Unit Award Scheme

112689 UNDERSTANDING BANK ACCOUNTS AND SAVINGS

In successfully completing this unit, the Learner will have

Evidence needed

demonstrated the ability to

1 identify at least three different bank or building society accounts Summary sheet or student completed work
2 list two types of plastic banking cards issued by banks or building societies, eg debit card Summary sheet or student completed work
3 select an appropriate bank account for own use Summary sheet
4 complete an application form to open a bank or building society account Summary sheet
5 identify at least five entries on a bank statement correctly Summary sheet

shown knowledge of

6 at least three examples of how an on line bank account can be used, eg for transferring money, checking an account and making payments Summary sheet or student completed work
7 at least three advantages of using bank or credit cards Summary sheet or student completed work
8 at least three disadvantages of using bank or credit cards Summary sheet or student completed work
9 at least three different ways of saving money Summary sheet or student completed work
10 at least three advantages of using direct debits or standing orders Summary sheet or student completed work
11 at least three dangers of pay day loans and loan sharks Summary sheet or student completed work
12 other services offered by a bank or building society, eg mortgages, ISAs Summary sheet or student completed work
13 the importance of not going overdrawn Summary sheet or student completed work

experienced

14 taking part in a discussion about the benefits and disadvantages of using a credit union for managing personal finances and savings Summary sheet
15 making a cash withdrawal from an ATM. Summary sheet

All outcomes recorded on an AQA Summary Sheet

Approved 14 October 2019Level - Entry Level