Banking products — current, savings, loans, mortgages

What you'll learn

1. 1

   Imagine you have a bank account where you put your wages in and take money out for shopping. That's a current account — for everyday spending.

2. 2

   Which account is best for paying your phone bill each month?

3. 3

   Drag the £50 into the right account — your current account for spending or savings account for later?

4. 4

   You borrow £1,000 from the bank to buy a car. You pay back £1,100 over 2 years. The extra £100 is the cost of borrowing — called interest.

5. 5

   You borrow £5,000 for a new kitchen. Pay back £5,500 over 3 years. How much interest do you pay?

6. 6

   A mortgage is a BIG loan just for buying a house — you pay it back over 25 or 30 years.

7. 7

   Which product is a loan specifically for buying a house?