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Summary Advantages and Disadvanatges of 9 financial institutions
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Advantages and Disadvanatges of 9 financial institutions
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Advantage of Building societies:. Offers a range of services and account types
. Provides a secure place to store money
. Pay interest on credit balances on most types of accounts.
. Owned by members and therefore costs can be kept down allowing higher interest payments.
Disadvantage of Building societies:
- Savings are only protected to the value of £75000 so if the building society goes
bankrupt, all savings above is lost
- May lack the business drive of a commercial bank
Advantage of credit union:
- Offers a range services and account types
- Provides a secure place to store the money
- Owned by members and therefore costs can be kept down allowing interest for higher
payments
- Often offer additional benefits to the community or good cause.
Disadvantage of Credit union:
- Savings are only protected up to £75000 so if the building society goes bankrupt, all
savings will be lost.
- May lack business commercial drive
Disadvantage of a pension:
- Poor investment decisions by the pension company may result in a disappointing return.
- Money already invested in a pension cannot be released prior to the dates agreed to the
policy
Advantage of Pawnbrokers :
- Quick way of acquiring cash needed for short period of time
- Asset can be brought back in a set period of time.
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