Quicklinks

ABCD EFGHIJ K LMNOP QRSTU V W X Y Z

A

AER
Stands for Annual Equivalent Rate and shows you what the rate would be if interest was paid and added to your account each year.

C

CHAPS
Clearing House Automated Payment System. An electronic payment system which allows you to make withdrawals and deposits on your investment accounts. There is a charge for this service, please refer to the Savings Tariff of Charges.

F

FSCS
The Financial Services Compensation Scheme was established under the Financial Services and Markets Act 2000. Its purpose is to protect your investment should the Building Society become unable to repay it.

G

GROSS RATE
This is the rate paid before the deduction of income tax.

I

INSTANT ACCESS ACCOUNT
This is an account where you can access your money without notice or penalty.

M

MAXIMUM INVESTMENT
This is the maximum amount that you can invest in an account as specified in the Key Product Features.

MINIMUM INVESTMENT
This is the minimum amount that you can invest in an account as specified in the Key Product Features.

N

NET RATE
This is the rate paid after the deduction of income tax, currently calculated at 20%

NOTICE ACCOUNT
This is an account where you have to give a specified amount of notice before you can withdraw your funds without incurring a penalty

P

PENALTY
Penalties will be incurred if you break the conditions of your account. For example if the account required 60 days notice and you make an instant withdrawal, you would be penalised the equivalent of 60 days interest on the amount withdrawn.

R

R85 FORM
This is a form that is completed if you are a UK resident and are eligible to receive your interest without paying tax.

S

SECTION 352 CERTIFICATE
This shows the amount of interest your account has earned and the amount of tax you have paid in any tax year that your account has been open. These are provided on request from the Society.

T

TIERED INTEREST RATES
This means that the interest rate you receive will depend on how much money you have in the account. When the balance goes above a certain level, you automatically earn the higher rate of interest. See the Key Product Features of your account to find out whether your account offers a tiered interest rate.