112689

UNDERSTANDING BANK ACCOUNTS AND SAVINGS

Level: Entry Level

In successfully completing this unit, the learner will haveEvidence 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

Approved 14 Oct 2019

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