Definitions

 

AER
Annual Equivalent Rate.

Compound interest
Interest paid on the initial principal as well as the accumulated interest invested.

Fixed
A Fixed rate of interest that remains the same throughout the agreed term.

Gross
Total revenue received before any deductions.

Tax-free
Interest paid is free from Income Tax.

Maturity Date
The day on which your account ends and on which we will repay your deposit and the interest you have earned.

Nominated Account
A personal current account held by you, in your name, at another UK bank. You can make your deposit by applying online or alternatively by cheque from this account and we will only only return funds on maturity process maturities electronically to this account.

Variable
A variable rate of interest that fluctuates over a period of time.