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Jargon Buster

There are various words, which are used that may not mean a lot to you.  The information on this page is to help you understand what these words mean if you hear them.

 

Gross interest rate

Gross rate of interest is the interest rate payable before any income tax is duducted (if you do pay tax).

AER interest rate  

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

FSCS                 

Refers to the Financial Services Compensation Scheme.  Further details relating to this can be found on our web pages concerning this Scheme. (link to Financial Services Compensation Scheme web page)

ISA                  

Stands for 'Individual Savings Account' where interest rate is paid tax-free.  Further information regarding our ISA accounts can be found on our ISA web pages.  (link to main ISA web page)

SO                   

This stands for standing order which will allow you to make regular payment into your savings account.  For further information, please see our ‘Regular Payment by Standing Order’ web page.  (link to regular payment by standing order web page)

S975

This is a certificate which is usually required if you wish to reclaim some, or all, of the tax which has been deducted from the interest earning on your account.  For further details, please see our ‘Section 975 Tax Certificate web page.  (Link to Section 975 tax certificate web page)

T&Cs                 

This relates to the ‘terms and conditions’ of a relevant product or service.

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