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?

Talk Banks, Talk MathsMoney invested at start of year.

Interest Money at end of year

Charlie £100 £6 £106

Fiona £200 £10 £210

Katy £300 £12 £312

Who is getting the best deal?

Michelle’s 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?

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 bank’s APR give?

• How else can you borrow money?

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?

Vocabulary Corner

• Savings

• Interest

• Mortgages

• Loans

• Foreign exchange

• Insurance