Year End

The end of the accounting year, usually when interest is paid. This is given in the product information which was supplied at the time of application.

Tiered Interest Rate

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.

Statement of Deduction of 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.

Standing Order

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 […]

Regular Savings Accounts

A regular savings account is a specialist type of account, designed to help you build a savings pot, and they will often pay a higher rate of interest than a normal savings account.