer

• Creating standing orders

Which of the following best describes a basic account?

• A type of savings account where you save a set amount each month for a year.

• A type of current account which does not allow you to access an overdraft.

• A type of current account which isn't recommended for those with a low credit score.

Sophia and Aarav are planning to open a new bank account. Which of the following would be sensible considerations for them to keep in mind?

• The logo of the bank

• The interest rates available

• The design of your debit card

• The quality of adverts produced by the bank

• Monthly fees to use the bank account

What do the banks Monzo, Chase & Revolut all have in common?

• They all have interest-free overdrafts

• They all only offer basic bank accounts

• They are all online banks and have no branches

• They are all premium banks

Which of the following terms is being described here:

 

A service in which your new bank will transfer all of your funds, payments, direct debits and standing orders across before closing your old account.

• Interest Rates

• Current Account Switch Service

• Financial Conduct Authority

• Telephone Banking

• Current Accounts

Which of the following is a key benefit of having a savings account?

• Ability to write cheques

• Earn interest on your balance

• Access to an overdraft facility

• Unlimited cash withdrawals

What is typically not allowed with a basic bank account?

• Using a debit card

• Receiving payments

• Accessing an overdraft

• Setting up direct debits

Rosie wants to manage her regular bills and payments efficiently. Which type of account is most suitable for her?

• ISA Account

• Fixed Deposit Account

• Current Account

• Savings Account