Objective1: Account

Well done! You know what the main differences are between a current and savings account.

There is one more feature – automatic payments, such as direct debits and standing orders are typically applied to only one type of account. Read the information below and then see if you can work out which account you would send direct debits and standing orders from.

A direct debit is when you allow a company to take money from your account on a regular basis – but the amount each time can change. This means an energy company would likely use a direct debit to take payments from an account monthly, as the amount of energy used each month is likely to change.

A standing order is when you tell your bank to send a regular amount to another account – be that weekly, monthly or annually. Rent is usually paid through a standing order since it tends to be the exact same amount each month.

You have got your head around the basics of bank accounts – and just in time! Jane is having her interview and has sent you over her task.  Below are a list of items which should be paid for from current account and then savings account.  Use the images above to work out the missing letters. Once you do you will find the code words you need to feed back to MI6.

That’s right, those everyday spends are what current accounts are designed to pay for – be it getting some cheeky Nando’s or heading to the cinema with friends. A savings account is instead designed for larger spends you often have to plan for. A savings account is for future use, whilst a current account is for any time.