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What two factors should be considered when choosing a saving scheme? (i) (ii) Name one saving scheme available to consumers. - Leaving Cert Home Economics - Question 10 - 2019
Question 10
What two factors should be considered when choosing a saving scheme? (i) (ii) Name one saving scheme available to consumers.
Worked Solution & Example Answer:What two factors should be considered when choosing a saving scheme? (i) (ii) Name one saving scheme available to consumers. - Leaving Cert Home Economics - Question 10 - 2019
Step 1
Factors to Consider When Choosing a Saving Scheme (i)
Answer
When choosing a saving scheme, one important factor to consider is the ease of access to funds. This determines how quickly and easily you can withdraw your money when needed. Another key factor is the rate of interest offered by the scheme, as this will impact the amount of growth your savings will generate over time.
Step 2
Factors to Consider When Choosing a Saving Scheme (ii)
Answer
It is also essential to consider whether the saving scheme is tax-free or subject to any taxes, such as DIRT (Deposit Interest Retention Tax). A tax-free scheme allows your savings to grow without deductions, increasing your overall returns.
Step 3