English

35. Personal finance

35.2

1) transfer, current account, an overdraft

2) account balance

3) interest rate

4) interest

5) bank statement, banking charge

Over to you:

Let’s see, what types of bank accounts are, before I answer the main question. Though, the types of accounts offered can vary from bank to bank, here are some of the common bank accounts offered by commercial banks. Checking Account A checking account is also known as a current account or a transactional account. Money deposited in this type of account can be withdrawn at any time, as there in no restriction on the number of withdrawals and the amount of money withdrawn. Customers are generally given paper checks to carry out day-to-day transactions, like paying bills, making purchases, or transferring money to another account. ATM (Automated Teller Machine) facility is also provided to the customers. However, no interest is paid on the deposited money and sometimes, customers have to pay a charge to the banks for rendering this service. This type of account is generally maintained by businessmen or concerns, as they have to make a number of financial transactions each day. A transactional account is sometimes called a demand deposit account, as no notice is required to withdraw money, i.e. money is available on demand. Savings Account Savings accounts are aimed towards mobilizing small savings from the general public. There are certain restrictions regarding the number of withdrawals and the amount to be withdrawn in a particular time period. However, money deposited in this account, earns a fair rate of interest. Though the customers can't withdraw their money with checks, they can avail the ATM facility for the same. A passbook is also provided, which keeps track of all the financial transactions. Money Market Account A money market account is a type of deposit account, in which money can be deposited to earn a higher rate of interest than the savings account. However, a minimum balance is required to be maintained to earn interest and avoid fees. There is also a limit on the number of transactions that can be carried out in a particular month. The customers are usually allowed to make 6 withdrawals per month. Certificate of Deposit A certificate of deposit is also known as time deposit or fixed deposit account. This type of bank account requires the customers to deposit a certain sum of money for a fixed time period. The money deposited in this account can't be withdrawn before the date of maturity. However, some banks allow customers to withdraw money before maturity, by charging a penalty. The rate of interest paid on time deposits is usually higher than the other types of bank accounts. In addition to this, the interest paid on this account depends on the maturity period, i.e. longer the maturity period, the higher is the rate of interest paid.

So, I would rather prefer a checking account: despite the fact that i will not get interest, i will know that my money are in perfect security. That’s very important nowadays.

Speaking of types of personal investments, I chose to pay contributions into a private pension: that guarantees me fully that i will get a regular income when I stop working.

36. Financial centres

36.1

1) brokers

2) traders

3) speculators

4) Wall Street

5) centres

6) institutions

7) City

8) Square Mile

36.3

1) securities house

2) futures contract

3) commodities

4) currencies

5) commercial paper

6) bonds

7) securities

8) a commodities exchange

9) derivatives

Over to you:

Russia’s main financial centre is based, in my opinion, in several places: Tverskaya Street and so-called Moscow City. Both of these places are based in Moscow, the capital of Russian Federation.

The main advantage of different securities and commodities is that they can be easily exchanged in every country almost all over the world. The main disadvantage - most of them are exhaustible.

37. Trading

Over to you

Of course it is usual in Russia for ordinary people to own shares. It’s absolutely your free choice whether to be a shareholder or not. Speaking of following the stock market, only people who are interested in it, do it. Common people are not very involved in this difficult system.

38. Indicators 1

Current economic situation in Russia is not perfect. Almost half of Russians feel affected by the global economic crisis, but hope prevails. Surprising though it may seem, polls show that while the global crisis may have given Russians some unpleasant food for thought, it has not defeated their innate optimism and confidence in the government and their own strength.

39. Indicators 2

I want to tell you about the Mikoyan company. Today just as 200 years ago - Mikoyan is the biggest meat processor in Russia. Combining centennial traditions and innovations they develop and manufacture healthy and quality products.