GROSS
The contractual rate of interest payable before the deduction of income
tax at the rate specified by law.
NET
The rate of interest which would be payable after allowing for the
deduction of income tax of 20%.
AER
Stands for Annual Equivalent Rate and illustrates what the interest
rate would be if interest was paid and compounded once a year (or
monthly, or half yearly, as the case may be).
APR
Annual Percentage Rate - this is meant to be a way of comparing
the cost of credit. It takes into account most of the up-front and
on-going costs involved in taking out a mortgage.
CCJ
County Court Judgement.
Membership Rights
Please refer to the Society's Terms and
Conditions or a copy of the Society's Rules for information. Copies
of these are available from our Head Office.
Investor Protection Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. Depositors which are not covered by the FSCS include the following:
large companies
large partnerships
large mutual associations
local, provincial or municipal authorities
credit institutions
overseas financial services institutions
operators or trustees of a collective investment scheme
pension and retirement funds or trustees of such a fund
supranational institutions
governments, or central administrative authorities
any person who claim arises from transactions relating to a conviction they have received for money laundering.
Further details of exclusions from FSCS cover can be found on the Financial Services Authority website at
http://fsahandbook.info/FSA/html/handbook/COMP/4/2
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