Deposit accounts

A deposit account is another popular account. It has advantages over a current account. First of all, it is easier to open a deposit account than a current account. There is no need to see the manager. A customer only has to fill in a form and then deposit the minimum amount of money required by the bank. The customer is then given a pass book which he must bring to the bank every time he wishes to withdraw or deposit money. The pass book is customer's record of the account. Secondly, a deposit account earns for the customer.

The bank invests the money that the customer pays in and in return, the bank pays the customer interest. The rate of interest in the UK is not fixed but it is usually between 5-10%. However, a deposit account has| certain disadvantages too. In the UK at the moment the maximum a customer can withdraw in one day is £ 20. Another disadvantage is that the customer receives no cheque book and therefore he cannot pay bills so easily.

XXVIII. Match questions and 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?

a) The name and addresses of two people and a specimen signature. b) One pound sterling. c) A specimen signature. d) A commission or an account charge. e) If you keep a certain amount of credit in your account.

XXIX. Act as an interpreter for A and B:

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