AER

• The Annual Equivalent Rate (AER) shows you what interest rate your savings account will earn over a year.

Annual interest

• Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid annually, this means that you will receive it on a yearly basis. The date you receive this payment will be in the terms of your account.

Cash ISA (Individual Savings Account)

• This is a type of savings account that is tax-free meaning you don’t pay tax on any interest you earn.

Easy access account

• This is a type of savings account that allows you to withdraw your money without providing notice.

Financial Conduct Authority (FCA)

• The FCA are a regulatory body in the UK, operating independently from the government. They are responsible for regulating the financial services industry in the UK, which includes protecting customers and keeping the industry stable.

Financial Services Compensation Scheme (FSCS)

• The FSCS is a government scheme that protects savings you may hold with us, up to the value of £85,000. It is there to provide compensation if the Society was to fail, and you were to lose money.

Fixed rate

• A rate of interest that remains the same for a set period of time, as outlined in the terms of your account.

Gross interest

• This is the interest rate that is payable without the tax taken off.

Maturity date

• This is the end date of your savings account, if your account has a maturity date this will be specified in your product terms. Once you reach this date, we will contact you to see what you’d like to do with your money.

Monthly interest

• Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid monthly, this means that you will receive it on a monthly basis. The date you receive this payment will be in the terms of your account.

Notice account

• This is a type of savings account that requires you to notify us a set number of days before you wish to make a withdrawal, the amount of notice you need to give will normally be detailed in the terms of your account.

Penalty

• This is a charge you may incur if you don’t stick to the conditions of your account. For example, you may incur a penalty if you make a withdrawal from a notice account without serving the full notice period.

Personal Savings Allowance

• This is the total amount of interest you can earn across all your savings accounts, not including ISAs, over the course of a year without paying tax. This includes all savings accounts that you may hold across different providers. More information can be found here: https://www.gov.uk/apply-tax-free-interest-on-savings

Prudential Regulation Authority (PRA)

• The PRA form part of the Bank of England. They are a regulatory body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

Regular savings account

• This is a type of savings account where you can make deposits into the account on a monthly basis. Some regular savings accounts may have limits on how much you can deposit per month and how many withdrawals you can make.

Variable rate

• A rate of interest that can go up or down during the lifetime of your savings account.