Saving

Rainy day fund

Mortgage

Pensions

Retirement

Holidays

Credit union

Permanent TSB

AIB

EBS

These are trustworthy places to save as of interest

Helps with the loan future if you save

Demand account

Access money whenever you like

Purpose account

Customers must give notice to the bank before accessing the account

Fixed term account

No access to the account for a period of time

Benefits

Bank charges are not applied

Interest

Your savings are protected by a government scheme

Risk

Dirt

May be fined if you withdraw from a fixed account early

Using you money or savings in hope of making a profit

Buying company shares

Buying property

Placing money in an investment fund

Factors to considers before investing

What is the risk

What is the investment period

What is the potential return

Cryptocurrency

A digital currency not controlled by any central bank and is transferred directly from person to person

Bitcoin

Can be purchased and sold using dollars, euro and other currencies

Value can change over a short period of time

Used for goods and services and stored in a digital wallet

A state-owned company

Only postal service in the country

You can save in the post office

Monopoly

Different types of accounts

Deposit account

For people who want to save but can withdraw any time they want

Fixed term savings accounts

Want to save for a long time

Prize Bonds

People who have extra money have a chance to win substantial amount of money

Small current accounts

For people who want to save money but continue their finacial activities

Benefits

No DIRT

NO fine with a seven days notice

All types of savings pay interest

Prize bonds can be cashed at any time for their full value provided you have owned for at least 3 months

No fees or charges

Risks

DIRT is taken away from your account before any interest is added to your deposit account

A co-operative organisation where a group of people save together and lend each other

Members save and borrow

Purpose

Suitable for people who want to save but also want to withdraw money

Benefits

Every €1 you save you get a one share you hold for the year, you may receive a payment called a dividend

No fees or charges

Risks/Costs

very little risk

DIRT

Dividends are only paid if the credit union makes a surplus

Your reward on savings is interest and the money depends on the amount in your account

Simple Interest

Principle x Rate x Time

Formula

Principal - The original sum saved

Rate - Annual interest rate

The number of years

Compound interest

Principal changes

Cannot use simple interest formula

Subtopic

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