For
everything there is a season, and a time for every matter under heaven: a time
to be born, and a time to die; a time to plant, and a time to pluck up what is
planted… a time to cast away stones, and a time to gather stones together; a
time to embrace, and a time to refrain from embracing; a time to seek, and a
time to lose; a time to keep, and a time to cast away; a time to tear, and a
time to sew; a time to keep silence, and a time to speak; a time to love, and a
time to hate; a time for war, and a time for peace.
Ecclesiastes 3:1-8
The above passage expresses the cycle of life and we
could easily add, ‘a time to earn, and a time to spend’. When King Solomon
lived, farmers did not give away all of a harvest and other produce in excess
of what they needed at the time but stored it for the coming year, either for
their own consumption or to trade with; similarly, we need a place in which to
store our money, so that it is available when we need it.
Banking existed long before money and is thought to
have originated in ancient Babylon, where palaces and temples were the safest
places to store precious metals, grain and fabrics. People who did not have
access to these ancient banks would bury their valuables in the ground,
sometimes within their own houses and sometimes outside, which still happens in
some parts of the world. Today in the UK, not everybody has a bank account and
some households still store their money in tins or boxes, labelled ‘rent’,
‘electricity’, ‘food’ and so on. But having one or more bank accounts helps you
control your money and stick to your budget. There are three basic types of account.
Basic
bank accounts are the simplest type of
account, created in the 1980s at the insistence of the UK Government, to reduce
the nation’s financial exclusion and so that fewer people needed their State benefits to be paid as cash. The basic
bank accounts are designed for people who do not want the worry or temptation of
overdrafts and other financial services: they are simply a place to store money.
No interest is paid when the account is in credit and being overdrawn is not
allowed. Wages, State benefits and other income are paid in, a cash card is
used to withdraw cash from cash machines and direct debits can be set up to pay
regular bills.
Current
accounts (or ordinary accounts) are the
traditional type of account to help people manage money day-by-day. In
additional to the facilities for basic bank accounts, you can also have a debit
card, chequebook and set up standing orders. There may be a small amount of
interest on a credit balance and/or an inclusive overdraft that allows you to be
overdrawn by small amounts for brief periods.
Savings
accounts (sometimes called investment
accounts) give an above average rate of interest but are not designed for
frequent payments in and out. You may have to say in advance if you want to
withdraw money and there may be a limit on how much you can take. You may have
a cash card but you probably will not be able to have a debit card or chequebook,
get an overdraft or pay for things by standing order or direct debit.
Accounts today have curious names. Even what may appear
to be similar types of accounts may work in very different ways, with different
facilities, limitations, charges and penalties. Never take it for granted that
you know how your account works. Even if you have two current accounts at the
same bank, or two savings accounts, they may not work in quite the same way. Read
the terms and conditions – what we often call, ‘the small print’, even when it
is not so small!
_____________________________________________
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Copyright © All Souls Clubhouse Community Centre & Church and Philip Evans
2013.
Scripture
quotations are from The Holy Bible, English Standard Version® (ESV®), copyright
© 2001 by Crossway, a publishing ministry of Good News Publishers. Used by
permission. All rights reserved.
Handling
money and dealing with debt can be complicated and neither the author nor
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