Annual Equivalent Rate (AER) - this is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross - this means the interest rate you are paid before the deduction of basic rate income tax
Early closure will result in an Early Closure Charge (except in the event of your death or non-voluntary redundancy). The Early Closure Charge will be the lower of (a) the gross interest that has been earned on your Bond or (b) an amount equal to 90 days' gross interest. The Early Closure Charge will be deducted from interest that remains within your Bond but if that amount is insufficient the balance will be deducted from your deposit. The total of the interest paid and Bond balance you receive back from us will be no less than your original deposit.