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AER (Annual Equivalent Rate) helps you understand how much interest you’ll earn on your savings over time. It shows what the interest rate would be if interest were paid and added to your balance each year, making it easier to compare different savings accounts.

BACS is a secure way to transfer money between banks. It’s used for:

• Direct Debits – Automatic bill payments.
• Direct Credits – Payments like salaries or refunds.

The base rate is set to help keep inflation under control. When it changes, it can affect the interest rates on savings and mortgages, meaning they may go up or down.

CHAPS (Clearing House Automated Payment System) is a UK payment system that allows you to send money on the same day, as long as the payment is made before the cutoff time.

Compound interest helps your savings grow faster! It’s interest earned on both your original deposit and the interest that’s already been added to your balance over time.

Deposits are the money you add to your current or savings account, helping your balance grow.

A Direct Debit is an easy way to make automatic payments. It lets a company, like your council or utility provider, take money from your bank account on agreed dates. This helps you stay on top of bills without the hassle!

Some savings accounts may not support Direct Debits.

Electronic verification is a safe and quick way to confirm your identity. It helps keep banking simple and secure.

Sometimes, we may need extra proof of identity.

Faster Payments is a UK system that makes sending money quicker and easier. Instead of taking up to three working days, transfers between banks are completed in just a few hours—or even minutes!

The Financial Ombudsman Service (FOS) helps resolve problems between customers and financial services in the UK.

• If a complaint can’t be sorted directly, the FOS will adjudicate ensuring a fair outcome.
• If they find someone has been treated unfairly, they have the legal power to put things right.

The FSCS (Financial Services Compensation Scheme) protects your money if a UK bank or building society fails.

• It can pay compensation if the bank can’t meet its financial obligations.
• Your savings are protected up to £85,000 per person.

A fixed interest rate is the rate of interest applied to your account that stays the same for a set period.

• The rate you get when you open the account won’t change until the end of the fixed-rate period.
• This gives you certainty about how much interest you’ll earn over time.

A savings account where your money is locked away for a set time in exchange for a fixed interest rate. You usually can’t withdraw early without a penalty. Longer terms often offer higher interest.

Gross interest is the total interest you earn before any tax is taken off.

HMRC (His Majesty’s Revenue and Customs) is the UK department that collects taxes, like income tax, to help fund public services.

An interest rate is the percentage of money your savings earn over time. The higher the rate, the more your savings grow!

The interest rate spread is the difference between your account’s interest rate and the Bank of England Base Rate.

The maturity date is when your savings account comes to an end. This could be a set date in the future or one year from when you opened the account.

As your maturity date approaches, we’ll send you a reminder so you can decide what to do next.

Your Nominated Account is the personal UK current account you link to your savings account. It’s the secure way to transfer money in and out of your savings.

By using a Nominated Account, your transactions stay safe, simple, and seamless.

The notice period is how long you need to wait before withdrawing money without losing interest.

A Power of Attorney lets you choose someone to manage your finances on your behalf. It’s only valid while you still have the mental capacity to make your own financial decisions.

The term is how long your savings product lasts. It could be for a fixed period, like one or two years, or until a specific future date.

A variable rate means your interest rate can go up or down over time. This can happen due to changes in the market or the Bank of England Base Rate.

When opening a savings account, we verify your identity to keep banking safe and secure. This helps protect you and others from fraud and financial crime.

• We’ll try to confirm your identity electronically

If we need more details, we may ask for a few documents to prove your identity and address.

A withdrawal is when you take money out of your account.