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AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. All savings product advertisements which quote interest rates should contain an AER so you will be able to compare more easily what return you can expect over time.
A yearly meeting where shareholders of a company can vote and be updated on decisions and workings of the organisation. AGM's also deal with the election and/or re-election of company directors
APR stands for Annual Percentage Rate and is the industry standard calculation used to show the total cost of a mortgage or loan. The figure includes costs which are not included in the basic interest rate such as interest payments, valuation fees, legal fees and administration fees.
Automated Teller Machine, also known as a cash machine.
The Bank of England Base Rate is the interest rate at which the Bank of England lends money to other banks and financial institutions.
A building society is a mutual financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. Customers who have a savings account, or mortgage, are members and have certain rights to vote and receive information, as well as to attend and speak at meetings. Each member has one vote, regardless of how much money they have invested or borrowed or how many accounts they may have. Each building society has a board of directors who run the society and who are responsible for setting its strategy.
Capital refers to financial or physical assets which are capable of generating income. In relation to a mortgage, capital is the amount of money you borrow.
CHAPS is a telegraphic transfer service which allows money to be transferred to another account quickly and conveniently
This is a fixed sum of money which a policy holder agrees to pay from his own funds towards the cost of a claim under an insurance policy.
The Financial Services Authority (FSA) is an independent government watchdog that regulates and governs the financial services industry. You can visit the FSA website for more information.
The Financial Ombudsman Service (FOS) was set up by law as an independent public body. Its role is to help settle individual disputes between consumers and businesses providing financial services fairly, reasonably, quickly and informally and its service is free to consumers.
FOS can help with complaints about most financial matters involving products and services provided in (or from) the UK. For more information visit the Financial Ombudsman Service website.
Gross interest rate is the interest rate before any UK income tax is deducted.
An ISA is the government’s tax-efficient savings initiative. The special tax-efficient features of ISAs mean that there are strict limits on how much you can invest in a given tax year.
These are the documents which financial services firms must to give to customers and which summarise the key information that customers need to know about the firm, its services and the products they are buying. The package includes the initial disclosure document, the key facts illustration (for mortgages) and policy summary (for insurance policies).
Loan to Value (LTV) is a percentage ratio of the outstanding loan on a property against the market value of that property.
Net interest is the rate of interest which would be payable after deduction of income tax at the specified rate.
A Personal Identification Number (PIN) is a unique pass code to be used along with your cash card when using a cash machine (ATM).
The Retail Proce Index (RPI) is a measure of inflation calculated by the Office for National Statistics on a monthly basis.
Exempt from both UK income tax and Capital Gains Tax.
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