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Savings

Your Bank Savings Interest Rates

Definitions

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 Rate – This means the interest rate you are paid without the deduction of income tax.

p.a. – per annum.

Tax-free – means that interest payable is exempt from UK income tax.

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