Five things your bank can do for you


    Open an account

    There are three main types of bank accounts; and they are current, savings and investment accounts. A current account allows you to keep your money and write cheques to make payments. A savings account allows you to keep money for a long time. You can save money for a car or a house. Savings accounts usually earn interest (a small percentage of extra money that the bank gives you). An investment account allows you to put your money into the stock market. This comes with some risks: you may get more money, or you could lose some money, reports.

    Make a deposit or withdrawal

    You can make a deposit by putting your money in the bank or make a withdrawal by taking money out of the bank.

    Take a loan

    When you take out a loan, the bank gives you a large amount of money, usually to buy a house or open a business, and you have to pay the money back to the bank over time with interest. The bank lends you the money; you borrow the money from the bank.

    Deposit or cash a cheque

    There are four major things you can do with a cheque: Deposit the cheque or put the money from the cheque into your bank account; cash a cheque or give it to the bank, and the bank gives you the money in cash; write a cheque, which is when you write the cheque to pay someone else. When a cheque bounces, it means that the person who wrote the check doesn’t have enough money in the account to pay the value written on the cheque.

    Apply for a credit card

    When you begin the process of getting a credit card, that is called applying for a credit card. A few important things on the credit card are the number and, the expiration date; you cannot use the card after this date.

    Pay bills

    Bills are the pieces of paper with the amount of money you need to pay for services such as electricity, telephone, water, heat, and Internet. You can pay your bills online, by mail, or at the bank. After you pay, you will receive a receipt – a small piece of paper that confirms your payment.