The interest your money has earned, which is added to your original investment.
A building society is a type of financial institution that provides mortgages and savings accounts to its customers (some provide other banking services as well). Many of a building society’s customers are also members – the society is run for the benefit of members rather than shareholders.
Interest is paid in “bands” for example if an account earns 1% up to the balance of £10K and 1.5% on a balance over £10K and the account has a balance of £25K, the first £10K will earn 1% and the remaining £15K will earn 1.5%.
If you have a mortgage product that is linked to our standard variable rate, the interest rate on your mortgage can go up or down according to any changes we make to the standard variable rate.