Borrowing Money: Banking Words
When reading leaflets at the bank, you will find some new words to do with money and finance. Here are a few common ones.
APR: This stands for Annual Percentage Rate. This is a percentage that shows the amount of interest and other fees a person pays each year to receive a loan.
Interest Rate: The percentage that a person receives on their savings or pays on their loans.
Direct Debit: A way of paying bills regularly by giving permission to a company to take money straight from your bank or building society account on a date agreed by the company. For example, you may pay your ESB bill by direct debit from your account every month.
Overdraft: A facility from the bank that lets you access more money than you have in your account. You are charged interest by the bank for having an overdraft.
Here is some information on overdrafts.
An overdraft is a great way of handling cash flow problems you may have now. Anytime you need it, an overdraft is there for you.
Terms and Conditions
*There is a fee of €25.30 charged for an overdraft.
*You must be aged over 18 to get of an overdraft.
*Students need permission from a parent to get an overdraft.
