Savings Jargon Buster

Savings Jargon Buster intro

Annual Equivalent Rate (AER)

Annual Equivalent Rate illustrates what the savings interest rate would be if interest was paid and compounded once each year.

Financial Conduct Authority (FCA)

The Financial Conduct Authority regulates the financial services industry to ensure firms stick to the rules and consumers do not fall victim to scams or get tied into unfair contracts.

Fixed Rate

The interest rate on your savings account remains the same until a specified date

Gross Interest

Interest paid on a savings account without any deduction of income tax.

Gross Rate

The contractual rate of interest paid on a savings account before the deduction of income tax at the appropriate rate.

Maturity Date

The date when an investment placed in a fixed term account reaches the end of its term.

Net Interest

Interest paid on a savings account after deduction of income tax at the appropriate rate.

Rules

The Society’s rules which regulate the relationship between us and our investors and borrowers. All borrowers receive a copy of the rules. The rules are available to savers on request.

Tax Certificate

Confirms the amount of interest on savings accounts and the amount of tax paid in a tax year. Tax certificates are available on request.

Tax Free

Tax free means free from UK income and capital gains tax in the hands of the investor.

Variable Rate

The interest rate can change on your savings account and may go up and/or down.

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