Describe three retail banking services appropriate to the needs of two contrasting customers.

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Describe three retail banking services appropriate to the needs of two contrasting customers.

                                     

I have just finished my first week of training at The Co-operative Bank. It is clear that the pressure is on to sell products to customers, but it is also clear that the product must be suitable.  I now must produce a report describing three retail banking services appropriate to the needs of two contrasting customers including teenagers and students and established families.                                                                                                                            

Teenagers and students aged 17 to 22 years of age will use different products from banking services. Firstly, they will use a savings account. A savings account is a deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. When putting money in the savings account interest will be earned. Money can be deposited and withdrawn from the account; the money can be accessed instantly. Teenagers and students will use a savings account to save money for things such as driving lessons, a car or university.

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Teenagers and students will also make use of current accounts.  A current account is an account with a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque. In a current account wages or salaries will be deposited into the account and can be withdrawn instantly. With current accounts you can set up direct debits that instruct the bank to pay certain bills and when the money enters the account the bills will automatically be paid. A debit card will be obtained with a current ...

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