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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.
Affinity accounts (or Clubs and Charities accounts) will benefit clubs, charities or teams financially through an annual donation based on the total savings held in these accounts.
Automated Teller Machine, also referred to as cash machine
Bank Rate is the Bank of England's Official Bank Rate
CHAPS is a telegraphic transfer service which allows money to be transferred to another account quickly and conveniently
The rate is set to increase at fixed intervals during the investment period
The rate is fixed from the outset of the investment period
Gross p.a. means the contractual rate of interest payable before the deduction of income tax at the specified rate per annum
'Individual Savings Account' are longer term, tax efficient savings accounts which were introduced to replace PEP's and TESSAs
The Net rate is an illustrative rate only allowing for deduction of income tax assuming continuation of the current prescribed rate of 20%. (The tax position affecting our accounts is subject to changes in the law.) We normally pay interest Net. We can pay interest Gross if you can provide us with an appropriate R85 form which complies with H M Revenue & Customs regulations.
Personal Identification Number. Your unique pass code to be used along with your cash card when using a cash machine
Tax-free is the contractual rate of interest payable where interest is exempt from Income Tax.
Movement of money between accounts
A trustee is a person who holds an account for the benefit of another
Taking out your savings