The interest your money has earned, which is added to your original investment.
Your capital is the overall amount of money invested.
A bond is a savings account in which you will keep your money for a set period of time for a set interest rate. It means that you can’t generally access your money early with a bond.
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.
Base rate usually means the Bank of England base interest rate. Savings interest rates are normally determined by base rate (along with other factors).
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%.
An account which pays interest on your savings once a year, this is usually at the Society’s year end on 31 December.
This shows what the interest rate would be if interest was paid and compounded once each year. This allows you to compare products more easily.
An additional ISA allowance that is available to the surviving spouse or civil partner of an ISA holder, this is available on top of your normal annual ISA allowance.
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.