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