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Activity Find out more about who can help us store our money

Who can help us store our money?

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Who can help us store our money?

A secure method to keep your money is to entrust it to a bank, building society or credit union for safekeeping.There are also other types of providers that are tailored to a person's religious background. These organisations can all hold money for you, once you open an 'account' with them. The money is stored as an electronic balance.For further details, select each box.

Banks

Building societies

Creditunions

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A bank safeguards your extra money, but utilises these 'deposits' to provide loans to individuals seeking to borrow funds.Most banks operate 'branches' throughout the country, where customers can access their services. There are also banks that exist solely online. These online banks don't have physical branches, so all accounts are opened and managed via the internet.Drawbacks to these types of banks:A person who borrows money from a bank must pay 'interest' on the amount borrowed. This means they repay more than they initially borrowed, which is how the bank generates income (or 'profit').

Banks

A building society functions similarly to a bank, accepting deposits from individuals who wish to save money and providing loans to those who need to borrow.However, building societies differ in that they distribute their earnings among their account holders.

Building societies

Credit unions operate on a profit-sharing model and are managed by their membership.Those who belong to credit unions typically have a shared connection or 'common bond'. This could be, for instance, employment at the same organisation.

Credit unions