CHAPS - Answer Clearing House Automated Payments System
Standard current account - Answer Account with full banking facilities
Premium current account - Answer An account with a fee entitling the user to extra
services
Basic current account - Answer Account with limited facilities usually used by someone
with a poor credit rating
Student account - Answer Account designed to assist young people to become prudent
with their personal finances
Overdraft - Answer When money is taken out of a bank account and the available
balance has gone below zero
Personal loan - Answer One that is not secured by collateral. A loan based solely on the
borrower's creditworthiness. Also called an unsecured loan
Hire purchase - Answer Firms can buy equipment by paying for it in instalments, often
with interest.
Mortgage - Answer An amount paid usually monthly, applied to the balance of money
borrowed used when buying housing
Payday loan - High interest loan where money is borrowed against a future paycheck
ISA - Individual savings account
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