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Savings Jargon Buster

Additional Permitted Subscription (APS) Allowance

An additional ISA allowance that is available to the surviving spouse or civil partner of an ISA holder who died on or after 3rd December 2014. This is available on top of the normal annual ISA allowance.

Eligibility for an APS allowance and its value and use are subject to a number of rules and requirements. To find out more, please contact us on 0161 923 8065.


Stands for Annual Equivalent Rate and shows you what the rate would be if interest was paid and added to your account each year.


Clearing House Automated Payment System. An electronic payment system which allows you to make withdrawals and deposits on your investment accounts. There is a charge for CHAPS withdrawals, please refer to the Savings Tariff of Charges.

Easy Access Account

This is an account where you can access your money without notice or penalty.


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.

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Gross Rate

This is the contractual rate of interest payable before the deduction of income tax.

Image Clearing

Image clearing (or cheque imaging) is the process for the clearing and payment of cheques that has replaced the paper clearing system. Images of cheques are now exchanged between banks and building societies, instead of handling paper cheques. This significantly speeds up the clearing process.


An Individual Savings Account (ISA) is a type of savings account. If you save in a cash ISA you do not pay tax on the interest earned, unlike an ordinary savings account, where interest may subject to tax depending on your personal circumstances.There are four types of ISA; cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs. In each tax year you can put money into one of each, subject to the annual ISA allowances and eligibility requirements.

Maximum Balance

This is the maximum amount that you can invest in an account as specified in the Key Product Features.

Please note that the overall maximum holding by any one customer in respect of all savings accounts with the Society is £85,000.

Minimum Balance

This is the minimum amount that you can invest in an account as specified in the Key Product Features.

Notice Account

This is an account where you have to give a specified period of notice before you can withdraw your funds. Some notice accounts allow you to withdraw immediately subject to a loss of interest.


Subject to your account terms, a penalty may be incurred for withdrawal or closure. For example, if withdrawals and closure are available immediately subject to a 60 day interest penalty and you make an instant withdrawal, you would be penalised the equivalent of 60 days loss of interest on the amount withdrawn.

Personal Savings Allowance

This is an allowance that enables basic rate taxpayers to earn up to £1,000 of savings interest tax-free per year and higher rate taxpayers to earn up to £500 of savings interest tax-free per year. There is no allowance for additional rate taxpayers.

Section 975 Certificate

This shows the amount of interest your account has earned and the amount of tax you have paid in any tax year that your account has been open up to and including the tax year ended 5th April 2016 (all interest in subsequent tax years is paid without deduction of income tax). These are provided on request from the Society.

Tiered Interest Rates

This means that the interest rate you receive will depend on how much money you have in the account. When the balance goes above a certain level, you automatically earn the higher rate of interest. See the Key Product Features of your account to find out whether your account offers a tiered interest rate.