If you live for any period of time in the UK, you'll probably want to open a bank account. There are two main types of accounts: a current account and a savings account.
You can use a current account for your day-to-day banking needs. Your bank might give you a cheque book, which allows you to write cheques to pay for goods and services. You'll probably also have a bank card which allows you to withdraw cash from cash machines (also known as atm or "hole in the wall" machines) and to pay for goods in shops. You get a secret pin number (personal identification number) that you use when you withdraw cash.
If you receive a cheque, you can pay it in or deposit it at your bank. You can also pay in cash (money). If you want to convert your cheque into cash, you can cash the cheque. Some companies can also pay money into your account via a direct bank transfer.
A savings account should pay you interest. Most banks give you a different rate of interest depending on how much you are saving, and how much notice you give before withdrawing money.
In the UK, people traditionally use banks for a range of services. As well as an overdraft facility (where you borrow money from the bank), people also get a mortgage (loan to buy a house), personal loan, and insurance from their banks. High street banks (the sort of banks which you can find on any high street) are also good places to change money.
Many banks now offer telephone banking and internet banking. This means that you can manage your finances without going to the local branch (office) of your bank.
27 comments on “Banking vocabulary”
i say
a check in the amount of 100$ or
a check for the amount of — or
a check with the amount of –??
A cheque for… (and give the amount)
1.The symbol $ is used to represent dollar in English. Sometimes, esp in cartoons, this symbol has two vertical lines not one. Why ?
I don't know.
2.What does "give notice" mean in the following sentences ?
"A deposit account earns no interest but it's not so easy to withdraw your money. You sometimes have to give a week's notice."
It means you have to tell the bank a week before that you want to withdraw your money. "Give notice" = tell someone in advance.
What does"pay it in" in the sentence"If you receive a cheque, you can pay it in or deposit it at your bank." ? If "it" represents the "cheque",it'll be you can pay the cheque in.
So you can pay the cheque in where or what does it mean specifically? Thank you very much!
Jack Zhao » It means that you give the bank cashier the cheque and they transfer the amount of money on the cheque into your account.
I think I have the answer for hamid: the dolar symbol is with one line, but, her in Colombia and others countries the cash are "pesos" and our symbol is w/ two lines. xD
Than you! all this articles are helping me soo much!!
what's the meaning of this sentence?"how much notice you give before withdrawing money"
thanks a lot for your practical information.
banafsheh » When you want to withdraw (=take out) money from your bank account, often you need to give notice (= tell the bank in advance).
what the meant of Bank draft? it's the same as Check, or proof of transfer
zrie » It's when someone pays money into your account via their bank – you don't need a cheque.
Thank alot for this lovely webpage, Its very helpful. I want to ask what if I want to pay some one else by cheque ,What would I say?
I have to pay in Cheque in SSS`s account?
Anu » I'd like to pay this cheque in to XXXX's account.
(However, most banks don't allow you to pay in money to another person's account.)
Hi,
May i know what is the meaning of high street bank?is there only available in UK?
another question: how should we say if the ATM machines have swallow our ATM card when we withdraw money from the machines?
Thanks a lot..
A high street bank is a bank which can be found on any high street in the UK. There aren't many different banks in the UK compared to other countries.
You can say that the ATM machine (or cashpoint) has swallowed or eaten your card.
ATM stands for Automated Teller Machine. So ATM would just be fine instead of saying ATM machine.
Ciao!
Yes, you're right – thanks!
Hi Clare,
Thanks for your great efffort.
I would like to know, which one of the sentences is correct mentioned below.
1) I have not made any transaction for the last one year.
2) I have not done any transaction for the last one year.
Thanks
I have not made any transaction for the last year.
I want know what mean's clare? I saw alot of means can you tell me what is this?
Sorry, but what word don't you understand?
Hello dear Clare,
I have the same problem as Banafsheh and I haven't got the answer.(to give notice I mean) Can you explaine more please?
Thank you
When you give notice, you tell someone about your future plan, so that they are prepared. For example, if you want to take money out of a savings account, you might need to give a few days / weeks' notice to the bank so that they don't have to withdraw it on the same day, losing interest.
what should i say when i want to close my bank account?
Go in to the bank, and say "I'd like to close my bank account". They'll give you some forms to fill in, but might also ask you where you want your money transferred to.
hello clare !
i want to ask one question! How do i say that while withdrawing money from ATM it got stuck inside the machine and i didn't get that money? Is there any specific word or sentence for that?
Nothing particular – what you said was perfect!
You could also say that your card got swallowed by the machine, if this is what happened.
hi
you mentioned that "However, most banks don't allow you to pay in money to another person's account". But i dont know why?
thanks.
I think it's because of privacy and security. But you can give another person the power of attorney over your account, which is when you sign a form at the bank allowing that person to pay in money to your account on your behalf.
