Glossary.

Savings terms

AER

Annual Equivalent Rate, the rate at which all savings are calculated, assuming interest is added once yearly.

Base Rate

A standardised rate for banking business set by the Bank of England.

CHAPS

A guaranteed same-day withdrawal, incurring an additional fee of £22.50.

Early Withdrawal Fee

A fee paid to enable withdrawal of monies without serving a notice period.

Faster Payment

The standard method of transferring money to you when you make a withdrawal. The monies will normally reach your bank account by close of business the following working day.

Fixed Rate

A guaranteed rate of interest for the term of the account.

ID Verification

We are required to confirm your identity for the satisfaction of banking laws before opening an account. We will do this using online searches or by asking for additional proof of identity via documents such as a passport or utility bill.

ISA

Individual Savings Account, a tax-free account with an annual deposit allowance set by the Government each tax year.

ISA Transfer

The process of transferring the management of an ISA account from one provider to another - to protect tax-free monies you have accumulated.

Nominated Bank Account

We require a nominated bank account for withdrawals on all accounts with telephone banking facilities. This account should be in the same name as the account being opened with Kingdom Bank.

Non-Personal Account Mandate

A legal document setting out the persons who are authorised to operate the account on behalf of your organisation.

Notice Period

The amount of time you will need to wait between notifying us of your requirement to make a withdrawal and the withdrawal being processed.

Savings Bond

A locked-in account usually with a larger deposit which typically secures a higher rate of interest by tying the money up for an agreed period of time.

Signatory

Someone who has authority to sign on an account; usually the account holder(s).

Telephone Banking

An account facility which enables withdrawals to be authorised over the telephone to a nominated bank account.

Third Party

Someone who has authority to sign on an account, but is not the account holder(s).

Treasury Account

Minimum deposit £50,000 and a higher interest rate is payable.

Variable Rate

A rate of interest that may change over time.

Withdrawal

Money you authorise us to take from your account.

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