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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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  • October 26, 2024
  • 1
  • 2022/2023
  • Summary
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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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