Vocabulary Tasks

1. Fill in the gaps with the words given below.

The name “current account” comes from the French word “courant”, or “running” in English. It implies that ___1___ is being paid into and out of the account as often as the ___2___ finds convenient. The ___3___ of the account changes from day to day, as the various ___4___ proceed. The usual method of ___5___ money into a current account is by means of a ___7___. The cheque may instruct the bank to pay in cash or ___8___ the sum concerned to the account of some other customer.

customer, money, transactions, balance, cheque, withdraw, paying, to transfer

There are a few types of savings ___1___ in the practice of English banks. They are instant savings accounts, regular savings accounts and tax exempt special savings accounts (TESSA). Instant savings account ___2___ instant access but no ___3___. Regular savings accounts require a customer to ___4___ a fixed or minimum sum regularly. In return, ___5___ is higher than with instant savings account. But not all banks ___6___ this product. Every Englishman over 18 can have a TESSA and only one. Interest on the account is free of ___7___. The account must stay ___8___ for five years. Customers can ___9___ their TESSA to whichever bank is paying the most ___10___ interest rate. Withdrawals are permitted, but they can tell on the interest rate.

deposit, income tax, attractive, offer, accounts, provide, cheque book, the interest rate, transfer, open

2. Make sentences using all these words:

9. Banks (services, provide, to, whom, as, current, they, account, reliable, regard).

10. If the customer (to withdraw, is, it, cash, wants, by, means, done, of a cheque).

11. Current account holders (no, usually, for, commission, pay, services, ordinary, charges).

12. Many banks (ATM cards, their, for, provide, and, current account holders, debit cards).

13. Banks require (for, kind, a, long-term, a, and, both, personal, of security, some, loan).

14. It’s not for the banker (how much, to suggest, he, to lend, the customer, would be willing).

15. To be a borrower you (a customer, because, be, of the money, must, the bank, through, will be lent, a bank account).

16. If a loan (be, is granted, it, a, immediately, be, fixed, for, sum, will, available, a, period of time, fixed).

3. Read 5 questions and match them with the correct answers.

1. What do you give to the bank when you open a bank account?

2. How much do you need to open a bank account in England?

3. What is an example of your signature called?

4. What do you pay the bank for its services?

5. How can you get these services free of charge?

Answers:

1. The name and addresses of two people and specimen signature.

2. One pound sterling.

3. A specimen signature.

4. A commission or an account charge.

5. If you keep a certain amount of credit in your account.

4. Match each term with the definition.

Debit	an unpaid balance on which the interest is figured
Balance	an amount by which the withdrawals are greater than the balance in the account
Overdraft	the amount which has to be paid for bank services by a current account holder
Charge	the amount which is added to the balance of a deposit account
Rate of interest	the amount remaining in an account interest