The Mansfield Building Society

Savings Jargon Buster

AER
Annual Equivalent Rate illustrates what the savings interest rate would be if interest was paid and compounded once each year.

FCA
The Financial Conduct Authority regulates the financial services industry to ensure firms stick to the rules and consumers do not fall victim to scams or get tied into unfair contracts.

Fixed Rate
The interest rate on your savings account remains the same until a specified date.

Gross Interest
Interest paid on a savings account without any deduction of income tax.

Gross Rate
The contractual rate of interest paid on a savings account before the deduction of income tax at the appropriate rate.

Maturity Date
The date when an investment placed in a fixed term account reaches the end of its term.

Net Interest
Interest paid on a savings account after deduction of income tax at the appropriate rate.

Rules
The Society's rules which regulate the relationship between us and our investors and borrowers. All borrowers receive a copy of the rules. The rules are available to savers on request.

Society
This means us.

Tax Certificate
Confirms the amount of interest on savings accounts and the amount of tax paid in a tax year. Tax certificates are available on request.

Tax Free
Tax free means free from UK income and capital gains tax in the hands of the investor.

Variable Rate
The interest rate can change on your savings account and may go up and/or down.


Date printed: 26 March, 2017 07:17


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.