Private banks

So, you know how you have a piggy bank where you keep all your money, right? Well, private banks are like piggy banks, but for grown-ups!

Private banks are places where people put their money and the bank helps keep it safe and give them access to it when they need it. But it's not just regular people who use private banks. Big businesses and even governments use private banks too.

Now, you might be wondering, how do private banks make money? Well, they use the money that people put in their bank to give out loans to other people or businesses. And when those people or businesses pay back the loans, they pay interest on the money they borrowed. The private bank keeps some of that interest as profit, which is how they make money.

But why do people use private banks instead of just keeping their money in a piggy bank at home? Well, private banks usually offer things like interest on the money you keep with them, online banking options, and special services and benefits for their customers.

So, in summary, private banks are places where people and businesses can keep their money safe and get access to loans, and the bank makes money by lending out that money and earning interest.