The process that a lender uses to assess the creditworthiness or risk of a potential customer.
When an account offers a tiered interest rate this means the interest rate you receive depends on the amount/balance in your account. When the balance goes above a specified level the interest rate increases on the whole balance. Tax-free indicates that interest earned is exempt from UK income tax.
This will show you how much interest you have earned on your account during a specific tax year. These can be issued to you on written request and can be used when claiming any tax back from HMRC.
A standing order is an automated payment that you can set up from your current account. It will send a regular payment (normally monthly, quarterly or yearly) to the person or company you wish to pay. In the context of savings accounts, some will let you set up a regular standing order to your savings […]
The PRA is a part of the Bank of England and is a regulatory body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.