AER. This stands for Annual Equivalent Rate. If you left a sum of money in your account all year, the AER would be the interest rate you’d get if we paid you interest during the course of the year and your subsequently higher balance then earned more interest (this is known as Compound Interest). The AER will only be higher than the gross interest rate where we pay you interest more than once a year. We quote the AER on all of our accounts so that you can compare our products with those of other banks.
GROSS.The interest rate before any payment of income tax. Please note: as of 6th April 2016 income tax will no longer be deducted by Shawbrook Bank from interest earned on your account. Any interest earned will be paid gross. For further details on the change and to understand how any applicable tax on your savings will operate from 6th April 2016 please visit HMRC at www.gov.uk.
Financial Services Compensation Scheme (FSCS). Shawbrook is a member of the FSCS, a scheme that protects customers’ deposits. For more information about the scheme, and the limits of the protection, visit www.fscs.org.uk.
Prudential Regulation Authority (PRA)/Financial Conduct Authority (FCA). Shawbrook is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly. Find out more at www.fca.org.uk or www.bankofengland.co.uk/pra