Introduction
Introduction to Advanced Vocabulary and Expressions
Talking about life and technology
Day to day fashion
Life and art
Role play: Life and art
Moving with technology
How to give an effective presentation
Let's talk about the internet
Role play: New year party!
Quiz: Talking about life and technology
Law and order
Talking law
Role play: Regulations
You must respect the law
Using legal vocabulary in business
Types of law
Behind bars
Law and Order Vocabulary Review
Quiz: Law and order
Learning financial English
Intro to financial English
Negotiating in English - Part 1
Negotiating in English - Part 2
Financial English in business
Role play: I need to go to the bank!
Quiz: Learning financial English
See you next time!
Wrap-up!
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Understanding the world of bank accounts and financial transactions is crucial to everyday life, especially if you want to improve your financial English. Not only do these concepts allow you to manage your finances more effectively, but they also prepare you for career opportunities in finance. Let's delve into some of the most important aspects you need to know.
In financial English, bank accounts are mainly divided into two basic types: checking account and savings account. It is essential to understand the differences between them in order to manage your resources efficiently.
Checking account: This type of account is used for everyday use. You can use it to pay for products, services, gasoline, etc. It has few restrictions for withdrawals. However, it generates almost no interest.
Savings account: Designed for long-term savings and ideal for meeting future goals. This account offers higher interest, but has more restrictions on withdrawals.
In addition to accounts, there are a number of important activities and terms you need to master to move fluently in the financial arena.
Deposit: This means placing money into an account. It can be in any type of account, either a checking or a savings account.
Withdraw: This means to withdraw money from an account. As with deposits, it can be made from any type of account.
Bank loans are an essential financial tool that can help in a variety of situations, from personal projects to business needs. Understanding their concepts is crucial to making informed decisions.
Loans can be classified into different categories according to their purpose and duration:
Personal loans: used for personal expenses such as home renovation or the purchase of items.
Business loans: Designed to meet the financial needs of a business.
Short-term loans: Have a shorter repayment period and are often used for immediate needs.
Long-term loans: Ideal for larger investments, such as mortgages, which can have repayment terms of up to 25 years.
It is important to differentiate between these concepts:
Borrowing: The action of receiving money from the bank.
Lending: When the bank grants money to a client.
These words can also be used outside the banking context. For example, if you lend your car to a friend, your friend is borrowing it.
Investing is a financial strategy where you place money into products or stocks with the expectation of making a profit. By becoming an investor, you can receive significant returns.
Banks specialize in different areas and their services may vary. Knowing their characteristics will help you choose the right one for your needs.
Consumer and retail banks: Serve the general public by offering checking, savings and credit card accounts.
Commercial banks: Focused exclusively on serving the business sector.
Sustainable banks: Prioritize social and environmental sustainability.
Investment banks: Act as intermediaries between companies and investors, facilitating the issuance of shares and raising capital.
Now that you have a deeper insight into banking and finance in English, it's time to practice. Reflect on your latest banking experience and share it with others. As you practice, you will improve your English financial vocabulary and understanding. Good luck!
Contributions 30
Questions 0
Borrowing vs lending
I opened my first bank account when I just turned eighteen. My first account was a saving account.
Have you ever taken a loan from a bank ?
No, I have never taken a loan from a bank but during last year I have planned it because I wanted to buy a new computer which I was needing, however I could save enough money then I bought it without any loan
What type of loan was it ?
it was a business loan in a short term, I want to borrow from the bank a lot of money however I’ve planned pay everything just in a couple months even three I have had the opportunity to do that so for me it doesn’t make sense pay more interest to the bank extending that loan
What percentage of interest did you pay on the loan ?
If I would taken that loan I was paying a huge percentage of interest something like 8 percent monthly
My dad opened my first checking account 17 years ago.
The last time I was at the bank, I was accompanying to my aunt.
Until now I have’t take a loan for the bank and I hope never do it.
The last time I was in a bank, was three weeks ago and I went because I needed to update my investment set in a Term Deposit Certificate and withdraw the profit
I got my first Loan from a bank two years ago. It was a personal loan to buy my apartment.
The percentage set for my loan is 0.74%.
I got a personal loan from my bank in Colombia after I asked them if my credit record was good enough to borrow some money. That was at the same time to improve my history as a good payer.
When I was 18 years, I opened my first account. It was a checking account because I started to work.
Then I decided to open a savings account because I want to buy an apartment, and this type of account gives a higher interest.
I have never asked for a loan from a bank. I think it has a high interest to do it.
Finally, I went to a bank last month because ATM didn´t have enough money and I needed to withdraw dollars from my account.
it woul be a good idea to teach people how to invest and save for the future, usually we open our bank account when we get our first job, but the we don´t what do with the savings.
I had my first bank account when I was 17
Questions from the class
Have you ever taken a loan from a bank?
No, I haven´t yet, nevertheless my father did it for buying our house.
What type of loan was it?
Long-term loan. It lasted 25-year.
What percentage of interest did you pay on the loan?
I am not 100% sure but I think it was 7% annually.
The last time I was at the bank what did you do?
Today, I went to the bank in order to do a policy.
I remember that i was like 12 years old and my parents took me to open my first bank account. An it was a saving account
I borrowed money in a bank to get a home loan. Usually Interestate rate are lower than other kinf of credits and the time period to pay it is about 15years. And the last time I got into a bank, was specifically to sign the loan contract.
I dont rememeber exactly when I opened for first time my checking account, but I think it was around my twenties. I got my first job in the university and a banking account was needed to receive my money
the last time i went to the bank was to deposit money on my ow acoount, i needed it to buy something virtual but was a completely new experience for my because i live abroad ,was my first time to do it, it had easy and fast
My last time at the bank was horrible (I am currently dealing with the same problem). Someone paid me from an abroad account and the bank is not able to process the transaction atutomatically. It’s been 6 weeks since the money is in the bank and they are not able to put that money in my account. :c
The last time I went to the bank was to make a deposit.
I’ve never taken a loan from a bank.
I opened my first bank account when I was 18. It was a checking account.
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