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Standard current account
Account with full banking facilities
Premium current account
An account with a fee entitling the user to extra services
Basic current account
Account with limited facilities usually used by someone with a poor credit
rating
Student account
Account designed to assist young people to become prudent with their
personal finances
Overdraft
Occurs when money is withdrawn from a bank account and the available
balance goes below zero
, Personal loan
Not backed up by collateral. Also known as an unsecured loan
Hire purchase
The buying of equipment by paying in instalments, usually including interest.
Mortgage
A payment, usually monthly, applied to the balance of a home loan used when
purchasing housing
Payday loan
a high interest loan where money is borrowed against a future paycheck
ISA
Individual savings account
DSA
Deposit and savings account
Premium bonds
Government scheme allowing individuals to save a set amount in return for
being entered into prize draw monthly