Savings Terms Explained

The Swansea Building Society sets out key savings terms below with a brief explanation.

Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Bank of England Base Rate
This is the official rate of interest set by the Monetary Policy Committee (MPC).

Bonus Interest
Your account may include a bonus interest element which is payable if the bonus conditions are met. See individual account information for any bonus conditions.

Your investment, not including any interest earned.

Minimum Investment
The minimum amount of money required to open an account.

Gross Rate
The rate of interest paid before deduction of UK income tax.

Instant Access
An account where you can access your money immediately, without penalty. 

Individual Savings Account. A type of account launched by the Government for the saver to benefit from tax-free savings.

Withdrawal Arrangments
Your request for withdrawal must specify the amount being withdrawn and will be effective from the date ie is recieved. The amount being withdrawn will be transferred to another account held by you with the society and will be available to you from that account.(Subject the the withdrawal terms and conditions of that account)