Glossary

AER:

Stands for Annual Equivalent Rate and shows you what the rate would be if interest was paid and added to your account each year.

APR (annual percentage rate):

The true cost of borrowing as a percentage rate, allowing comparison between offers from different lenders. The APR takes into consideration all payments, such as interest payments, repayments of capital, all costs and any fees based on projections for payments applicable during the term.

BOE:

Bank of England see http://www.bankofengland.co.uk/Pages/home.aspx

BOE Base Rate:

The Bank of England sets a rate each month known as the 'Base Rate'. Banks and Building Societies use the Base Rate to set their interest rates. Wyelands Bank may set a Wyelands Base Rate each month independent of the Bank of England Base Rate for its lending or savings products.

BBA:

British Bankers Association - see www.bba.org.uk 

FCA:

Financial Conduct Authority - see www.the-fca.org.uk

Financial Ombudsman Service (FOS):

An independent professional body set up by law to help settle individual disputes between consumers and firms - see www.financial-ombudsman.org.uk

Financial Reporting Council (FRC):

Financial Reporting Council promotes high quality corporate governance and reporting to foster investment. It
promotes high standards of corporate governance through the UK Corporate Governance Code - see https://www.frc.org.uk/Home.aspx 

Financial Services Register:

Public record of firms, individuals and other bodies that are, or have been, regulated by the Prudential Regulatory Authority and/or the Financial Conduct Authority - see https://register.fca.org.uk 

FSCS:

We are covered by the Financial Services Compensation Scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations - see www.fscs.org.uk 

Gross Rate:

This is the savings rate paid before deduction of income tax.

Notice Account:

This is a savings or deposit account where you have to give a specified period of notice before you can withdraw your funds. Some Notice accounts allow you to withdraw immediately subject to a loss of interest.

Penalty:

Penalties will be incurred if you break the conditions of your account. For example, if the account requires 60 days' notice and you make an instant withdrawal, you would be penalised the equivalent of 60 days' interest on the amount withdrawn. 

PRA:

Prudential Regulation Authority, as administered by the Bank of England.