On Friday, Lloyd’s Bank came to visit Fakenham Academy and came to talk to us about banking. One of the bankers told the class that they had been with Lloyds since they were sixteen so they had seen the many changes that Lloyd’s Bank had been through over the years. We did an activity that got us to work out the income and expenditure for a man and then we were asked to list a few things that the man could do to cut down on his expenditure because he was spending more money than he actually had.
The second task that we were given to do was to work out the correct contract to choose if we were ever going to take out a loan. We were advised to pick the one with the lowest APR rate which is what most students did in the class. The situation was that a young girl wanted to take out a loan and wanted to pay it back within the next two years. A lot of the contracts had very high APR rates but a reasonable time to pay back the money in. Some of them let you pay back the money early, however others didn’t. We had to weigh up the pros and cons.
We were also told how if we start using a bank now with a cash card or a savings account, for instance, this would help us to build up a good credit rating for when we might need a loan later on.