Banking refers to the financial activities of accepting deposits, providing loans, and offering various financial services to customers. It encompasses a range of institutions, including commercial banks, investment banks, credit unions, and savings and loan associations. The primary functions of banking include safeguarding deposits, facilitating payment systems, managing transactions, and providing liquidity in the economy. Banks also play a crucial role in the allocation of capital by lending funds to individuals and businesses, which fosters economic growth. Additionally, banking involves products such as savings accounts, checking accounts, mortgages, personal loans, and investment services. The banking sector is regulated to ensure stability and protect consumers, typically overseen by government authorities. Overall, banking is essential for the functioning of the modern economy, acting as an intermediary between savers and borrowers while also contributing to financial stability and economic development.
Nationwide Building Society’s Fairer Share Payment scheme offers members a potential £100 bonus in June 2025. Eligibility requires an active Nationwide current account and at least £100 in a savings…